The company ByteDance, which notably owns the popular social network TikTok, has reportedly laid off hundreds of its employees as part of a restructuring of its division specializing in video games.
The multinational company made this decision in order to concentrate on its main activities, reports CNN, citing a source close to the company’s management.
However, its video game studio Nuverse would continue to exist, but its activities would now only be limited to “exploration initiatives”.
The company is also reportedly looking for a buyer for the Moonton studio, which it purchased in 2021
In a statement released Tuesday, a ByteDance spokesperson confirmed that following a “recent evaluation, the difficult decision has been made to restructure our video game divisions.”
This is all a result of another restructuring by TikTok’s parent company in its virtual reality division and the closure of its division called Pico.