Alibaba and Tencent are about to lay off tens of thousands of employees

This is expected to be one of the largest layoffs ever.

Although Alibaba has not yet determined which department it will cut staff, China’s largest e-commerce group is expected to cut more than 15% of its workforce, or 39,000 employees. Tencent is said to have similar plans.

The job cuts at Alibaba and Tencent will be the first major layoffs since Chinese regulators launched an unprecedented campaign a year and a half ago to rein in the giants. “The Internet is growing at a very fast rate. The market capitalization of these two corporations has “evaporated” about 1 trillion USD on the Hong Kong Stock Exchange (China) since February last year until now.

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