TikTok cuts more e-commerce workers as rolling layoffs continue. Here's what the company is saying to staffers.
HR will help affected workers through the next steps around the "difficult news," and there is "no need to come to the office" as they work through the transition, according to the email.
The cuts are hitting Shop staff across various parts of TikTok and ByteDance's global e-commerce division, including moderation workers, product team members, and staff who work with creators and sellers, the employees said. BI wasn't able to immediately learn how many roles were affected.
While some workers were told their jobs were cut, others were informed that they would still have roles after a restructuring.
"As the TikTok Shop business evolves, we regularly review our operations to ensure long-term success," a TikTok spokesperson told Business Insider in a statement. "Following careful consideration, we've made the difficult decision to adjust parts of our team to better align with strategic priorities."
In its internal messaging to staff, the company said it's spent the past month assessing how to "best support our evolving global e-commerce business in alignment with our mission and evolving goals," and that it's "repositioning resources and reducing complexity in pursuit of strengthened collaboration and increased efficiency."
These new changes are the latest in a series of layoff rounds affecting Shop workers this year.
In April, TikTok and ByteDance made cuts to multiple teams within its e-commerce governance and experience group, which oversees marketplace safety for sellers, creators, and users within Shop. In May, it conducted two rounds of layoffs within e-commerce, affecting US operations and global key accounts workers and staff in Indonesia, Bloomberg reported.
TikTok's US e-commerce business became an area of focus for cuts this year after division lead Bob Kang told staff in a February all-hands call that the group failed to meet some of its performance goals in 2024. US performance in 2025 has been mixed, as sales have slumped at times amid new tariffs on China. Weekly US order volume dropped in mid-May compared to mid-April, BI previously reported. The company wrote in a blog post that platform sales were up 120% for the first half of June compared to the same period the previous year.
Beyond layoffs, TikTok also culled staff during performance reviews in March, when some employees were offered the option to accept a performance-improvement plan or leave the company via a mutual separation agreement. As some US team members have departed, leaders from China and Singapore with knowledge of TikTok's Chinese sister app, Douyin, have consolidated control of the business, employees previously told BI.
Wednesday's job cuts arrive as TikTok is in the middle of talks with the Trump administration over a 2024 law that requires ByteDance to separate from TikTok in the US.
Trump said in a Fox News interview late last month that his administration aimed to approve a bid for TikTok's business from a group of "very wealthy people." Any deal with ByteDance around a TikTok sale would also require approval from the Chinese government.

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Fox News
31 minutes ago
- Fox News
SCOTT BESSENT: President Trump's 'big, beautiful bill' will unleash parallel prosperity
The same issues that drove the Founders to declare independence from the Crown in 1776 drove 77 million Americans to the polls in 2024: heavy taxes, weak leadership, and an overreaching government numb to the needs of its citizens. President Trump won in a landslide victory by offering powerful solutions to each of these problems. He is the American people's declaration of independence from business as usual in Washington. The president seeks to serve "the forgotten men and women of America." And the One Big, Beautiful Bill, which he signs into law today, is central to that mission. This historic legislation will make life more affordable for all Americans by unleashing parallel prosperity—the idea that Main Street and Wall Street can grow together. The One Big, Beautiful Bill represents the priorities of the new Republican Party, which includes millions of working-class Americans who once called themselves Democrats. This bill builds on the blue-collar renaissance started by President Trump. Since President Trump took office in January, blue-collar wages have increased 1.7%. This represents the largest increase in working-class wages to start a presidency in more than 50 years. For comparison, working-class wages decreased during the same period under every single president since Richard Nixon with only one exception—President Trump in his first term. Key to sparking the president's second blue-collar boom has been his efforts to end illegal immigration. The open-border policy of previous administrations accelerated our nation's affordability