TikTok Parent Bytedance Announces Mass Layoffs
According to Reuters, Bytedance, the parent company of TikTok, has begun extensive layoffs within its gaming division, causing uncertainty among Nuverse employees.
After two years of modest performance, Nuverse's gaming arm is significantly downsizing its operations. "We routinely assess our ventures and make adaptations to focus on long-term strategic growth areas," a ByteDance spokesperson told Reuters. Following a recent review, we made the difficult decision to restructure our gaming business."
Nuverse had a workforce of around 3,000 people in 2021, a figure that has remained consistent over the years.
In a $4 billion deal, ByteDance acquired the Shanghai-based gaming studio Moonton Technology. Mobile Legends: Bang Bang, a mobile multiplayer online battle arena (MOBA) game released in July 2016, earned the studio recognition. According to reports, ByteDance is considering ways to get rid of Moonton.
