ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / NEWS

TikTok Announces Workforce Reduction Amidst Industry Layoffs

The action is similar to Tencent's Riot Games, which recently announced a reduction of 11% of its workforce
PUBLISHED JAN 24, 2024
Cover Image Source: TikTok | Getty Images
Cover Image Source: TikTok | Getty Images

In a recent development, TikTok, a leading player in the social media scene, has confirmed a reduction of approximately 60 jobs, becoming the latest tech company to streamline its operations in early 2024. The move aligns with a recent industry trend where companies like Amazon, Alphabet, Unity, Discord, and Trend Micro have made strategic layoffs this January, continuing a pattern from the previous year. A spokesperson from TikTok revealed that the affected employees, primarily from the sales and advertising departments in offices across Los Angeles, New York, and Austin, Texas, can apply to more than 120 open internal roles within the organization.

Pexels | Photo by cottonbro studio
Image Source: Pexels | Photo by Cottonbro Studio

The company framed these layoffs as part of a routine reorganization aimed at optimizing its structure. The action was similar to Tencent's Riot Games, which recently announced a reduction of 11% of its workforce, impacting approximately 530 employees. Riot Games CEO Dylan Jadeja emphasized the necessity of these job cuts in a blog post, citing the need to "create focus and move us toward a more sustainable future."

Amidst an economic slowdown, the tech industry finds itself in a significant transformation characterized by substantial investments in AI generative tools. This ongoing shift has compelled organizations to reassess their organizational structures, leading to workforce restructuring and cost-cutting measures to enhance efficiency. Unfortunately, the sector encountered a considerable setback in 2023, cutting down on 260,000 jobs due to the effects of the pandemic. This downturn marked it as the most challenging year on record for tech employment.

As of 2023, TikTok had a workforce of about 7,000 employees in the United States, contributing to ByteDance's global employee count of over 150,000. ByteDance, TikTok's parent company, had previously made significant job cuts in November within its gaming division, Nuverse, signaling a strategic shift away from extensive gaming efforts that had been competing with Chinese counterparts Tencent and NetEase.

TikTok CEO Shou Zi Chew | Getty Images
Image Source: TikTok CEO Shou Zi Chew | Getty Images

ByteDance justified the earlier job cuts, stating, "We regularly review our businesses and make adjustments to center on long-term strategic growth areas. Following a recent review, we’ve made the difficult decision to restructure our gaming business." While the specific reasons for TikTok's recent job cuts were not elaborated upon, it appears to be part of a larger plan where companies are re-evaluating their structures to ensure long-term sustainability and growth. 

Pexels | Photo by Yan Krukau
Image Source: Pexels | Photo by Yan Krukau

TikTok's parent company, ByteDance, has been actively engaged in restructuring its business units. The recent reduction in TikTok's workforce is another step in this ongoing process, as ByteDance continues to adapt to market conditions and position itself for long-term success. As the tech industry experiences these waves of change, it remains to be seen how companies will navigate the balance between cost-cutting measures and maintaining innovation. 

As companies grapple with the dual challenges of economic uncertainty and technological transformation, the resilience of the tech industry is being put to the test. The focus on efficiency and innovation remains pivotal, as businesses go through these turbulent times, striving to emerge stronger and more adaptive to the evolving demands of the global market.

MORE ON MARKET REALIST
Harvey was sure tha the player, Darren didn't want to be on the show at all.
13 hours ago
The unexpected collaboration aims to solve a long-standing home surveillance issue.
15 hours ago
The co-founders of Y'all Sweet Tea blew away the Sharks with their incredible numbers.
1 day ago
From his lips to his bald head, Harvey has to defends all sort of jabs.
1 day ago
The woman who gifted the painting to the owners had earlier sold it to another dealer as she couldnt sleep at night.
3 days ago
When it came to naming something of Harvey they would want to touch, the players didn't hold back
3 days ago
Rick Harrison's go to expert warned him not to touch it with a "10 foot pole."
3 days ago
The massive manufacturer has been operational for more than a hundred years now.
4 days ago
While the player was overwhelmed with emotion, host, Drew Carey was left hanging for a handshake.
6 days ago
Turns out, the guest's father was the renowned artist, Demetrios Jameson.
6 days ago
While the player, Rodney Flippen took the loss on the chin, fans were left heartbroken.
7 days ago
Harvey was stunned to see that Lisa would risk her marriage to get the top answer.
7 days ago
The outbreak has been linked to four deaths, and 19 hospitalizations, according to the CDC.
7 days ago
The President and CEO of Walmart, Doug McMillion expressed that AI will "literally change every job."
Oct 1, 2025
While the seller was confident that the instrument was ever so valuable, Harrison begged to differ.
Oct 1, 2025
The 54th season of the show has begun with a brand-new game, but fans fear it could be rigged.
Sep 30, 2025
The guest had absolutely no idea that the Ching Dynasty snuff bottle could be worth so much.
Sep 30, 2025
While Corey Harrison tried his best, the seller had other plans and stuck to it.
Sep 28, 2025
Harvey warned the contestant that she may be in a situation she can't handle.
Sep 27, 2025
In the end, the expert adviced the guest to put the item on a pedestal for the future.
Sep 27, 2025