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Alibaba Group Holding Ltd (NYSE:BABA) and Tencent Holdings Ltd (OTC:TCEHY) are looking to mass layoffs, Pandaily reports based on a local news outlet and Weibo Corp (NASDAQ:WB).
Alibaba's MMC business division's layoff could reach ~20%. Several business lines within Alibaba have finalized their initial layoff list.
The MMC business unit publicly released ~1,500 job positions in mid-April 2021. It underwent a leadership change in 2021 and looked to integrate "Hema Market" and "Taobao Grocery" into a new brand called "Taocaicai."
Also Read: Here's Why Jack Ma Led Alibaba Affiliate's IPO Got Postponed Indefinitely, DiDi Had To Postpone Its IPO After Jack Ma's Ant: Bloomberg
Alibaba looks to invest at least 20 billion yuan ($3.15 billion) in its community group buying business in 2021 as per 100ec.cn.
Tencent started layoffs within small business departments in September 2021.
In December, leading domestic online video platform iQIYI Inc (NASDAQ:IQ) accounted for layoffs up to 20%. Kuaishou Technology's (OTC:KUASF) short video sharing app Kuaishou underwent restructuring in some small business lines.
In just two months after the Spring Festival of 2022, many internet enterprises, including Weibo, Xiaomi Corp (OTC:XIACY) (OTC:XIACF), DiDi Global Inc (NYSE:DIDI), Zhihu Inc (NYSE:ZH), and Pinduoduo Inc (NASDAQ:PDD) optimized their personnel and restructured their business lines.
Price Action: BABA shares traded lower by 8.44% at $79.39 in the market session on the last check Monday.
