President Joe Biden recently signed a bill that could potentially ban the popular app, TikTok – finally making it a reality. Despite numerous false alarms in the past, founders and clients in the creator economy are now shrugging off the news, having been through this scenario before.
Reflecting on the situation, Karat Financial co-founder and co-CEO Eric Wei shared his thoughts with TechCrunch, stating, “I think two years ago, this would have been devastating. Now… Eh.”
While the success of creators typically impacts startups working in the creator economy, Wei remains unfazed about the potential repercussions of a TikTok ban on his Series B startup that provides financial services to creators.
From Wei’s perspective, the ban could actually serve as an opportunity for businesses that assist creators in making money. He suggests that reframing the situation as a call for diversification and support for creators could open up new avenues for growth.
Despite the familiar echoes of “The Boy Who Cried Wolf,” this time the threat of a TikTok ban holds weight. The bill, which mandates ByteDance to sell TikTok if an American buyer is not found within nine months, has successfully navigated through Congress and onto Biden’s desk, where it was officially signed into law.
