Riot Games has announced that they are laying off 530 people, or about 11 percent of its global workforce.

In a statement they shared publicly, Riot Games CEO A. Dylan Jadeja explained that the layoffs are happening because since 2019, the company has been making “a number of big bets”, “broadening our portfolio” and growing “quickly”, with the company size doubling in “just a few years”.

Jadeja also said that the layoffs will be finalized in the coming weeks and that Riot is offering six months of salary minimum to all those affected by the layoffs, including cash bonuses, and additional benefits and supports.

In addition to the layoffs, Riot Games is also shutting down its Riot Forge publishing label following the release of its most recent game Bandle Tale A League Of Legends Story. Since December 2019, the publishing label has already published several games such as Song Of Nunu, Ruined King, Hextech Mayhem, and The Mageseeker. Another team affected will be the Legends Of Runeterra developers, who will be downsized.

You can check Riot Games’ full statement below by heading over here.

It’s been a bad time for the games industry with layoffs across many companies around the world. Riot Games is just the latest in a line of massive layoffs. Hopefully, things will get better soon, but it is likely to worsen as more companies announce layoffs in the near future.