The Reddit company announced the biggest news, but sadly, it will reduce the 5% workforce reduction which will terminate around 90 employees. Reddit now joins the growing number of technology companies in corporate America that are downsizing staff.
There are several companies like Meta Platforms have been implementing job cuts as they prepare for a potential economic downturn after a period of aggressive hiring during the COVID-19 pandemic.
Meta recently endured a series of layoffs across different departments, which eliminated around 10k positions due to artificial intelligence. The company announced its downsizing initiative in March and ended it last month with a round of job cuts.
The rise of Wall Street Bets and other Reddit forums attracted retail investors interested in speculative stock trading, which led to the site’s popularity surge in 2011. In addition, if we talk about layoff emails, then an email is sent by CEO Steve Huffman to employees that Reddit will also scale back its hiring plans for the remainder of the year. As a result, the company intends to hire around 100 new employees instead of 300.
As part of its initial public offering (IPO), Reddit filed a confidential registration with the U.S. Securities and Exchange Commission in late 2021. During the meme stock frenzy, this company’s message boards gained considerable attention from day traders and investors.
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