Time
BY MOISES MENDEZ
NOVEMBER 6, 2023 5:30 PM EST
TikTok is shutting its creator fund on Dec. 16. The fund, announced in 2020 and currently valued at $2 billion, was a way for short-form content creators to get paid for their content. On Monday, Fortune reported that the company has decided to forgo the program altogether.
In 2020, TikTok announced it would pay out $1 billion from the creator fund over the course of three years to creators for videos they posted that would receive hundreds of thousands, if not millions, of views. The aim of the fund afforded micro-influencers with at least 10,000 followers who had accumulated at least 100,000 views in the last 30 days to make money from TikTok. It’s not clear if TikTok paid the entire amount to the creators who qualified.