Beijing-based online giant, ByteDance has laid off hundreds of employees as it struggles to cope with China’s latest round of big-tech regulations.
The owner of TikTok, ByteDance had to shut down a significant portion of its online education sector in order to comply with the nation’s new laws.
Another company called GoGo Kid will be forced to shut down completely as China’s government moves in on the $100 billion industry.
The new regulations include a ban on private companies from teaching children how to earn profits and even raise capital.
In addition to this, the industry is not allowed to hire foreigners or teach school content to children.
The newly imposed regulations sparked widespread market concerns and triggered a $1 trillion wipeout from Chinese equities.
