Reddit announced on Tuesday that it is laying off about 5% of its employees, or 90 staff members, and slow hiring amid the company’s restructuring.
The Wall Street Journal reported that Reddit would also reduce its hiring for the rest of the year to about 100 people, from an early plan of 300, citing an email sent to employees from its CEO Steve Huffman.
The social news aggregation, content rating, and discussion website, which was spun off from magazine conglomerate Conde Nast in 2011, owns the popular WallStreetBets and other forums that have sparked a retail stock speculation frenzy in recent years, involving equity names such as GameStop.
In December 2021, Reddit had confidentially filed for an initial public offering (IOP) with US securities regulators.
Contact Sean at sean@proactiveinvestors.com