crisis. The influx of millions of illegal aliens put an unsustainable strain on healthcare, housing, education and welfare. It also supported a black market in labor that artificially suppressed working-class wages for decades. But that ends with the One Big Beautiful Bill. The One Big Beautiful Bill is more than just a tax bill. It works to ensure that illegal immigrants are not taking advantage of the safety net created for Americans. The bill also funds the completion of the border wall and provides resources to hire thousands of additional federal agents to protect our country against future illegal immigration. The goal is to redirect the estimated $249 billion in annual wages paid to illegal workers to lawful workers and American citizens. Ending the black market of undocumented labor by funding enforcement of our existing immigration laws will result in a massive pay raise for the working class. We have seen American workers benefit from the president's economic approach before. Under President Trump's 2017 tax cuts, the net worth of the bottom 50% of households increased faster than the net worth of the top 10% of households. That will happen again under the One Big Beautiful Bill. The bill prevents a $4.5 trillion tax hike on the American people. This will allow the average worker to keep an additional $4,000 to $7,200 in annual real wages and allow the average family of four to keep an additional $7,600 to $10,900 in take-home pay. Add to this the president's ambitious deregulation agenda, which could save the average family of four an additional $10,000. For millions of Americans, these savings are the difference between being able to make a mortgage payment, buy a car, or send a child to college. The president is delivering on his promise to seniors as well. The bill provides an additional $6,000 deduction for seniors, which will mean that 88% of seniors receiving Social Security income will pay no tax on their Social Security benefits. The One Big Beautiful Bill also codifies no tax on tips and no tax on overtime pay—both policies designed to provide financial relief to America's working class. These tax breaks will ensure Main Street workers keep more of their hard-earned income. And they will bolster productivity by rewarding Americans who work extra hours. All Americans can learn how President Trump's tax cuts will impact their lives for the better with a new White House calculator. These productivity-enhancing measures dovetail with the second booster in the blue-collar boom: providing 100% expensing for new factories and existing factories that expand operations, plus car loan interest deductibility to support Made-in-America. Economic security is national security. This became especially clear during COVID, which exposed glaring vulnerabilities in our critical supply chains. By providing 100% expensing for factories—in addition to rebalancing trade to encourage greater domestic production—President Trump is fortifying our supply chains and reawakening the might of America's industrial base. To help fuel this effort, the president is unleashing American energy by removing onerous regulations, increasing oil and gas lease sales, eliminating the perverse subsidies of the Green New Scam, and refilling the Strategic Petroleum Reserve. These measures will make life more affordable for American families by bringing down the costs of gas and electricity across the country. Through the One Big Beautiful Bill, President Trump is taking a bottom-up approach to restoring the economy. To that end, the bill makes the 2017 tax cuts permanent to give businesses of all sizes the certainty they need to grow, hire, and plan for the long term. It also provides targeted relief for small businesses by more than doubling the cap on overall small business expensing. These tax provisions will put billions of dollars back in the hands of America's small business owners, which they can then use to expand their workforce and reinvigorate Main Street. The intent of all these policies—be it tax cuts for the working class, full expensing for manufacturers, or new deductions for small businesses—is the same: to improve the lives of Americans on every rung of the economic ladder. With visionary leadership, President Trump is laying the foundation for the Golden Age he promised through tax deals, trade deals, peace deals, and deregulation. The One Big Beautiful Bill will Make America Affordable Again. It will cement the blue-collar boom, reignite U.S. manufacturing, and unleash the commercial potential of the greatest economy in the world. Today marks the passage of the largest tax cut in history for our nation's workers. It is a tribute to the Founders who demanded lower taxes themselves and is the perfect way to begin America's 250th anniversary celebration.
Yahoo
42 minutes ago
- Yahoo
Does Manitowoc Company (NYSE:MTW) Deserve A Spot On Your Watchlist?
