New Delhi (India), 7th June 2023: The Wall Street Journal reported on Tuesday that Reddit, a social news aggregation and content rating company, is cutting off 5% of its workers and suspending hiring as part of its reorganisation efforts, citing an email issued to employees by CEO Steve Huffman.
According to the report, the move attempts to address objectives such as funding projects and reaching its goal of breaking even next year. The layoffs represent around 5% of the company’s existing workforce of approximately 2,000 individuals.
Huffman said in the email, “We’ve had a solid first half of the year, and this restructuring will position us to carry that momentum into the second half and beyond.”
Huffman stated that Reddit would cut its hiring for the rest of the year to around 100 workers, down from an initial plan of 300.
Reddit, was established in 2005 and is well-known for its discussion boards known as subreddits that cover a wide range of topics, as well as its “ask me anything” digital town halls with celebrities, politicians, and subject-matter experts.
