TikTok layoffs are in the news Tuesday as the video-sharing platform cuts jobs in its advertising division.
A spokesperson for TikTok confirms that the company has laid off roughly 60 employees who work in advertising. That’s a small amount compared to the 7,000 workers it has in the U.S. and the 150,000 workers of parent company ByteDance.
TikTok intends to hold a town hall meeting today to address these layoffs. The company already notes that these job cuts aren’t about major changes. Instead, it says that it’s a simple realignment of its workforce.
The locations affected by the TikTok layoffs are also varied. A few locations in the U.S. were hit. That includes facilities in Los Angeles, New York, and Austin. Jobs outside of the U.S. were also affected by these layoffs, reports NPR.
TikTok Jons Layoffs Trend
Layoffs have been a hot topic in 2024, and TikTok is far from the only company behind that. Several major players in the tech space have been cutting jobs as they start a new fiscal year.
Investors will keep in mind that this comes during a tough economy. Heightened inflation and interest rates continue to weigh on businesses. That means more layoffs will likely be announced by companies in the short term.
Outside of TikTok layoffs, there’s other market news worth diving into on Tuesday!
We have all of the hottest stock market news worth reading about today! A few examples include what’s going on with Tencent (OTCMKTS:TCEHY) layoffs and what has Newcourt Acquisition (NASDAQ:NCAC) and Vroom (NASDAQ:VRM) stock falling today. All of that info is ready to go at the following links!
More Tuesday Stock Market News
- Tencent Layoffs 2024: What to Know About the Latest Riot Games Job Cuts
- Why Is Newcourt Acquisition (NCAC) Stock Down 16% Today?
- Why Is Vroom (VRM) Stock Down 44% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
