22000 employees across xbox division
~1000 at bethesda
12000 at activision/blizzard
~5000 at blizzard (the other 10k are at COD, King [mobile], etc)
mergers almost always cut around 20% of staff since you cut marketing, sales, IT, procurement, HR, etc since you already have groups for that and usually G&A is ~20% of headcount. 20% of 12000 is 2400 employees so actually fewer cuts than anyone should have expected.
I think the bigger issue is that xbox is flailing pretty hard, with gamepass sub growth flattening after having spent so much money on big games, and hardware sales (consoles) abysmal. It looks like a hardware refresh this year will add some QoL (2TB drive, smaller form factor, bluetooth) but no power improvements which is gonna look bad when PS5 Pro and Switch 2 come out.
I could see xbox slowly wind down its gaming division in 5 years or less sadly, when it becomes clear to Microsoft that they will never be #1 in the space. As someone with like 6 years of gamepass codes that'll be a bummer, but not really a shock - they have literally not had a must-play game come out in 10 years.