Epic Games Slashes Workforce by 16%

Epic Games, the video-gaming giant, is laying off approximately 16% of its workforce, amounting to around 830 employees, due to financial challenges. The company will also sell off Bandcamp and spin off most of SuperAwesome, resulting in an additional 250 job cuts. CEO Tim Sweeney acknowledged that the company had been spending more than it earned and that the growth of Fortnite was primarily driven by creator content with lower margins. Epic Games will provide a severance package, including six months of base pay and healthcare, and offer accelerated stock option vesting. The layoffs are not expected to be followed by further job cuts, and the impact on the company's plans to build its new headquarters in Cary, North Carolina, remains uncertain.