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Esports trailblazer ESL FACEIT Group (EFG) sent shockwaves through the sector at the end of February after announcing that it would reduce its workforce by roughly 15%.
Co-CEO’s Craig Levine and Niccolo (Nic) Maisto said that the difficult decision had been taken to “support EFG’s sustainable growth ambitions and profitability” and would ultimately “sharpen [the company’s] focus, and better equip [EFG] to navigate the dynamic esports and gaming landscape.”
While there’s no doubt that EFG is not alone in streamlining its business (one only needs to look to the mass M&E layoffs dominating the first quarter with the likes of Channel 4, Twitch/Amazon, and Paramount Global, among others), many had been surprised given EFG’s leading position in the market and the wealth of its parent company - Savvy Games Group, which is owned by Saudi Arabia’s Public Investment Fund (PIF)...
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