{"id":244823,"date":"2023-06-07T16:44:33","date_gmt":"2023-06-07T16:44:33","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=244823"},"modified":"2023-06-07T16:44:48","modified_gmt":"2023-06-07T16:44:48","slug":"reddit-announces-layoff-of-90-employees","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/reddit-announces-layoff-of-90-employees\/","title":{"rendered":"Reddit Announces Layoff of 90 Employees"},"content":{"rendered":"<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bnreport.com\/en\/\"><strong>BNR<\/strong><\/a> &#8211; On Tuesday, Reddit announced the layoff of approximately 5% of its staff\u00a0or 90 employees. By doing so, the company joins the ranks of technology firms that have been laying off employees across the United States.<\/p>\n<p style=\"text-align: justify;\">Meta Platforms, for example, has recently reduced its workforce. They&#8217;ve been doing so after impulsively recruiting during the coronavirus, as the industry prepares for a downturn.<\/p>\n<p style=\"text-align: justify;\">Last month, Meta, Facebook&#8217;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.<\/p>\n<h3 style=\"text-align: left;\"><strong>Reddit Origins<\/strong><\/h3>\n<p style=\"text-align: justify;\">In 2011, Reddit separated\u00a0from the\u00a0magazine conglomerate Conde Nast. It has recently seen an increase in popularity as a result of the popularity of <a href=\"https:\/\/en.wikipedia.org\/wiki\/R\/wallstreetbets\">WallStreetBets<\/a> and other communities on its platform, which has become a place for retail investors to discuss\u00a0stocks.<\/p>\n<p style=\"text-align: justify;\">The Wall Street Journal first reported Reddit&#8217;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.<\/p>\n<p style=\"text-align: justify;\">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&#8217;s message boards became an essential resource for day traders.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BNR &#8211; On Tuesday, Reddit announced the layoff of approximately 5% of its staff\u00a0or 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&#8217;ve been doing so after impulsively recruiting during the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":244824,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[109,513,637,198,278,11351,6914,11573,11572],"class_list":["post-244823","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-coronavirus","tag-covid","tag-covid-19","tag-facebook","tag-featured","tag-layoffs","tag-meta","tag-pandemic","tag-reddit"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Reddit Announces Layoff of 90 Employees - Business News Report<\/title>\n<meta name=\"description\" content=\"BNR - On Tuesday, Reddit announced the layoff of approximately 5% of its staff\u00a0or 90 employees.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/reddit-announces-layoff-of-90-employees\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reddit Announces Layoff of 90 Employees - 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