Friday, 24 March, 2023

Tencent and Alibaba to lay-off upto 30% of their employees

<p>Rumors have surfaced on the Chinese social media, Weibo, which suggests that Alibaba and Tencent are looking to cut jobs by up to 30%. Internal speculations reveal that Tencent will cut 10-30% of jobs while Alibaba will lay off 30% of their employees. These rumors have emerged amid the ongoing crackdown on tech firms. Another reason is the slowing Chinese economy which only grew by 2.3%, the lowest in the last four decades according to data by National Bureau of Statistics.</p>