Last Update: June 07, 2023, 02:41 AM IST
United States of America, USA)
The Wall Street Journal first reported Reddit’s move on Tuesday, citing an email sent to employees by Chief Executive Steve Huffman.
Tech companies including Meta Platforms are shedding jobs after aggressively hiring during the pandemic
Reddit said Tuesday it is laying off about 5% of its workforce, or 90 employees, joining the list of technology companies that are cutting jobs in corporate America.
Tech companies including Meta Platforms are shedding jobs after aggressively hiring during the pandemic, as the industry braces for an economic downturn.
Facebook owner Meta slashed jobs across its business and operations units last month as it completed its final batch of three-part layoffs, first announcing the elimination of 10,000 roles in March.
Reddit, which was spun off from magazine conglomerate Condé Nast in 2011, has recently seen increased appeal due to the popularity of WallStreetBets and other forums on its platform, which have become a place for retail investors to speculate on stocks.
The Wall Street Journal first reported Reddit’s move on Tuesday, citing an email sent to employees by Chief Executive Steve Huffman.
As the WSJ reports, Huffman said the company will also reduce hiring to about 100 people for the rest of the year from an initial plan of 300.
In December 2021, Reddit confidentially filed for an initial public offering with the US securities regulator after the company’s message board meme became the go-to destination for day traders during the stock craze.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – reuters,
