TikTok is one of the most popular social media platforms. The short-form video app has over 1 billion active monthly users. In the recent development at TikTok, the company is laying off its workforce. TikTok layoffs are part of the parent company ByteDances’ global restructuring program.
While there is no number of how many people have been laid off but earlier the executive at TikTok said that the company is doing great and there is no ad market slowdown.
TikTok is facing layoffs at a time when it is in a fight to survive in the U.S. The news of Layoffs came out when a product and engineering executive, David Ortiz posted on LinkedIn about his layoff.
What is the Cause of TikTok Layoffs?
The major cause of TikTok layoffs is the parent company ByteDances’ global restructuring program. The reports of layoffs are not just from the U.S. Employees of TikTok in Europe are told that their job is at risk.
TikTok, at present, has also frozen the hiring process for vacant posts. TikTok also slowed the process to expand its TikTok Shop in Europe nad the U.S.
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Number of Employees Laidoff by TikTok
In its latest restructuring program, TikTok has decided to lay off its workforce. While the number of layoffs is not specific but according to reports, it could be less than 100 in the U.S.
The rumor mill and some other reports said the number could be 10,000 in the U.S. and across Europe.
Only time can tell what the actual number of people laid off in this restructuring program is.
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Other Companies That Have Frozen The Hiring Process
Post pandemic and slow economic growth has led many companies to either slow down or freeze the hiring process across the U.S.
Many tech giants like Apple, Microsoft, and Meta have slowed down the hiring process. Goldman Sachs has also slowed its hiring process.
Other companies that have laid off their employees in the recent past include, Netflix, Tesla, and Peloton.
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TikTok is one of the most popular social media platforms. The short-form video app has over 1 billion active monthly users. The latest news from TikTok is that the TikTok layoffs are happening across the U.S. To know everything about TikTok Layoffs and why are layoffs happening, read the entire article and do share it with your friends!
Frequently Asked Questions
Why are TikTok Layoffs happening?
As a part of parent company ByteDances’ global restructuring program, TikTok employees are being laid off across the country.
Is TikTok freezing the hiring process?
Yes, apart from laying off, TikTok has also decided to freeze the hiring process as of now.
What other companies have stopped the hiring process?
There are many companies that have slowed down the hiring process across the U.S. Some of them include, Apple, Goldman Sachs, Microsoft, and Meta.