Layoffs 2023: Reddit to layoff 5% of its workforce

Reddit is laying off 90 people, approximately 5% of its workforce, following a number of tech firms that have been laying off employees.

As the tech sector deals with the slowdown in the economy, companies including the likes of tech giants such as Meta have started cutting jobs after aggressively hiring during the pandemic.

Reddit, which was split out from magazine behemoth Conde Nast in 2011, has recently seen a rise in popularity, due to the success of WallStreetBets and other forums on its platform, which have evolved into a place for retail investors to speculate on stocks.

According to a Wall Street Journal article, Reddit CEO Steve Huffman stated that along with job cuts, the company would also scale back its hiring for the remainder of the year from an initial plan of 300 personnel to perhaps 100.