THE BYTEDANCE LOGO IS SEEN IN THIS ILLUSTRATION TAKEN, NOV. 27, 2019. REUTERS/DADO RUVIC/ILLUSTRATION
VR headset maker Pico, owned by the Beijing-based ByteDance, is reportedly laying off more than 200 of its employees. The layoffs mark the latest streamlining for TikTok owner ByteDance, who acquired Pico in 2021 for ~US$772M.
According to Pico's spokesperson, the company is "streamlining" and "as a result, parting ways with a small number of colleagues."
- ByteDance is competing with U.S. firm Meta Platforms Inc, which has developed its own VR devices.
- Over the last year, numerous tech firms in China have cut jobs and restructured.
In December 2022, ByteDance cut hundreds of jobs at Douyin, the Chinese equivalent of TikTok.
