TikTok, the fastest growing social media platform popular for it’s short-form content, has reportedly slashed their ambitious revenue goals by 20% as some of their staff have complained about lavish spending, according to Financial Times.
Per the report, TikTok has slashed its worldwide revenue targets for 2022 by at least $2 billion as the platform has experienced struggles to meet the ambitiously outlined goals, making them the latest tech super company to experience the impact of a global dip in online spending.
Back in September, TikTok’s chief executive Shou Zi Chew discussed the cuts in a virtual “all-hands” meeting, a departure from originally projected revenues between $12bn and $14.5bn this year, as it is now projected to be closer to $10 billion, per sources.
The meeting wasn’t a good one for the team, as staff were blamed for not driving enough sales in both advertising and ecommerce, but many current and former employees say that TikTok had overspent in other areas, from salaries to social events, per the report. Additionally, they were told that the Hong Kong IPO of ByteDance, TikTok’s Chinese parent company, was unlikely to take place this year
