TikTok parent shuts down gaming unit, lays off hundreds
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ByteDance, TikTok's parent company, is planning to shut down its Nuverse gaming division and withdraw entirely from the mainstream video game industry, according to Reuters. An official announcement of this move is expected today. Hundreds of employees are anticipated to face layoffs, along with discontinuation of ongoing projects. ByteDance's decision signifies a definitive step as it departs the lucrative $185 billion global gaming market, effectively conceding victory to its rival, Tencent Holdings.