From Organic Chemistry point of view, Oxidation is defined as i) Removal of Hydrogen or ii) Addition of Oxygen.
Thiols fails to oxidize the way as Alcohols do, i.e. alcohols on oxidation yields aldehydes or Ketones, while Thiols does not. Following are two reactions showing oxidation of Thiol (compound given in question), in first reaction Thiol is converted to Sulfonic Acid with treatment with Nitric acid or KMnO₄. In second reaction Thiol is oxidized to disulfide when reacted with mild oxidizing agent I₂ in basic condition.