The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even companies that have no revenue, no profit, and a record of falling short, can manage to find investors. Sometimes these stories can cloud the minds of investors, leading them to invest with their emotions rather than on the merit of good company fundamentals. Loss-making companies are always racing against time to reach financial sustainability, so investors in these companies may be taking on more risk than they should. So if this idea of high risk and high reward doesn't suit, you might be more interested in profitable, growing companies, like Manitowoc Company (NYSE:MTW). Even if this company is fairly valued by the market, investors would agree that generating consistent profits will continue to provide Manitowoc Company with the means to add long-term value to shareholders. Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. The market is a voting machine in the short term, but a weighing machine in the long term, so you'd expect share price to follow earnings per share (EPS) outcomes eventually. That makes EPS growth an attractive quality for any company. Manitowoc Company's shareholders have have plenty to be happy about as their annual EPS growth for the last 3 years was 37%. Growth that fast may well be fleeting, but it should be more than enough to pique the interest of the wary stock pickers. Top-line growth is a great indicator that growth is sustainable, and combined with a high earnings before interest and taxation (EBIT) margin, it's a great way for a company to maintain a competitive advantage in the market. While Manitowoc Company may have maintained EBIT margins over the last year, revenue has fallen. 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We note that Manitowoc Company insiders spent US$77k on stock, over the last year; in contrast, we didn't see any selling. This is a good look for the company as it paints an optimistic picture for the future. The good news, alongside the insider buying, for Manitowoc Company bulls is that insiders (collectively) have a meaningful investment in the stock. Indeed, they hold US$16m worth of its stock. That's a lot of money, and no small incentive to work hard. While their ownership only accounts for 3.5%, this is still a considerable amount at stake to encourage the business to maintain a strategy that will deliver value to shareholders. Manitowoc Company's earnings per share have been soaring, with growth rates sky high. To make matters even better, the company insiders who know the company best have put their faith in the its future and have been buying more stock. This quick rundown suggests that the business may be of good quality, and also at an inflection point, so maybe Manitowoc Company deserves timely attention. Don't forget that there may still be risks. For instance, we've identified 2 warning signs for Manitowoc Company (1 is significant) you should be aware of. The good news is that Manitowoc Company is not the only stock with insider buying. Here's a list of small cap, undervalued companies in the US with insider buying in the last three months! Please note the insider transactions discussed in this article refer to reportable transactions in the relevant jurisdiction. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sign in to access your portfolio


Los Angeles Times
an hour ago
- Los Angeles Times
How Paramount's $16-million Trump settlement came together — and could've fallen apart
By early spring, Paramount Global was in crisis. President Trump wouldn't budge from his demand for an eye-popping sum of money and an apology from the company to settle his lawsuit over a CBS News '60 Minutes' interview with Kamala Harris. Journalists at the storied broadcaster were in revolt against the parent company. Meanwhile, Paramount's board faced withering pressure, with a settlement widely seen as a prerequisite for getting government approval for the company's $8-billion sale to David Ellison's Skydance Media, or the deal would collapse. Then a new emergency erupted. On May 4, CBS aired a hard-hitting '60 Minutes' segment that took aim at Trump's targeting of law firms. Correspondent Scott Pelley anchored the report, which relied heavily on an interview with a leading Trump irritant — former top Hillary Clinton advisor Marc Elias. Trump was furious. He threatened Paramount with an additional lawsuit alleging defamation, according to people close to the situation who were not authorized to comment. The behind-the-scenes drama eventually would culminate with Paramount agreeing to pay $16 million to end the president's battle over edits to October's Harris interview, which Trump alleged was manipulated to boost the then-vice president's election chances. Trump's suit had demanded $20 billion in damages. The deal resulted from months of back-and-forth among a constellation of power players with