Why Meta Platforms Stock Jumped Higher Today While the Market Stumbled
In what hasn't been a common occurrence lately for Meta Platforms (NASDAQ: META) investors, their stock's price bounced higher on Tuesday. In contrast to the slumping S&P 500 index, the social media giant's shares gained nearly 4% on the day. That was due to the misfortunes of a big rival across the Pacific Ocean.
Many employees of ByteDance, the Chinese company that operates the mega-popular TikTok short video sharing app, weren't doing the happy dance on Tuesday. According to a report in the South China Morning Post citing "two people familiar with the matter," ByteDance laid off hundreds of its workers as 2022 came to a close. The article did not provide a more precise figure, but it did state that the layoffs were made across numerous business units.
This isn't a blaring alert that the Chinese social media operator is in trouble -- after all, it's a massive beast that employs over 100,000 people across the world. But even if it's tantamount to a slight adjustment in the employee rolls, it's a hint that its business isn't going 100% smoothly.
Source Fool.com
