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TikTok became the latest major tech company to announce layoffs. NPR reports that TikTok has laid off about 100 employees working across places, including Los Angeles, New York, Austin, and abroad. Most TikTok layoffs were from the sales and advertising team, a spokesperson confirmed.
TikTok layoffs hit at least 100 employees
According to an NPR report, TikTok cut at least 100 jobs from the company across places. The employees at TikTok have said that the company is cutting jobs to save money, it noted. The company’s spokesperson also said that about 60 workers, mainly from the sales and advertising department, were laid off as part of a regular restructuring plan. After letting go of these employees, TikTok has planned a town hall meeting for Tuesday.
TikTok parent ByteDance, last year, cut a lot of jobs at the Nuverse — the company that makes Marvel Snap. Before this, TikTok also let go of some employees in the middle of 2022 because they were making changes worldwide. Then, in early 2023, it posed another round of layoffs in Dublin, letting go of the people who were in charge of hiring new employees.
NPR’s report further notes that TikTok is one of the popular apps and employs about 7,000 employees in the US alone. It is home to more than 150,000 employees worldwide. The report writes that these layoffs are “the latest sign of pain in the tech industry.”
More than 10,000 employees have lost their jobs already
2024, so far, has been a painful year for the employees especially. According to layoffs.fyi, close to 11,000 employees have lost their jobs already. The most recent layoffs come from tech giants and video game publishers like Riot Games, Amazon, YouTube, and more.
Nevertheless, experts believe that the tech industry could be a smoother ride this year, as compared to 2023. It notes strong numbers for the US’s big tech earnings season. Meanwhile, some analysts also believe that the industry is at the start of a tech bull market, particularly in artificial intelligence (AI).