BNR – On Tuesday, Reddit announced the layoff of approximately 5% of its staff or 90 employees. By doing so, the company joins the ranks of technology firms that have been laying off employees across the United States.
Meta Platforms, for example, has recently reduced its workforce. They’ve been doing so after impulsively recruiting during the coronavirus, as the industry prepares for a downturn.
Last month, Meta, Facebook’s parent company, cut jobs across its business and operations units. The company completed the final phase of a three-part layoff round that was announced in March with the goal of eliminating 10,000 jobs.
Reddit Origins
In 2011, Reddit separated from the magazine conglomerate Conde Nast. It has recently seen an increase in popularity as a result of the popularity of WallStreetBets and other communities on its platform, which has become a place for retail investors to discuss stocks.
The Wall Street Journal first reported Reddit’s move on Tuesday, referring to an email from CEO Steve Huffman to employees. According to the WSJ, Huffman stated that they would reduce hiring to around 100 people for the rest of the year. The initial hiring plan was 300 people.
Reddit submitted for an initial public offering (IPO) with the US Securities and Exchange Commission in December 2021. During a meme stock frenzy, the company’s message boards became an essential resource for day traders.
