TOPLINETikTok announced on Monday the first payouts from its $2 billion Creator Fund to a number of hand-selected creators, vying to retain top talent as the Trump administration’s threats against the Chinese-owned app drum up competition. On Monday, the app announced it would fork out cash to 19 creators making “engaging and inspiring content” as part of the $2 billion Creator Fund ($1 billion over the next three years specifically for U.S. creators), announced in late July. Among the recipients is famous YouTuber David Dobrik, who has over 20 million TikTok followers and an estimated net worth of $7 million. Facebook and Instagram are reportedly offering six-figure deals to some prominent TikTok creators to coax them onto the Reels platform. Triller is another TikTok competitor, which recently filed a lawsuit against TikTok, alleging patent infringement.

Source: Forbes August 10, 2020 21:00 UTC