competing interests: the president, mogul Shari Redstone, tech billionaire Larry Ellison and his son David, Hollywood super agent Ari Emanuel, CBS News' ousted leader Wendy McMahon and Jeff Shell, a former NBCUniversal chief now with RedBird Capital Partners, which backs Ellison's Skydance. The settlement, which the president approved late Tuesday, included a commitment by Trump to drop his claims and not sue over the May '60 Minutes' broadcast, according to sources and a Paramount statement. Paramount said it agreed to pay Trump's legal fees. The remainder of the $16-million settlement will go toward his future presidential library. But the beleaguered company behind 'Mission: Impossible' and 'Yellowstone' mustered victories, withstanding the Trump team's earlier demand for a $100-million payout, the knowledgeable sources said. The company also refused to apologize for CBS' reporting or edits, a stance to protect its journalistic ethics and 1st Amendment rights. 'This settlement allows Paramount to focus on its prospective sale, and CBS can maintain its principles,' said C. Kerry Fields, a business law professor at the USC Marshall School. 'But principle has its price, and there certainly was one set here.' The eight-month skirmish with Trump shined a harsh light on Paramount's vulnerabilities — and deep divisions within the company and its prospective new owners. Paramount had a narrow window to reach a truce. The company wanted to finalize the settlement before Wednesday, when Paramount held its annual shareholder meeting and three new members joined the board. 'This [settlement] was all about survival — it was that dark,' Fields said. 'Paramount has to execute the sale to Skydance in order to survive.' At first, Paramount's sale to the Ellison family seemed like a sure bet. Larry Ellison, co-founder of Oracle Corp., is close to Trump and is also a possible buyer for TikTok, another deal of interest to the president. The landmark Paramount-Skydance deal, struck a year ago, could reshape one of Hollywood's original studios and the entertainment landscape. Redstone and her family agreed to part with their entertainment holdings, National Amusements Inc., and controlling Paramount shares. The family's shaky finances were a catalyst for the sale. Redstone has borrowed heavily to meet debt obligations, including a $186-million term loan from Larry Ellison last year. The family is waiting for the cash from the sale of Paramount and National Amusements to the Ellisons and RedBird, a private equity firm. But an unexpected blunder altered the deal's course. Last fall, '60 Minutes' invited Trump and Harris to participate in preelection interviews. Trump agreed, then backed out. CBS News went forward with a Harris sit-down. Correspondent Bill Whitaker asked Harris about the Biden administration's rocky relations with Israel's prime minister. Producers used different portions of her answer on two programs: a convoluted response on CBS' Sunday morning show 'Face the Nation,' and a more succinct part on '60 Minutes.' Trump and his supporters zeroed in on the discrepancy. They accused CBS of doctoring the interview. CBS News denied the allegation, saying the edits were routine. Days before the election, Trump sued in Amarillo, Texas, ensuring the case would be overseen by a Trump-appointed judge. His lawsuit alleged the '60 Minutes' edits amounted to election interference — 'malicious, deceptive, and substantial news distortion calculated to confuse, deceive, and mislead the public,' in the suit's words. 1st Amendment experts said the case had no merit; some figured it was a campaign stunt. Days later, Shell, the RedBird executive who will become Paramount's president should Skydance take over, held a conference call with top CBS executives. Shell suggested '60 Minutes' release the full Harris interview transcript in a bid for transparency, according to people familiar with the matter. News executives refused, drawing a clear division between some high-level Paramount executives and Ellison's team. Those Paramount executives have bristled over Shell's involvement, including a comment he reportedly made to McMahon late last year, stating the company eventually would have to settle. Skydance has said it has an agreement with Paramount that gives Ellison and Shell the ability to give input on key business issues — even before acquiring Paramount. A spokesperson for Shell declined to comment. The role of Shell, ousted from his previous role running NBCUniversal after acknowledging an inappropriate relationship with an underling, has been controversial. Representatives for the creators of 'South Park' have accused him of overstepping his authority and meddling with a protracted negotiation over their overall deal and streaming rights to the long-running cartoon. A representative for Shell denied that accusation. Trump had scored previous