TikTok owner ByteDance cuts hundreds of jobs in gaming division

Chinese tech giant ByteDance, owner of TikTok, is cutting jobs in its gaming unit, Nuverse. The layoffs will affect several hundred people as ByteDance retreats from the competitive video gaming sector. Despite major investments, ByteDance's gaming business has failed to catch up with the industry leader Tencent. The restructuring aims to streamline the organization and focus on the core businesses. Games not yet launched will be shut down in December.