Tencent Layoffs 2024: What to Know About the Latest Riot Games Job Cuts

Group 1 - Tencent's subsidiary Riot Games is laying off 530 employees globally to focus on its main offerings due to underperformance of some projects [1][2] - The layoffs will primarily impact employees involved in smaller projects, including the Legends of Runeterra team, which has not met performance expectations [2] - Riot Forge, the division responsible for outsourcing smaller projects, will also be closed, allowing Riot Games to concentrate on multiplayer experiences like League of Legends, Valorant, Teamfight Tactics, and Wild Rift [2] Group 2 - Riot Games CEO Dylan Jadeja stated that unsustainable cost growth and lack of room for experimentation are putting the core business at risk [1] - Following the announcement of layoffs, TCHEY stock has decreased by 3.1% as of Tuesday morning [2]