The New Year will now be critical for ByteDance, as it faces political uncertainties amid national security concerns over TikTok in the US.
New Delhi: As a part of a cost-cutting measure, ByteDance —parent company of the video app TikTok has sacked hundreds of employees across multiple departments. The layoffs affected employees at Douyin, the Chinese version of TikTok with 600 million daily active users, as well as its gaming and real estate operations, reports the South China Morning Post, citing sources.
The lay-offs at ByteDance were first reported by Chinese media outlet Jiemian.
The New Year will now be critical for ByteDance, as it faces political uncertainties amid national security concerns over TikTok in the US. Other Chinese internet giants, including Alibaba Group Holding and Tencent Holdings, cut thousands of jobs in 2022.
Meanwhile, data from the Bureau of Labor Statistics in the US claimed that January will be the highest month for layoff and discharges. Tech giants Google and Amazon are set to lay off thousands of employees in early 2023.
Google is already evaluating employees with its performance rating system called Google Reviews and Development (GRAD). Under the new system, Google is expected to lay off about 6 per cent of full-time employees.
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