TikTok Cuts About 60 Jobs As January Layoffs Continue

TikTok is the latest company which is set to trim its workforce as it plans to lay off dozens of employees from its advertising and sales unit.

The company on Tuesday said that it will be cutting 60 jobs, without providing a specific reason for the decision. Affected workers are encouraged to apply for other open positions at TikTok, which currently has over 120 similar job listings.

The company has more than 150 million users in the US. In September, the platform expanded its offerings with an e-commerce arm and marketplace, enabling merchants to sell products on the platform.

This move follows a trend of job cuts in major tech companies this year, including social media platforms like Discord and Amazon-owned Twitch. Twitch announced plans to cut over 500 jobs earlier this month to reduce costs, while Discord laid off 17 per cent of its staff (170 employees) to enhance workforce agility.

Amazon's other subsidiaries, such as Audible and its Prime Video and MGM Studios unit, have also fired employees.

In the latest development, Alphabet's technology lab, X, is undergoing a strategic shift, leading to the layoff of several employees as it seeks external funding to support its ventures.

The division is currently in talks with venture capitalists and other investors to secure funding. X aims to establish a new structure that enables its projects to spin out as independent startups with financial backing from both Alphabet and external investors.

Eric Teller, who heads X, conveyed these changes to the staff in an email obtained by Bloomberg. In the email, Teller emphasized, "We're expanding our approach to focus on spinning out more projects as independent companies funded through market-based capital."

As per the reports, the tech industry has witnessed over 10,000 job cuts this year.