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Top stories today:
- TikTok aims to 10x its Shop U.S. revenue to $17.5B in 2024
- Global VC deals reach $346B in 2023, -54% vs. 2021
- Microsoft introduces Copilot key on Windows 11 PCs
- Mediterranean diet wins U.S. News diet of the year
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 close (4 PM ET / 1 PM PT).
All times are ET.
1. TikTok aims to 10x its Shop U.S. revenue to $17.5B in 2024, as it 4x merchant fees to 8%
Merchant fee increase is gradual: 2% now, 6% in April, and 8% in July for most categories, vs. Amazon's 15% also for most categories.
Amazon charges 5% for clothes <$15, meaning it can still be cheaper than TikTok Shop.
Global revenue is already at ~$20B.
Latin America launch in the coming months.
2. Global VC deals reach $346B in 2023, -54% vs. 2021
Exits were even more hurt, at $225B, -85% vs. 2021
In the U.S, the South is the region that is experiencing the most growth in funding, led by Florida and Texas
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