TikTok is laying off employees in an effort to reduce costs

TikTok, the video-sharing platform, is laying off employees in a bid to reduce costs!

According to the company’s employees, the decision, makes TikTok, the latest technology company to conduct a round of staff reductions in recent weeks.

TikTok is one of the most popular apps in the U.S., and it has about 7,000 employees across the country.

While, TikTok’s China-based parent company, the tech giant ByteDance, has more than 150,000 workers spread across the globe.

As per the company spokesperson, about 60 employees were laid off, mostly in the company’s sales and advertising division.

The eliminated roles include workers in Los Angeles, New York, Austin and abroad.

The company claims that it has more than 150 million active users in the U.S.

And at $225 billion, ByteDance is estimated to be the most valuable private company in the world.

We are just 23 days into the new year 2024 and so far, there have been more than 10,000 tech jobs shed, according to tech job tracker site layoffs.fyi.

Earlier this month, Amazon-owned Twitch laid off a third of its staff or about 500 employees.