On 13th July 2022, esports organizations TSM and 100 Thieves made headlines after now-former staff members announced en masse that they had been retrenched. This latest mass firing included staff across executive roles, newcomers, a medley of video editors, production members, and more.
A dozen people were let go from 100 Thieves, while over twenty-plus staff have been laid off from TSM. It’s not uncommon for companies or organizations to lay off staff due to financial issues, especially following the brute force of unemployment waves during COVID.
However, with cryptocurrency investments and sponsorships tanking, initial plans to further the esports climate folding, and the competitive gaming industry running drier than usual, it seems esports organizations are struggling to keep afloat.
TSM And 100 Thieves Lay Off Staff Members En Masse
Initial news about the mass layoffs came via a Twitter post on Wednesday, 13th July 2022, via the former 100 Thieves Executive Producer, Mike Aransky. In a shock Tweet, Aransky said, “So today, after almost [four] years of 100 Thieves I say good-bye” and added threads of the work he’s done at the organization.
I do not know how to start this hmmmm.— Mike Aransky (@MikeAransky) July 13, 2022
So today, after almost 4 years of @100Thieves I say good-bye.
What a journey it has been as 100Ts EP and I thank you for being on that adventure with me. So this thread will be my live journal as I reminisce and look back. Buckle up! pic.twitter.com/JEM82HsgLJ
Other former 100 Thieves employees also took to Twitter to express their sentiments about their last days at the organization.
In a Twitter post, Senior Social Media Manager, Blackbeard, said “After just over [three] years, today was my last day at 100 Thieves. [I] cannot possibly put into words the love and gratitude I have for the incredible group of people I’ve gotten to work with in my time at the company.”
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These are only a few of the gathered posts; many more follow along the same lines. Amid 100 Thieves’ mass firing, The Guard Producer, Hunter, revealed that TSM has also laid off multiple staff members. Accordingly, over twenty TSM staff members were laid off, allegedly due to the organization’s failed cryptocurrency investment and strategy.
SOURCES: Over 20+ people have been laid off from TSM today— GUARD Hunter (@HUN2R) June 30, 2022
Have heard it partially could be related to TSM's failed crypto investment and strategy pic.twitter.com/iMzi7Ud8XP
These layoffs are extremely saddening, especially seeing such talent who’ve built TSM and 100 Thieves from the ground up leaving the organizations. Whether it was the minds behind all the production and entertaining content, social media bantering, memes, and managing, or the people who made working across 100 Thieves and TSM smooth and enjoyable, these talents will surely be missed.
Unfortunately, 100 Thieves and TSM aren’t the only esports organizations who’ve faced financial blows.
For example, Australian esports organization ORDER laid off staff members, while Allied Esports reported losing $3.8 million in its Q1 2022 report. Similarly, Guild Esports fell $6.1 million low in its recent financial report. Even Enthusiast Gaming, the company behind the biggest names in the industry like Luminosity, PocketGamer, and more, lost $8.6 million in its first quarter of 2022.
These are only a few of the many companies across the esports and gaming industry which have lost money, fired staff members, and nearly closed down. Many other organizations are on the brink of shutting down.
It’s only a matter of weeks or months before more news of layoffs or worse trends as the industry and world continue to grapple with its financial crisis.
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Featured image courtesy of TSM and 100 Thieves.