victories over media organizations. In December, the Walt Disney Co. agreed to pay him $16 million, including $1 million for his attorney fees, to end a dispute stemming from ABC anchor George Stephanopoulos' inaccurate description of Trump's liability in a civil court case. Press advocates howled. Paramount held firm. But it failed to get Trump's case dismissed or moved to a court in New York, where CBS and '60 Minutes' are based. So the company was in a box. Its sale to Skydance requires the approval of the Federal Communications Commission to transfer CBS TV station licenses to the Ellisons, and that consent has been elusive. In one of his first moves as FCC chairman, Trump appointee Brendan Carr launched an inquiry into whether CBS' edits of the Harris interview rose to the level of news distortion — the crux of Trump's lawsuit. In February, Carr demanded CBS release a raw transcript of the Harris interview and the unedited footage. CBS complied; the material showed Harris had been accurately quoted. The Texas judge ordered Paramount and Trump's lawyers into mediation. Talks began April 30. That weekend, '60 Minutes' ran its report on Trump and the law firms, riling Redstone and others. The Trump team and Paramount were already far apart, the sources said. Soon, CBS News and Stations President Wendy McMahon was forced out. Knowledgeable sources attributed her departure to months of strife and persistent criticism from Redstone, who serves as Paramount's chair. McMahon also made missteps, including overseeing an unsuccessful reboot of 'CBS Evening News.' Her exit followed that of Bill Owens, the longtime executive producer of '60 Minutes,' who fought efforts to settle. The day McMahon was ousted, left-leaning U.S. Sens. Elizabeth Warren (D-Mass.), Bernie Sanders (I-Vt.) and Ron Wyden (D-Ore.) lobbed a salvo at Redstone. In a May 19 letter, they warned that Paramount board members risked possible bribery charges if they paid Trump to settle the lawsuit as a way to win FCC approval for the Skydance deal. By early June, Redstone and the Ellison team were getting restless. Emanuel, the agent, stepped in to help get the dealmaking back on track, people familiar with the matter said. Emanuel is Trump's former talent agent and one of Ellison's closest allies. On June 7, Ellison met briefly with Trump at a UFC event in New Jersey. Emanuel is executive chairman of the WME Group and chief executive of UFC's parent company, TKO. According to a source, Emanuel associate Dana White, the Trump-supporting UFC chief executive, helped facilitate the Ellison meeting with the president, which occurred steps away from the fighters' octagon. People close to Ellison and Emanuel declined to discuss Ellison's interactions with the president. Representatives of Skydance, Redstone and Emanuel declined to comment for this story. Finally, a breakthrough came when Trump offered support for Ellison and the Skydance deal, though he continued to blast Harris and CBS News. 'Ellison is great,' Trump said from the White House lawn on June 18. 'He'll do a great job with it.' Meanwhile, the clock was ticking. Redstone and others wanted the board to handle the settlement before the shareholder meeting, when one director stepped down, and three new members joined the board. Redstone recused herself from voting because, but her wishes were known. The settlement was finally reached about 12 hours before the Paramount board switched. One person close to the legal effort said the agreement 'got over the finish line' due to a sweetener for Trump. His team anticipates that Paramount networks eventually will run millions of dollars worth of free commercials, or public service announcements, in support of Trump causes, including combating antisemitism and increasing border security. Paramount denied this. 'Paramount's settlement with President Trump does not include PSAs,' the company said in a statement. 'Paramount has no knowledge of any promises or commitments made to President Trump other than those set forth in the settlement proposed by the mediator and accepted by the parties.' Skydance declined to comment. Emanuel did not respond to messages. The settlement does contain another provision championed by Trump.'60 Minutes' will release transcripts of interviews with eligible U.S. presidential candidates after those interviews air, 'subject to redactions as required for legal or national security concerns,' Paramount said. 1st Amendment advocates were discouraged by the deal. So were Trump's enemies, including the senators who had vowed to investigate the deal for bribery. Paramount's move to 'settle a bogus lawsuit with President Trump over a 60 Minutes report he did not like is an extremely dangerous precedent,' Sanders, the U.S. senator, said in a statement. 'Paramount's decision will only embolden Trump to continue attacking, suing and intimidating the media.'