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TikTok Laid Off 60 Employees Amidst Industry Slowdown
TikTok, facing economic challenges, trims the workforce by laying off 60 employees to streamline operations and reduce costs amidst industry-wide restructuring.
In response to broader economic challenges and a slowdown in the tech industry, TikTok has joined the ranks of major tech companies undergoing layoffs. Approximately 60 employees have been let go in a strategic move to cut costs. This trend echoes the actions of industry giants such as Google, Amazon, and Meta, who have also recently initiated job cuts.
TikTok now joins the roster of tech companies, including Google, Amazon, Unity, and Discord, that have implemented layoffs in the current year. Reports indicate that TikTok has laid off at least 100 employees in various locations, encompassing Los Angeles, New York, Austin, and international offices. The exact impact on different departments remains undisclosed.
Insiders at the video-sharing platform suggest that TikTok's decision to reduce its workforce is driven by the need to lower expenses, as confirmed by a company spokesperson. Around 60 employees, primarily from the sales and advertising department, were affected as part of a routine restructuring plan. Post-layoffs, TikTok has scheduled a town hall session for further communication on Tuesday.
With a substantial workforce of about 7,000 in the U.S. and over 150,000 employees globally under its parent company ByteDance, TikTok, despite its prominence, faces challenges in navigating the economic downturn and industry upheaval. The move to streamline operations and reduce costs is a strategic response to the evolving landscape.
The tech industry, grappling with both economic slowdown and a transformative phase fueled by heavy investments in new generative AI tools, is witnessing a wave of companies adopting restructuring measures. The sector experienced significant job losses in 2023 due to the pandemic, making it one of the most challenging years for tech employment.
As 2024 unfolds, major tech players like Google and Amazon continue to announce layoffs. Google initiated the year with over 1,000 job cuts across departments, emphasizing the need for reorganization and focus on key projects. Amazon followed suit, announcing job cuts in Prime Video and Amazon MGM Studios divisions as part of its operational efficiency plan.
Meta, the company behind Facebook, Instagram, and WhatsApp, also adjusted its workforce by reducing its headcount by 60, primarily in technical program management, aligning with its vision to simplify structures and pursue the metaverse concept.
The trend extends beyond social media and e-commerce, as Riot Games, the creator of League of Legends, disclosed plans to cut 11 per cent of its staff, impacting approximately 530 employees. This move is attributed to cost-cutting and restructuring efforts amid the evolving dynamics of the gaming industry.
