The popular online platform, Reddit, has announced its plans to implement layoffs. The decision approximately affects 5 percent of its workforce.


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Reddit, a popular online platform has revealed its intentions to execute layoffs that will affect about 5% of its workforce. This move follows a trend among technology companies in corporate America that are downsizing their staff in response to anticipated economic challenges. The layoffs at Reddit are expected to impact around 90 employees, according to Reuters.

This decision puts Reddit in the company of other major tech players like Microsoft, Meta (formerly known as Facebook), Google, and others, who have also recently reduced their workforce in anticipation of economic changes. Meta, for instance, had previously announced plans to eliminate 10,000 positions across its business and operations units in a three-part layoff round.

 Reddit, which was separated from Conde Nast in 2011, gained significant popularity due to the forums like Wall Street Bets, where retail investors gather to speculate on stocks.

The Wall Street Journal initially reported on Reddit's decision to downsize, citing an email from CEO Steve Huffman to employees outlining the company's plans. In addition to the layoffs, Reddit will scale back its hiring efforts for the rest of the year.  Initially targeting 300 new hires, they now plan to hire around 100 employees, according to the report.

In Dec 2021, Reddit confidentially filed for an initial public offering (IPO) with the U.S. securities regulator, following the platform's rise during the meme stock frenzy that captivated day traders.

Overall, Reddit's decision to downsize its workforce and adjust hiring plans reflects the broader economic challenges faced by technology companies.

Harshita Kumar

Also Read, The Story of A Woman Behind Infosys - Empowering Social Change

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