TikTok plans to ban links to e-commerce sites like Amazon in an effort to force users to buy via TikTok Shop, The Information’s Erin Woo and Jing Yang report. According to a source, TikTok Shop will lose more than $500M in the U.S. in 2023. Publicly traded companies that may be impacted include Snap (SNAP), Meta Platforms (META), X (TWTR), Amazon.com (AMZN), Shopify (SHOP), Etsy (ETSY) and PayPal (PYPL).
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on AMZN:
- IETC ETF: A Prudent Bet on Rising U.S. Tech Independence
- Internet Stocks Are Ready to Take Off, Says Wedbush — AMZN, GOOGL and META Should Lead the Pack
- Disney’s (NYSE: DIS) Woes Continue, Hits Nine-Year Low
- Amazon, Disney in discussions over ESPN streaming partnership, Information says
- Amazon to lean on AI tools for Thursday Night Football broadcasts, Verge reports