Riot Games, the maker of blockbuster computer games such as "League of Legends" and "Valorant," is slashing 11% of its global workforce, becoming the latest tech giant to downsize.
The Los Angeles-based business, which is owned by Chinese internet behemoth Tencent, made the announcement Monday, calling the move to cut about 530 positions "critical for the future of Riot."
In a message to workers, the publisher blamed the move on rising expenses and significant risks that had not 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," Dylan Jadeja, the company's chief executive officer, said. "This is absolutely the last thing we ever wanted to do."
Riot's layoffs follow widespread job cuts in American technology and media, which have already affected thousands of individuals this month.
In the first two weeks of 2024 alone, Google, Amazon, and other major tech companies reported almost 5,500 layoffs. Twitch, an Amazon-owned video game broadcasting site, laid off 500 employees.
Tencent purchased Riot in 2011, many years after the Shenzhen-based company obtained the rights to license its flagship title "League of Legends" in mainland China.
The game, abbreviated as "LOL," has become a cultural staple, allowing users to compete in teams in an online war arena where one squad must demolish the opposing squad's base.
Source: CNN
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