Beleaguered Epic Games, peddler of the “Fortnite” video game, is laying off 870 employees, Bloomberg News reports citing “people familiar with the matter.”
The job cuts, which affect about 16% of its workforce, were announced in a memo to staff, said the people, who asked not to be named disclosing information that’s not yet public.
Employees who were affected by the job cuts will receive six months of severance and health insurance, as well as accelerated stock vesting.
Chief Executive Officer Tim Sweeney owns the majority of shares while the Chinese conglomerate Tencent Holdings Ltd. has a 40% stake.
MacDailyNews Take: Epically karmic.
Epic Games should be a lesson in business schools worldwide. They created a hugely successful game, “Fortnite,” and then its Chief Executive Moron Tim Sweeney decided his next genius move would be to burn untold amounts on litigation and bad PR campaigns in a failed crusade get all of the benefits of Apple’s App Store for free. That money wasted on lawyers and laughable ads could, and should, have been invested in growing the business, promoting “Fortnite,” paying employees, etc.
Now Epic Games employees reap what Tim Sweeney hubristically sowed.
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