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Tencent’s Riot Games Undertakes Global Workforce Reduction

In a significant move echoing recent trends in the tech industry, Riot Games, the developer behind hit titles like “League of Legends” and “Valorant,” has announced a substantial reduction in its global workforce. This decision, affecting approximately 11% of its employees worldwide, comes as part of Riot Games’ strategic realignment, deeming the elimination of around 530 roles critical for the company’s future trajectory.

Strategic Imperatives: Riot Games’ Necessitated Workforce Restructuring

Owned by the Chinese tech giant Tencent, Riot Games disclosed this major workforce reduction in a memo to its employees. The company cited spiraling costs and unproductive investments as key factors driving this decision. CEO Dylan Jadeja emphasized the imperative to focus on aspects that deliver the most player value, acknowledging the decision as a regrettable but essential step. This move underscores the challenges faced by tech companies in balancing growth with financial sustainability.

Riot Games’ staff reduction contributes to the broader trend of job cuts in the tech and media sectors, with thousands of layoffs announced by major players in the early weeks of 2024. Notably, companies like Google and Amazon have already witnessed sweeping layoffs. Riot Games’ decision aligns with an industry-wide reassessment of operations and expenditure, reflecting the evolving dynamics of the tech landscape.

Background and Acquisition by Tencent: Navigating Success and Challenges

Acquired by Tencent in 2011, Riot Games is renowned for the success of its flagship title, “League of Legends.” However, the company faced calls to diversify its portfolio beyond this cultural mainstay. Co-founder and chairman Marc Merrill, in 2019, outlined plans to branch out with a range of new titles. Despite these ambitions, Riot Games now acknowledges potential overextension, leading to a lack of focus on core business elements.

CEO Dylan Jadeja, in the memo to employees, provided insights into the company’s growth trajectory since 2019. Riot Games aggressively pursued new avenues for expansion, including a global footprint, changes in operating models, talent acquisition, and doubling the size of the company within a few years. The unintended consequence, as stated by Jadeja, is a lack of sharp focus and too many concurrent initiatives.

Operational Adjustments: Streamlining Focus on Core Games

As part of the restructuring, Riot Games will reduce the team size for “Legends of Runeterra,” an online card game, acknowledging its development costs being subsidized through other games. Additionally, “Riot Forge,” a publisher working on new games within the “League of Legends” world, will be wound down. This streamlining aims to refocus efforts on Riot Games’ core titles, ensuring a more concentrated and effective approach to game development.

These internal changes at Riot Games coincide with broader developments in China’s gaming industry. Notably, China’s gaming regulator removed draft rules aimed at controlling spending in online video games. The anticipated rules had caused a significant dip in the market value of Chinese tech giants, impacting Tencent among others. The removal of these rules has led to speculation about potential revisions in gaming regulations.

Market Response: Tencent’s Share Surge and Future Outlook

Following the news of regulatory changes, Tencent’s shares, along with Chinese rival NetEase, experienced significant gains in Hong Kong. This positive market response indicates investor optimism about potential revisions to gaming regulations, providing relief to major players in the Chinese gaming industry.

In conclusion, Riot Games’ decision to restructure its global workforce reflects the broader challenges faced by tech companies in navigating growth, diversification, and financial sustainability. The industry will closely watch Riot Games’ strategic adjustments and their impact on the company’s future trajectory.

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OpenAIは理事会を据える非営利法人の傘下に営利法人を置くという組織構造をしていますが、サム・アルトマンCEOが「今後は非営利法人を営利法人に移行する可能性がある」と語ったことが、海外メディアのThe Informationにより伝えられました。 OpenAI CEO Says Company Could Become Benefit Corporation Akin to Rivals Anthropic, xAI — The Information https://www.theinformation.com/articles/openai-ceo-says-company-could-become-benefit-corporation-akin-to-rivals-anthropic-xai Sam Altman May Transition OpenAI to A For Profit Firm https://www.cryptotimes.io/2024/06/15/openai-may-transition-to-unrestricted-for-profit-says-ceo-sam-altman/ Sam Altman says OpenAI could become a for-profit meaning it could eventually IPO - Neowin https://www.neowin.net/news/sam-altman-says-openai-could-become-a-for-profit-meaning-it-could-eventually-ipo/ OpenAI CEO says company could become for-profit corporation, report says - BusinessToday https://www.businesstoday.in/technology/news/story/openai-ceo-says-company-could-become-for-profit-corporation-report-says-433446-2024-06-15 OpenAIは主に以下の3つの組織から成り立っています。 ◆非営利法人OpenAI, Inc. OpenAI, Inc.は非営利法人(501-c-3)として設立された法人で、汎用(はんよう)人工知能(AGI)の普及・発展を目指しています。この法人はサム・アルトマンCEOらが籍を置く「理事会」が支配しており、寄付を受け付けることでその運営資金を確保しています。 ◆OpenAI GP LLC OpenAI GP LLCはOpenAIの営利子会社を管理および統治する権限を持つ管理会社であり、OpenAI, Inc.により「完全にコントロール」されています。この法人を置くことにより、非営利法人であるOpenAI, Inc.は営利法人を間接的に支配できます。 ◆営利法人OpenAI Global, LLC OpenAI Global, LLCは、AIの商業化と開発を行うOpenAI GP LLC傘下の営利法人です。Microsoftがこの法人の49％を保有していますが、Microsoftやその他投資家への利益配分には上限が設けられています。上限を超えて得られた利益は非営利法人OpenAI, Inc.に返還され、OpenAI, Inc.が目指すところの「人類全体の利益」のために使われます。 このほか、OpenAI OpCo, LLCやOpenAI, LLCなど複数の営利法人があります。 非営利法人が受け付ける寄付だけでは高額な研究費用や開発費用を賄いきれませんが、営利法人があることでより多くの資金を獲得することができます。ところが、利益の追求を優先しかねない営利法人の存在が「AIの民主化」を目指す非営利法人の主張と矛盾する可能性があることが一部で問題視されています。OpenAIの立ち上げに協力したイーロン・マスク氏も同様の観点から訴えに出ましたが、後に取り下げています。 イーロン・マスクがOpenAIに対する訴訟を取り下げ - GIGAZINE The Informationの報道によると、サム・アルトマンCEOは上記の非営利法人をトップに据えた構造を大幅に変更したいと考えているとのこと。 何がどのように変更されるのかは不明ですが、「理事会」の管理下にない、ライバル企業のAnthropicやxAIが採用している「B Corp」と呼ばれる形態を目指していると伝えられています。これが実現すれば、社会的利益に貢献するという当初の目的を果たしつつ、利益を追求することが可能になります。また、営利法人に移行することで新規公開株式への道が開かれる可能性があるとの指摘もあります。一方でOpenAIの理事会は会社の支配権を失うことになるそうです。

OpenAIが理事会によって管理されない営利企業になる可能性があるとサム・アルトマンCEOがコメント - GIGAZINE

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What methods are used by lenders to determine loan amount to be sanctioned? - BusinessToday--- Info

Lenders typically rely on the debt-to-income ratio or Fixed Obligation Income Ratio (FOIR), loan-to-value ratio, and installment income ratio (IIR) when determining your eligibility for a higher loan amount, particularly with instant personal loans. Besides, lenders also use the multiplier method to assess and sanction loan amounts based on the borrower’s creditworthiness, loan-to-value ratio,…

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NASA astronaut Sunita Williams might have to return to Earth without a spacesuit: Here’s why - BusinessToday