175B

TikTok is looking to grow the size of its TikTok Shop U.S. business tenfold to as much as $17.5 billion this year, according to a new report from Bloomberg. As Bloomberg previously reported, TikTok was on track to amass around $20 billion in global gross merchandise value last year. In addition, the report says the company is planning to launch TikTok Shop in Latin America in the coming months. The report indicates that during the Black Friday and Cyber Monday season in November, more than 5 million new U.S. customers purchased something via TikTok Shop. TikTok Shop has also started to reduce some subsidies for merchants.