Hong Kong 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.
In the first two weeks of 2024 alone, more than 5,500 layoffs were announced at Google, Amazon and other prominent tech employers.
Riot relied on the game’s massive success for about a decade, leading to calls for the company to diversify its business.
On Tuesday, China’s gaming regulator made headlines by removing draft rules from its website that had aimed to rein in spending in online video games.
Shares of Tencent and Chinese rival NetEase each rose 4.6% and 6.5% in Hong Kong, respectively, on Tuesday following the news.
Persons:
“, hadn’t, Dylan Jadeja, Twitch, ”, Marc Merrill, Jadeja, ” Tencent
Organizations:
Hong Kong CNN — Riot, “, Google, Amazon, Tencent, CNN, “ League, National Press, Reuters
Locations:
Hong Kong, Los Angeles, Shenzhen, China, we’re