Embracer Group

Embracer Group spent $8 billion between 2020 and 2023 on an acquisition spree gobbling up 120 studios including Crystal Dynamics and Gearbox, then abruptly canceled 80 projects and laid off over 4,500 workers after a promised $2 billion Saudi investment evaporated. The Swedish holding company's strategy saddled itself with $1.6 billion in debt, forcing studio closures that killed beloved franchises like TimeSplitters and left developers without severance. Embracer’s controversy isn't ethical betrayal but reckless corporate gambling — a cautionary tale where shareholder excitement ended in thousands of crushed careers.