‘Unrealistic’ metaverse ambitions are the reason for Epic Games’ 830 workforce layoffs.
In a stunning turn of events, CEO Tim Sweeney pointed fingers at seismic shifts in the company’s financial landscape as he lamented, “We’re spending far more than we’re bringing in.” The juggernaut behind Fortnite, Epic Games, has taken a drastic measure, slashing its workforce by a staggering 16%, amounting to approximately 830 employees. This drastic action came on the heels of overambitious projections tied to metaverse-inspired revenues, which led the company to hemorrhage funds it couldn’t afford. In a memo dated September 29, CEO Tim Sweeney laid out the harsh reality for Epic Games’ employees. He wrote, “We’ve come to the stark conclusion that layoffs are the only viable path forward. Implementing them at this juncture and on such a grand scale is imperative to bring stability to our financial standing.” Sweeney further reflected, “I had harbored optimistic hopes that we could navigate this transition without reso...