Chinese media Cailian Press reported on July 19, ByteDance said TikTok is adjusting its global business.
The plan is to keep an eye on the company’s growth in India, Malaysia, Thailand, Japan, Korea and the Middle East while downsizing its business in other regions.
On July 18, WIRED also reported that TikTok has begun restructuring its business and organization globally, with the US, European Union, and the UK being the affected countries. Most.
TikTok down business.
The company has stopped expanding its team and hiring while some overseas employees have been laid off. TikTok’s CEO, David Ortiz, announced his dismissal as part of a “restructuring plan”. Employees have said that these measures will have a major impact on TikTok’s business in some Western regions.
TikTok originally planned to grow its direct commerce business in Germany, Italy and the United States this year but due to recent controversies regarding direct commerce in the UK and some dissatisfaction due to the promoting the “996” model abroad (12 hours a day, 6 days a week), the company canceled its expansion plan.
In recent years, TikTok’s user base and staff have expanded rapidly. In September last year, the number of monthly users of the platform exceeded 1 billion and thousands of employees around the world.
The company’s rapid growth and popularity among young users has also affected Facebook’s Instagram social app and Google’s YouTube video platform, which have launched competing short-video products.
In addition to TikTok, well-known technology companies such as Microsoft, Google and Tesla have also announced plans to lay off employees or delay hiring. In June of this year, Tesla CEO Elon Musk said he felt bad about the economic situation and would lay off 10% of the company’s salaried employees. Meanwhile, in July of this year, Twitter announced that it was laying off 30% of its recruiting team.
