A TikTok Ban Is Imminent: What Are the Financial Stakes?

Banning TikTok could erase billions from the U.S. economy, harm businesses and creators relying on the platform, and lead to significant job losses, though Trump has suggested he may intervene.

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*Source: https://www.nbcnews.com/tech/tech-news/tiktok-says-restoring-service-us-users-rcna188320

The ban of TikTok would result in erasing billions of dollars in the U.S. economy and to remove a popular social media platform used by millions of Americans. As TikTok has 170 million people and has made $20 billion a year, it seems that it will hurt the economy. The ban of TikTok has also put businesses in trouble, pressuring the firm to fire workers and forcing users to erase their account. However, President-elect Donald Trump stated that he might save TikTok.

People say that creators who heavily depend on TikTok might have a hard time recovering from the ban of TikTok. Moreover, as TikTok has talent agents and video creators, the ban of TikTok will result in a substantial loss of jobs. TikTok has also made contributions of an estimated $24.2 billion and helped the United States with increased website or retail-foot traffic, brand sponsorships, and book deals. The fact that the creators of TikTok generated $73 million out of TikTok underscores the value of TikTok is in the United States free entertainment industry.