Tencents Riot Games division cuts 11% of staff to create focus
Summary
Ma Pony Huateng, chairman and chief executive officer of Tencent Holdings Ltd., speaks during the Guangdong-Hong Kong-Macao Greater Bay Area Forum in Hong Kong, China, on Tuesday, June 20, 2017. In an unusual move, Ma has chosen to convene a summit of government academics and business chieftains in Hong Kong days before the 20th anniversary of its return to China. The downsizing follows job cuts across the media and technology world in recent weeks, and continues a trend from last year, when companies went into belt-tightening mode to meet more challenging economic conditions. "Weve been subsidizing the cost of development on LoR through our other games, but at this point, thats just not a viable option," wrote Jadeja, who spent six years as Riots president before taking over from Nicolo Laurent as CEO in September. Pony Ma, Tencents co-founder and CEO, told analysts in November that the company is shifting "away from less scalable activities" and boosting investments in artificial intelligence.