House fire kills 5 children in South Bend - MilectoHouse fire kills 5 children in South Bend - Milecto

Tencent Holdings, which is traded on the stock market under the ticker symbol 0700.HK, recently announced that Riot Games is going to lay off 530 workers, around 11% of its global staff. This news was shared in a blog post on Monday, along with a letter from CEO Dylan Jadeja to the workers who will be affected.

Riot, a company based in Los Angeles that is known for games like “League of Legends,” said that most of the layoffs will affect teams that aren’t directly working on core development. It’s clear that digital game producers are having a hard time growing because people are hesitant to buy more expensive games or choose games from a smaller selection because of high inflation. Comparing the two situations, Electronic Arts Inc. (EA.O) cut its staff by 6% and gave up some office space last year.

In the message, Jadeja said that the company doesn’t have a clear goal right now because it has too many projects going on at the same time. He was very honest when he said that some big investments the company made are not paying off as planned. Jadeja also said that the costs have gone up so much that they can’t be kept up.

Jadeja and co-founder Marc Merrill wrote a different blog post saying that the changes will allow Riot to focus more on its current live games, such as “League of Legends,” “Valorant,” “Teamfight Tactics,” and “Wild Rift.”

Riot has decided to stop making new games under the “Riot Forge” label. They will also be changing some stuff about their staff and the features in “Legends of Runeterra.”

Tencent took a big chunk of Riot Games in 2011. They also have a stake in Epic Games, an American company that makes video games.

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