TikTok owner ByteDance slashes thousands of jobs

BEIJING: TikTok’s China-based owner ByteDance has laid off hundreds of workers across multiple departments, the media reported. The layoffs affected employees at Douyin, the Chinese version of TikTok with 600 million daily active users, as well as its gaming and real estate operations, said the report, citing sources. The lay-offs at ByteDance were first reported by Chinese media outlet Jiemian. The New Year will now be critical for ByteDance, as it faces political uncertainties amid national security concerns over TikTok in the US. Other Chinese internet giants, including Alibaba Group Holding and Tencent Holdings, cut thousands of jobs in 2022.