The first rule of layoffs is not to be reckless about it. The second rule is to make sure that the social media manager you just fired still has access to your accounts. Today, Tencent has violated both rules by laying off nearly all of the editorial staff at Fanbyte, an online gaming publication.
Tencent is the world The biggest gaming company and the Most Valuable Company In China, it owns a stake in dozens of international game studios and game companies: Riot Games, Epic Games, Roblox, Discord, Pocket Gems, you name it. Tencent also owns WeChat, the Chinese super social media app, as well as Tencent Music.
After reporting its first revenue decline in the last quarter of the year, Tencent has laid off the company 5% of its workforceaffecting 5,000 people. But a month later, it appears Tencent is still making cuts.
I have some sympathy for thriving startups navigating a challenging market and having to make the hard decision to cut jobs – but Tencent is a giant that has earned more than $88 billion in revenue last year. Her evaluation has definitely taken a slow down after almost reaching a level An unfathomable trillion dollars last year. But is dispensing with some books the real solution to these problems?
According to tweets Merritt Kone of Fanbyte’s remaining employees, layoffs included the site’s editor-in-chief, head of media, feature editor, social editor, news editor, graphic designer, podcast producer and several writers.
Tencent did not immediately respond to a request for comment on the layoffs.
As promised, these layoffs were handled so horribly that they make Brian Armstrong, CEO of Coinbase, look good. Fanbyte’s employees were slowly laid off, one by one, over the course of several hours. There’s nothing like sitting alone in your apartment, waiting to see if you still have a job, and watching your co-workers tweet that they’re looking for a new job.
One very small silver lining, though, was that the social media manager was laid off while she still had access to Fanbyte’s social media accounts. Tencent has basically given the middle finger, and after years of watching writers I love lose their jobs for reasons beyond their control, I live for it.
For several hours, Fanbyte’s Instagram bio read, “Tencent generated $35 billion in net income last year, and laid off nearly every member of the children’s company Fanbyte! Please support employees elsewhere 🙂 “The account is currently under the display name, ‘Forgot the keys?’ ?”
Ah, sweet revenge. You know what could be sweeter, though? If the world’s largest media companies stopped getting good publications to save hundreds of thousands of dollars a year, which is a fraction of a percentage of their net income anyway.
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