ByteDance invests $1.5 billion in Indonesia, forms joint venture with Tokopedia

In 2023, Indonesia blocked China's ByteDance TikTok in an effort to protect its retail industry from low-priced Chinese-made goods, prompting ByteDance to eventually invest $1.5 billion in a joint venture with Tokopedia, the e-commerce unit of Indonesia's GoTo Group. The move was to protect its retail industry from low-priced Chinese-made goods.