Pivoting away from social commerce and fraud allegations against founders have jeopardized the short-video app. Its latest financials bear testimony to the grim state of affairs.
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The regulator has eased the eligibility criteria to become a registered investment advisor, but the compliance procedures could still make social media influencers offering financial advice wary of registration.
Reacting to the recently released draft rules, experts say they will likely fail in their objective unless a lot more work goes into creating public awareness and finding feasible solutions.
The social media platform, which has seen the number of users shoot up in the past couple of months, aims to be a worthy alternative to X. But it remains to be seen how its ambitions will pan out in the long run.