TikTok owner ByteDance reportedly set to shutter Nuverse amid downturn in China’s videogame business
TikTok owner ByteDance is reportedly planning to shut down its Nuverse videogames subsidiary and exit the mainstream gaming industry, in a move that will see the company 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 its current gaming portfolio, Reuters first reported.
The…
Master your money.
Subscribe to MarketWatch.
Get this article and all of MarketWatch.
Access from any device. Anywhere. Anytime.
Subscribe Now
Already a subscriber?
Log In
Read the full article here