AshG
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ByteDance Lays Off Hundreds After China’s Tutoring Crackdown
New rules from the Chinese government are resulting in service providers such as Bytedance to cut its workforce and change its model..
"China’s government last month enacted its harshest ever curbs on the $100 billion after-school tutoring industry, banning private firms teaching school subjects to kids from earning profits and raising capital. Companies were also not permitted to hire foreigners outside the country as teachers or teach school curricula to children under six -- rules that directly hit ByteDance’s GoGoKid and Guagua Long platforms. The curbs sparked a sell-off that wiped out more than $1 trillion of value from Chinese equities, as investors weighed the extent to which Beijing would go to rein in its vast internet industry."
Speaking anecdotally as someone who knows several GoGoKid and VIPKid teachers, the scuttle among their communities is that China is cracking down on external teachers because of the unintended consequences of American values of individualism and self expression being imparted during instruction.
New rules from the Chinese government are resulting in service providers such as Bytedance to cut its workforce and change its model..
"China’s government last month enacted its harshest ever curbs on the $100 billion after-school tutoring industry, banning private firms teaching school subjects to kids from earning profits and raising capital. Companies were also not permitted to hire foreigners outside the country as teachers or teach school curricula to children under six -- rules that directly hit ByteDance’s GoGoKid and Guagua Long platforms. The curbs sparked a sell-off that wiped out more than $1 trillion of value from Chinese equities, as investors weighed the extent to which Beijing would go to rein in its vast internet industry."
Speaking anecdotally as someone who knows several GoGoKid and VIPKid teachers, the scuttle among their communities is that China is cracking down on external teachers because of the unintended consequences of American values of individualism and self expression being imparted during instruction.
