Last Updated: January 04, 2023, 20:11 IST
ByteDance is being forced to layoff thousands
The parent company of TikTok is facing uncertain economic conditions and the ongoing tussle in the US.
ByteDance has laid off hundreds of workers across multiple departments, the media reported.
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. TikTok has been facing intense scrutiny in multiple countries, and most of them has referred to India’s blanket ban on the platform.
The US govt also decided that none of its employees can use TikTok on their devices, which is allegedly helping the Chinese steal and monitor data of US customers. ByteDance says all of its data is now stored locally in US but the country’s regime is not willing to go by its word.
Other Chinese internet giants, including Alibaba Group Holding and Tencent Holdings, cut thousands of jobs in 2022.
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)