This Massive Social Media Platform is Now Laying Off

A massive social media platform is now laying off employees as January job cuts continue across the tech industry, sources report.

TikTok has confirmed that it will be cutting 60 jobs.

In November, parent company ByteDance slashed hundreds of positions in the gaming division, Nuverse, CNBC reports.

Tech companies such as Amazon, Alphabet, Unity, and Discord have also cut staff in January.

A company spokesperson said all of those who were laid off “may apply to any open internal roles, of which there are over 120 similar roles posted currently.”

The job cuts were first reported on Monday evening by NPR.

The ByteDance division characterized the layoffs to NPR as part of a routine reorganization that affected staff in sales and advertising who worked in the Los Angeles, New York, and Austin, Texas offices, as well as other global outposts.

Earlier this week, Tencent’s Riot Games unit said it would cut 11% of its workforce, representing about 530 employees.

In a letter to employees that was published as a blog post, Riot Games CEO Dylan Jadeja said the job cuts were necessary to “create focus and move us toward a more sustainable future.”

As of 2023, TikTok employed approximately 7,000 workers in the U.S. Meanwhile, ByteDance has a global workforce of over 150,000 employees.

In November, ByteDance slashed hundreds of jobs in the company’s gaming division, Nuverse.

The layoffs indicated that ByteDance was scaling back its gaming efforts, an area where it’s been competing with Chinese rivals Tencent and NetEase.

“We regularly review our businesses and make adjustments to center on long-term strategic growth areas,” a spokesperson told CNBC at the time.

“Following a recent review, we’ve made the difficult decision to restructure our gaming business.”

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Also Read: A Massive Furniture Company Now Lays Off 1,650 Employees

Other Economy News Today

Market News Today - This Massive Social Media Platform is Now Laying Off.
Market News Today – This Massive Social Media Platform is Now Laying Off.

A massive online retailer now lays off 1,000 employees in efforts to align costs more closely with the pace of growth, the CEO said.

eBay layoffs have now grown to a whopping 1,000, which accounts for 9% of the retail giant’s workforce.

The company will also scale back contract work, CEO Jamie Iannone said.

eBay is grappling with external pressure including a “challenging macroeconomic environment,” and its “headcount and expenses have outpaced the growth of our business,” Iannone said.

The move will cost $90 million to $110 million, largely severance payments and post-employment benefits and most of it in Q4 2023, according to a filing with the Securities and Exchange Commission.

The workforce restructuring will be nearly complete by the end of Q2 this year, per the filing.

Nearly a year ago, the marketplace laid off about 500 employees.

In November, Chief Financial Officer Steve Priest said the company was “looking at every area of our cost structure.”

“And we can control our cost structure,” he also said, per an earnings transcript.

“I mean, we are operating in a rather dynamic macro environment and so we will lean in as we said, and make sure that our costs grow more slowly than revenue in 2024.”

The focus on cost containment is something of a departure, according to Wells Fargo analysts led by Ken Gawrelski.

“eBay is managing its cost base aggressively post a period of reinvestment in tech and product development,” Gawrelski said.

The company last year unveiled a ‘Certified by Brand’ luxury resale program, invested in sports trading card company COMC and introduced a trading card submission service.

The previous year eBay acquired collectibles tech platform TCGplayer for $295 million.

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Also Read: A US Company Now Declares An Unexpected Bankruptcy

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Market News Today - This Massive Social Media Platform is Now Laying Off.
Market News Today – This Massive Social Media Platform is Now Laying Off.

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