Tik Tok Starts Laying Off Employees Left & Right — What Are They Hiding?
(USNewsMag.com) – The video app TikTok was the most popular app in the world in 2021. There were more than 650 million downloads of the social media platform last year. Despite its popularity, the company is laying off employees across two continents.
TikTok has begun a restructuring process, according to reports. Employee David Ortiz, who works for the company in the US, shared a message on LinkedIn to let people know he found out his job was “being eliminated in a much larger re-organization [sic] effort.” It’s unclear how many people lost their jobs, but it wasn’t just workers in the US who were impacted. Employees in Europe were also told their jobs are on the line.
TikTok has begun a global restructuring of its business that includes layoffs, according to five people with knowledge of the process: https://t.co/zPi6X45NTU pic.twitter.com/ksiSIdRcHE
— WIRED (@WIRED) July 19, 2022
In the US, the layoffs come amid another TikTok scandal. A report from June alleged engineers who work for the social media giant’s parent company, ByteDance, accessed Americans’ user data from within China multiple times. That has led to concerns that the company is mining information on US citizens for the Chinese government.
TikTok isn’t alone in its layoffs. Cryptocurrency exchange Gemini recently laid off 10% of its staff and is now sending out pink slips again. Facebook’s parent company, Meta, has put a hiring freeze in place and is looking to ax low-performing employees. As the stock market struggles, it seems tech companies are preparing for leaner times.
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