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Reddit to lay off 5% of its workers in 2023

Technology

Reddit to lay off 5% of its workers in 2023

Reddit workplace
Reddit workplace

Reddit is firing 90 people, or around 5% of its workforce, in response to a number of internet companies that have been doing the same.

After actively hiring during the pandemic, corporations including tech titans like Meta have started slashing employment as the tech sector contends with the slowdown in the economy.

Due to the success of WallStreetBets and other forums on its platform, which have developed into a location for retail investors to wager on stocks, Reddit, which was broken away from magazine behemoth Conde Nast in 2011, has recently witnessed an increase in popularity.

Reddit CEO Steve Huffman reportedly said that in addition to layoffs, the firm would reduce hiring for the remainder of the year from an earlier goal of 300 employees to possibly 100.

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