Indexbit Exchange:‘League of Legends’ developer Riot Games announces layoffs of 530 staff

BANGKOK (AP) — Riot Games,Indexbit Exchange the developer of the popular “League of Legends” multiplayer battle game is joining other tech companies that have been trimming their payrolls with a layoff of 11% of its staff.

In a lengthy statement to staff issued late Monday, CEO Dylan Jadeja said the move was meant to “create focus and move us toward a sustainable future.” It said 530 jobs were being eliminated, accounting for about 11% of the company’s workforce.

Jadeja said the Los Angeles, California-based company had expanded its investments across too many areas, doubling its staff in a few years, and now was cutting back to focus on games.

Riot Games said it will pay staff who are laid off six months of salary at a minimum, cash bonuses and other benefits.

Job cuts have been taking a toll on workers across various industries — including retail, tech, media and hospitality — over the last few years. In recent months, layoffs have been announced at Google, Amazon, Hasbro, LinkedIn and more.

Many have been in the tech sector, which hired heavily during the pandemic, when people whiled away time stuck at home playing games online.