Now there will be retrenchment in TikTok and Yahoo: Tick Talk fired the entire staff of India, Yahoo will lay off 20% of the employees.
After big tech companies like Google-Amazon, now Tick Talk and Yahoo have also laid off. According to reports, Tik Tok has laid off its entire staff of 40 employees in India. Not only this, the company has also given pink slips to all the employees.
Tiktok was banned in India 3 years ago
According to reports, employees of the India office of Byte Dance’s social media app Tik Tok were mostly working for the Brazil and Dubai markets. This decision of Tiktok is not surprising, because Tiktok was banned in India about 3 years ago.
Tik Tok will pay 9 months salary to fired employees
Tik Tok has told the employees that February 28 will be their last day in the company. According to reports, the company has also said that the fired employees will also be given 9 months’ salary (severance pay).
Yahoo will lay off more than 20% of the workforce
At the same time, Yahoo is planning to lay off more than 20% of its total global workforce. The company itself has given this information in a statement. In which the company has said that the purpose of the retrenchment is primarily to restructure its ad-tech division. This round of layoffs will affect nearly half of the ed-tech workforce by the end of the year. Out of which about 1,000 employees will be laid off this week.
More than 50% of the employees of the add-tech unit will be fired.
Yahoo told that the company’s plan is to lay off the first 12% of the employees. After this, the company will lay off the remaining 8% employees in the second half of this year. However, the company has not disclosed the number of employees who will be affected by the layoffs. The company has confirmed that the layoffs will affect more than 50% of the existing employees of the ad-tech unit.
Yahoo to be bought by Apollo Global Management for $5 billion in 2021
Yahoo said the move would help the company reduce focus and investment on its flagship ad business (DSP or demand-side platform). After buying Yahoo in 2021 in a buyout of $ 5 billion (41.27 thousand crore rupees), the company is owned by private equity firm Apollo Global Management.
According to Reuters, record high inflation rates and concerns about a recession have caused many advertisers to cut their marketing budgets. Only after this the company has made a retrenchment plan. With this, after Amazon and Google, Yahoo has now joined the long list of tech companies to lay off thousands of employees this year.
