ByteDance-owned video platform TikTok has slashed its revenue target for 2022 by at least $2 billion as the global economic downturn impacts the company’s advertising revenue streams, the Financial Times reported on Wednesday, citing four sources familiar with the matter. These sources added that the actual revenue is now believed to be closer to $10 billion, after the company initially set a target of between $12 billion and $14.5 billion for this year. The report also said TikTok staff had been accused in an online meeting in September of not driving enough growth in the advertising and e-commerce sectors, which constitute the company’s main sources of revenue. Several employees told the FT that the fast-growing social platform was actually overspending in other areas as well, from giving relatively high salaries to junior employees to hosting lavish social events. [Financial Times]