At least 7000 layoffs? 58 Same city, are you okay

Tech 2023-05-19 13:11:58 Source: Network

The "magical website" that is well-known throughout the country, has layoffs occurred?Recently, 58 cities were suddenly exposed to layoffs ranging from 30% to 50%, involving various business lines, with compensation of N+1.Although layoffs have become commonplace in recent internet winters, it is still quite rare to lay off 30-50% of employees at once

The "magical website" that is well-known throughout the country, has layoffs occurred?

Recently, 58 cities were suddenly exposed to layoffs ranging from 30% to 50%, involving various business lines, with compensation of N+1.

Although layoffs have become commonplace in recent internet winters, it is still quite rare to lay off 30-50% of employees at once. As rumors continue to spread, more and more 58 employees' revelations make people smell an unusual smell.

1. Suspected layoffs of 30%~50%

Promised to 'no layoffs, no salary cuts'

At the beginning of this year, Yao Jinbo, the founder of 58 cities, was still serving as a representative of the National People's Congress, offering advice and suggestions for promoting employment. However, now he has turned his head and started large-scale layoffs with a big knife.

Last night, there was another news of layoffs from a major internet company on the pulse of workplace social media platforms: the well-known national classification information website 58 was in the same city, with layoffs of 30% to 50%, involving various business lines.

Until today, the topic of # 58 being exposed to 50% layoffs in the same city has been suppressed and Xiaoguo has been punished, becoming the number one hot search topic in the pulse.

Some netizens lament that in the cold winter of the internet, no one is alone. Frugality is also for survival. Since the outbreak of the epidemic, many internet giants in China have implemented layoffs, but it is also quite rare for companies like 58 to have such a large proportion in the same city. Perhaps only Twitter after Musk took over can stand out.

Later, the revelations of multiple 58 employees in the same city revealed even more unusual information.

According to netizens who have been certified as 58 employees in the same city, the layoff rate in the TEG (Technical Engineering Platform Group) department this time is 40%. According to netizens, a earning department under the same city of 58, which has a daily turnover of 2 to 3 million yuan, has laid off more than 60% of employees. Netizens have revealed that the proportion of layoffs in some departments is even as high as 80%.

According to media reports, 58 cities have not yet provided a positive response, only stating that they will make reasonable personnel adjustments based on market changes and business development.

According to data reported by First Financial, there are currently approximately 30000 employees in 58 cities.If the rumored 30% to 50% ratio is terminated, there will be 7000 to 10000 employees affected. This will be a major earthquake in the Chinese internet industry.

58 Tongcheng is one of China's leading classification information service platforms, established in 2005 and headquartered in Beijing. According to its official website, as of December 31, 2022, 58 registered users in the same city had reached 730 million, with monthly active users reaching 380 million, covering 31 provinces and municipalities across the country, as well as over 400 cities. At present, the company's business covers multiple fields such as second-hand trading, real estate, recruitment, and life services.

In recent years, it has become increasingly difficult to stay in the same city as 58.

In 2019, Yao Jinbo was very optimistic about the future development of the 58 city and promised not to lay off employees, reduce salaries, or extend year-end bonuses.

But after that, 58 cities went down all the way. Due to the impact of the business cycle brought by the epidemic and the cold winter of the Internet, in the first quarter of 2020, the revenue of 58 cities decreased by 15% year on year. In September of the same year, 58 Tongcheng announced the completion of privatization and delisted from the US stock market. After delisting, the 58 demolition of the same city separated the real estate intermediary platform Anjuke, the local living platform Swan Home, and the same city freight platform Kuaigou Taxi, which were independently listed. At present, Kuaishou Taxi has successfully listed on the Hong Kong stock market, but in less than a year, the stock price has dropped from the issuance price of HKD 21.5 to the current HKD 1.73.

Anjuke's prospectus for the Hong Kong stock market had already expired in October 2021, and Swan, who had originally planned to list on the US stock market, had no follow-up after submitting the prospectus in July 2021.

2. Determined to "Kill Black Intermediaries"

Now it has become a gathering place for scammers?

The original intention of Yao Jinbo's establishment of 58 Same City was to eliminate black intermediaries. But the young dragon slayer eventually became a vicious dragon, and now, 58 Tongcheng has become a hotbed for black intermediaries and scammers.

For those who have never used 58 in the same city, their impression of it is mostly the magical brainwashing advertisement shot by Yang Mi over a decade ago. But it is difficult to give a positive evaluation to those who have used it. I feel like there are all scammers up there, "said Xiao W, a girl born in 1995. After using the same city as 58 once, she completely uninstalled the software.

Last year's "Cambodian blood slave incident", 58 people in the same city became the target of criticism and were criticized by netizens. Although in the end, the official investigation confirmed that the incident was fabricated, 58.com did not receive sympathy or apology from netizens for it. Because people have long been dissatisfied with the proliferation of false information in the same city as 58.

In terms of black cat complaints, there were as many as 14000 complaints in 58 cities, among which false recruitment information, induced consumption, and fraud were the hardest hit areas for complaints.

Liars are actually small problems, and if they are caught, the maximum loss will be money. But some people who are looking for jobs in the same city as 58 have become tools for criminals to make profits.

Pengpai News has sorted out cases of human drug trafficking crimes judged by courts across the country in recent years, and found that at least 45 people explicitly mentioned that they were caught in drug trafficking crimes because they were looking for jobs in 58 cities. In addition, there are many illegal elements who use the same city as 58 to publish false recruitment, recruit prostitutes, or lure or threaten to force others to engage in prostitution.

Some people joke that if we collect and sort out online complaints about the same city as 58, we can definitely compile the most hardcore and practical "Internet Fraud Prevention Handbook".

Over the years, no matter the repeated orders of the regulatory authorities, the repeated roast of users, or the collective beating of the media, the situation in 58 cities has not been significantly improved.

If you want to explain the reason, you will understand everything you understand.

On the job search program "It's You Who Belongs", a job seeker who graduated from Tsinghua University once questioned in front of Yao Jingbo about the proliferation of false information in the same city of 58. Yao Jingbo asked in a quiet and reflective manner:

Do you think 58 won't notice these issues? Why haven't we changed it for so many years?

Online promotion is the main source of income for 58 local residents. In its final financial report before delisting, the first quarter financial report of 2020 showed a total revenue of 2.56 billion RMB, of which 815 million was from member business and 1.595 billion was from online promotion business, contributing over 60% of the revenue.

Among them, in addition to normal businesses, illegal individuals are also an important source of income. A report by the Strait Metropolis Daily once pointed out that in many cases, the defendant seemingly searched for job seekers through the same city as 58, but in reality, they recruited prostitutes. Zhang, who was sentenced to 6 years in prison for organizing prostitution, recruited prostitutes through the internet with a promotion cost of approximately 30000 to 40000 yuan.

Ironically, Yao Jinbo has also repeatedly expressed his hatred towards scammers. In the program 'It's Not You', the host once asked Yao Jinbo, 'If you were asked to enact a law, what would you enact?'?

Yao Jinbo's answer is:The fraudsters were all sentenced to death.

This article originates from Deep Blue Finance

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