08:10 AM EDT, 05/31/2024 (MT Newswires) -- ByteDance's TikTok has put on hold a planned rollout of its shopping platform across Spain, Germany, Italy, France and Ireland to focus instead on growth in the US, Bloomberg reported Friday, citing people familiar with the matter.

The social media startup has also shelved plans to launch its Shop feature in Mexico and Brazil, the report said, adding that it remains unclear if or when ByteDance will resume these plans.

TikTok aims to boost its US merchandise volume tenfold to as much as $17.5 billion this year, the report said.

ByteDance did not immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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