ByteDance, the Chinese technology company that owns the popular social media app TikTok, has reportedly laid off 200 employees.
On Friday, Pico, a VR headset manufacturer owned by ByteDance, the Chinese developer of TikTok, announced that it would be laying off a small number of employees. This news follows local media reports earlier in the week which suggested that hundreds of people could be made redundant.
According to sources, the layoffs have affected employees across multiple departments, including the company’s news and entertainment divisions. ByteDance has been expanding rapidly in recent years, and these layoffs could be an effort to streamline the company and cut costs.
However, it has been reported that ByteDance is restructuring its business in an effort to focus on more profitable areas. As a result, Pico may be scaling back its operations.
