ByteDance Begins , Mass Gaming Layoffs.<br />In 2021, the TikTok parent company <br />announced its new gaming unit, Nuverse.<br />It was expected to rival <br />competitors like Tencent and NetEase.<br />It was expected to rival <br />competitors like Tencent and NetEase.<br />But now, much to employees' surprise, <br />Nuverse is scaling back operations <br />with layoffs, TechCrunch reports. .<br />We regularly review our businesses and make adjustments to center on long-term strategic growth areas. Following a recent review, we’ve made the difficult decision to restructure our gaming business, ByteDance spokesperson, via TechCrunch.<br />The layoffs started on Nov. 27.<br />It is not clear how many people will be let go, <br />and many employees have yet to receive <br />word about their future with the company.<br />Nuverse has had approximately <br />3,000 employees since its inception. .<br />ByteDance is also reportedly looking <br />to unload Moonton, a studio it <br />previously acquired for $4 billion.<br />ByteDance met with a firm based in Saudi Arabia <br />earlier this month to discuss a potential deal
