Reddit announces 5% workforce reduction

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Reddit has announced that it is laying off 90 people, or nearly 5% of its global staff.

Following a successful performance in the first half of the year, the CEO, Steve Huffman, indicated in an email to staff that the restructure is important to preserve the company’s momentum. Reddit is also reducing its recruiting ambitions for 2023, intending to hire approximately 100 new people rather than the originally projected 300. This change is intended to streamline processes and optimize resource allocation.

After filing for an initial public offering (IPO) in December 2021, Reddit has decided to reposition itself. The platform gained prominence during the meme stock frenzy, attracting day traders and establishing itself as a key player in the online investment community.

A representative from Reddit has confirmed the job cuts mentioned in the Wall Street Journal report. Despite this restructuring, Reddit remains a bustling hub for discussion, boasting over 57 million daily active unique visitors and hosting more than 100,000 active communities. Users have contributed over 13 billion posts and comments worldwide.

The sources for this piece include an article in Reuters.

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