TikTok owner ByteDance set to shutter Nuverse amid downturn in China’s video games sector – report
TikTok owner ByteDance is reportedly planning to shut down its Nuverse video games subsidiary and exit the mainstream gaming industry, in a move that will see the firm slash hundreds of jobs.
The move will see ByteDance, which was founded by Chinese tech entrepreneurs Zhang Yiming and Liang Rubo in 2012, cut hundreds of staff and unwind existing projects, as it looks at ways to divest from its current gaming portfolio, Reuters first reported.
The…
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