Tencent’s Riot Games lays off 11% of staff globally
CNN
Riot Games, the developer of hit video games like “League of Legends” and “Valorant,” is cutting 11% of staff around the world, becoming the latest tech company to downsize.
Riot Games, the developer of hit video games like “League of Legends” and “Valorant,” is cutting 11% of staff around the world, becoming the latest tech company to downsize. The Los Angeles-based company, which is owned by Chinese tech giant Tencent, announced the news Monday, calling the decision to eliminate about 530 roles “critical for the future of Riot.” In a memo to employees, the publisher blamed the move on spiraling costs and big bets that hadn’t paid off. “We have to do more to focus our business and center our efforts on the things that drive the most player value — the things that are truly worth players’ time,” CEO Dylan Jadeja wrote. “This is absolutely the last thing we ever wanted to do.” Riot’s redundancies add to sweeping job cuts in American tech and media, which have already affected thousands of people this month. In the first two weeks of 2024 alone, more than 5,500 layoffs were announced at Google, Amazon and other prominent tech employers. Those included 500 workers let go by Twitch, the video game streaming platform owned by Amazon (AMZN).
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