- Amid a reduction in Silicon Valley, ByteDance Ltd’s TikTok is amid a three-year hiring push, having committed to adding about 3,000 engineers worldwide, including in the U.S.
- TikTok also hired at its primary hub in Singapore, the Wall Street Journal reported.
- ByteDance also recruited people in China to work on its TikTok platform.
- Also Read: Facebook Forgoes Another Ambitious Project To Focus Better On TikTok Competition
- ByteDance offers a Chinese alternative called Douyin in China.
- TikTok CEO Shou Zi Chew said this week that amid considerable downsizing at some of his competitors, TikTok still hired, though at a measured pace.
- TikTok plans to increase the size of its most prominent American engineering hub, in Mountain View, California, which already has more than 1,000 engineers.
- Sometimes, TikTok recruiters have approached people recently laid off from rivals, including Meta Platforms Inc (NASDAQ:META) and Twitter Inc.
- TikTok cut its FY22 advertising revenue outlook to $10 billion from at least $12 billion.
- TikTok aimed to hire at a milder pace compared with previous years.
- For now, TikTok recruited engineers to improve features that users see on the app and improve the algorithm and other behind-the-scenes infrastructure that make TikTok work.
- TikTok also intends to add contractors who monitor the app for inappropriate videos in the U.S. and at a content-moderation hub in Dublin, Ireland.
- ByteDance hired people in China, too. Some new hires would work on TikTok, while others would help ByteDance develop chips.
- ByteDance shifted some roles from China to Singapore to address Washington’s concerns about TikTok’s ties to China.
- Reportedly, the pace has been slower than expected because Singapore has a smaller talent pool than China and because of complications in acquiring work visas.
- Photo by olivier-bergeron via unsplash
Oppenheimer Maintains Outperform on Fulcrum Therapeutics, Lowers Price Target to $20
Oppenheimer analyst Matthew Biegler maintains Fulcrum Therapeutics (NASDAQ:FULC) with a Outperform and lowers the price target from $26 to $20.
