When the subject of a sentence is a group, it can be tricky to choose the right pronoun to refer to it. Whether to go with “it” or “they” depends on the focus of the sentence. If you’re talking about the group itself, go with “it.” If you’re talking about the members within the group, go with “they.” So you’d say, “Meta laid off many of its employees,” but, “the mob of jobless employees set fire to their VR headsets.” (Even though “mob” seems to be the subject of the sentence, it’s actually “employees,” with “a mob of” acting as a modifier.) You can also think of it this way: we generally don’t refer to people as “it,” only “he,” “she,” or “they.”
If a group has a proper name—a sports team, a rock band, a corporation—“it” is often the right choice because you’re usually referring to the group itself, not the people within it. But there are many exceptions. A sentence like, “the Pirates is winning in the eighth inning,” is technically correct (at least according to the Chicago Manual of Style), but it’s still dumb. First, because the Pirates are never winning in the eighth, but secondly, because everyone, everywhere, would say or write, “the Pirates are winning in the eighth.” The plural throws a wrench in the works, and even though it shouldn’t matter, it does. That’s how it goes sometimes.
In summation,“Jefferson Starship is the greatest rock band of all time, and it is on tour.” is fine; so is “The Ramones are the greatest rock band of all time, and they are on tour.” It’s anarchy in this part of English.
Special note: If any group or person tells you they prefer to be referred to with as a specific pronoun, do it, and don’t be an asshole.