• TikTok, owned by ByteDance Ltd., is aiming to magnify its US e-commerce business, TikTok Shop, by tenfold to approximately $17.5 billion in 2024, intensifying competition with Amazon.com Inc. Internal discussions within TikTok have outlined this ambitious merchandise volume goal, though it remains subject to adjustments based on business performance. TikTok Shop combines online entertainment with impulse buying, leveraging its extensive social media reach and the allure of viral videos to engage buyers, posing a direct challenge to Amazon, as well as Chinese competitors Temu and Shein.

• ByteDance, founded by Zhang Yiming and Liang Rubo, has evolved into an internet giant valued at over $200 billion, primarily driven by the success of short-video platforms TikTok and Douyin. TikTok Shop, a rapidly growing feature, is crucial for ByteDance's pursuit of new growth avenues beyond social-media advertising. With TikTok on track to achieve around $20 billion in global gross merchandise value last year, the focus is now on expanding sales in the US and Latin America. TikTok Shop's format allows users to make purchases while scrolling through a continuous feed of short videos and live streams within the main social media app.