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100T, TSM and ORDER layoff staff amid inflation

Popular esports organizations have been recently forced to lay off large numbers of employees due to financial issues in... Shubh | 15. July 2022

Popular esports organizations have been recently forced to lay off large numbers of employees due to financial issues in the esports sector. TSM sacked around 20 employees from different departments, while a dozen employees depart from 100 Thieves.

Several employees of 100 Thieves have been laid off, including former Executive Producer Mike Aransky and Senior Social Media Manager Blackbeard. The story first surfaced on July 13th, when a large number of former 100 Thieves employees went on Twitter to express their gratitude for their time with the organization. Most of the laid-off members were from the content division, including social media managers, video editors, and production workers.

Could bitcoin investments be the issue?

TSM reportedly also terminated a number of employees on June 30. The producer of The Guard, Hunter, tweeted that TSM has let go of more than twenty staff members. According to industry reporter Hunter, the organization’s unsuccessful bitcoin investment and strategy may be the cause of the huge layoff. The organizations, however, haven’t issued an official statement addressing the claims yet.

“Seems like a lot of orgs are dealing with financing issues that are leading to layoffs that start on the content side.Not casting 100T in a bad light – this is an unfortunate cadence that happens in our industry. Sometimes you can afford more staff, sometimes you can’t.” – Hunter

As the industry has already seen a bruising wave of unemployment during COVID, it is fairly uncommon for firms to fire employees owing to financial difficulties. With a $460 million valuation, 100 Thieves is now recognized as the second most valuable esports organization in the world, just behind TSM.

Over the past few years, 100 Thieves has grown rapidly, establishing itself in a variety of gaming niches. After raising a substantial investment in 2021, the team began this year by giving away 300K polygon NFTs and planning on developing its own video game. The organization recently announced a deal with JBL for a customized gaming headset in addition to buying Higround, a peripheral manufacturer.

More layoffs possibly to follow

Order, an Australia-based esports organization has also reportedly laid off at least 12 employees. The organization fields active lineups in well-known video games like Counter-Strike: Global Offensive, Valorant, FIFA, League of Legends, and Fortnite. In recent financial reports, Guild Esports and Enthusiast Esports have also seen a downward trend, but no mass layoffs have been reported yet. There are expected to be many more departures and layoffs in the gaming industry in the wake of the financial crisis, while many other organizations are on the verge of collapse.

Header: 100Thieves