Monday markets: TikTok begins to usurp Facebook

The ASX rallied last week, but as Wall St closes its week with a mixed session, due in part to continued interest rate hikes by the Fed, the ASX is primed to slip today. TikTok’s revenues reveal the Chinese-owned app is biting at the heels of Facebook, and may potentially eat into its user numbers and revenues.

TikTok Australia has proved itself to be a fierce competitor in the social media market, with its local headcount proliferating at a rapid rate.