Your Favorite Social Media Company Is Now Planning Massive Layoffs

Your favorite social media company is now planning massive layoffs after employees were notified of the job cut plans Tuesday evening.

TikTok is planning to lay off large swaths of its operations and marketing workforce, current employees briefed on the plans told CNN.

The global layoffs are expected to hit teams that handle user support and communications, as well as content and marketing.

TikTok’s current global user operations team will be dismantled as part of the move, and remaining employees will be distributed among the company’s trust and safety, marketing, content and product teams.

News of the layoffs was first reported by The Information.

However, the social media giant did not respond to a request for comment.

Some TikTok employees were notified of the layoff plans Tuesday evening — after The Information’s report — when Adam Presser, the company’s head of operations, and Chief Brand and Communications Officer Zenia Mucha sent a message to affected teams, the people said.

The layoffs had been in the works for some time, perhaps almost a year, but recent turnover in TikTok’s marketing, trust and safety and operations teams prompted delays, one of the employees told CNN.

The layoffs are not related to the legal and political turmoil facing the company in the United States that could end in a potential nationwide ban of the TikTok app, the person added.

It is unclear how many TikTok employees could lose their jobs.

The Information reported that a “large percentage” of the roughly 1,000 employees who work on the affected teams could be laid off.

In 2023, TikTok disclosed that it had 7,000 employees in the United States alone.

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Also Read: Retirees Will Now Receive More Money For Social Security

Other Economy News Today

Market News Today - Your Favorite Social Media Company Is Now Planning Massive Layoffs.
Market News Today – Your Favorite Social Media Company Is Now Planning Massive Layoffs.

Applications for unemployment benefits now surge to new highs, a sign that the white-hot labor market is starting to cool off.

First-time applications for unemployment benefits rose last week to 231,000, the highest level since August, per CNN.

Thursday’s data also showed that the number of continuing claims, or applications from people who have filed for unemployment for at least one week, was 1.78 million.

That’s an increase of 17,000 from the prior week, according to the Bureau of Labor Statistics.

The latest numbers come less than a week after the monthly jobs report showed the US economy added just 175,000 positions in April, less than economists expected and a steep drop-off from prior months.

US employers have now added an average of 245,500 jobs per month, versus 2023’s 251,000-per-month average.

Still, hiring remains strong. Although the unemployment rate ticked up to 3.9% last month, it’s the 27th consecutive month that the jobless rate has held under 4%, matching a streak last seen in the late 1960s.

Weekly jobless claims data tends to be volatile but, while one week’s worth of data “does not a trend make,” said Chris Rupkey, chief economist at Fwdbonds.

“We can no longer be sure that calm seas lie ahead for the US economy if today’s weekly jobless claims are any indication.”

Company layoffs are picking up, hinting at caution on the part of companies as they weigh the outlook for the second half of the year,” he wrote in a note Thursday.

The Federal Reserve has been battling inflation by raising its key lending rate in the hopes of slowing the economy.

While the labor market has so far resisted those efforts, remaining white hot for the past 18 months despite 11 rate hikes from the central bank, Fed Chair Jerome Powell said last week that demand has “cooled from its extremely high level of a couple of years ago.”

Ian Shepherdson at Pantheon Economics said in a note Thursday: “We’d need to see at least a month of elevated readings to convince us that the trend really has turned.”

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Also Read: A Giant Company Now Announces Unexpected Layoffs in Virginia

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Market News Today - Your Favorite Social Media Company Is Now Planning Massive Layoffs.
Market News Today – Your Favorite Social Media Company Is Now Planning Massive Layoffs.

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