Reddit announces workforce reduction of 5%



Reddit, the popular online platform, has revealed its plan to reduce its workforce by approximately 5%, resulting in the termination of approximately 90 employees. 

This move aligns Reddit with other technology companies in corporate America that have been downsizing their staff.

In recent times, various tech companies, including Meta Platforms (formerly known as Facebook), have been implementing job cuts in anticipation of a potential economic downturn following a period of extensive hiring during the pandemic.

Meta recently underwent a series of layoffs across multiple departments, leading to the elimination of 10,000 positions. 

The downsizing initiative was initially announced in March and concluded with the most recent round of job cuts last month.

Since its spin-off from Conde Nast in 2011, Reddit has experienced a surge in popularity, especially with the rise of forums like Wall Street Bets, which attracted retail investors interested in speculative stock trading.

According to a Wall Street Journal report on an email sent by Chief Executive Steve Huffman to employees, Reddit will also scale back its hiring plans for the remainder of the year. 

The company originally aimed to recruit 300 new employees but will now reduce that number to around 100.

In late 2021, Reddit confidentially filed for an initial public offering (IPO) with the U.S. securities regulator. 

Comments

Post a Comment

Popular posts from this blog

72 million year old duck-Billed Dinosaur found in Chile

Image
Chile: Researchers have uncovered new fossil remains of a dinosaur belonging to the duck-billed species in Chile.  The dinosaur, named Gonokokken nanoi, roamed the South American region approximately 72 million years ago. The plant-eating dinosaur weighed nearly a ton and is estimated to have reached a length of 4 meters (13 feet).  The findings, published in the journal Science Advances, are the result of a decades-long investigation into the remains of this herbivorous creature. The name "Gonkoken" is a combination of two words from the language of the indigenous Aonikenk people, who inhabited Patagonia until the late 19th century.  "Gon" translates to "similar" or "similar to," while "koken" means "wild duck" or "swan."  The term "nanoi" honors Mario 'nano' Ulloa, a former rancher who provided crucial support to the research team during their initial discoveries. The excavation, led by the Chilea...
Read more

UK parliamentary committee holds Boris Johnson responsible for COVID rule violations

Image
London: Former UK Prime Minister Boris Johnson has been found responsible for deliberately misleading fellow legislators regarding parties held during the pandemic lockdown, as stated in a report published by a UK parliamentary committee on Thursday. Although Johnson resigned before the report's release, the committee stated that it would have suspended him for 90 days for repeated parliamentary contempt. The Privileges Committee, in its report, emphasized the gravity of the contempt committed by the Prime Minister, as there is no previous instance of a Prime Minister being found to have deliberately misled the House. Johnson, upon submitting his resignation, claimed that he was compelled to leave before the report's publication.  The report, led by Labour MP Harriet Harman, found that the former PM had "committed a serious contempt" by violating COVID-19 guidelines and organizing illegal gatherings at Downing Street. However, Johnson maintained that the rules had be...
Read more

Scientists use cosmic rays to create underground GPS

Image
Scientists have made a groundbreaking discovery, revealing the potential for an underground navigation system using cosmic rays.  The research, published in the journal iScience, highlights that showers of particles, formed when cosmic rays collide with Earth's atmosphere, could enable effective underground positioning. The subatomic particles, known as muons, which originate from distant space objects like supernovas or particle collisions with the sun, can penetrate the ground and are deemed harmless.  By harnessing these muons, scientists have developed a novel positioning system called the muometric positioning system (muPS), which works underground, indoors, and even underwater. Muon-based navigation holds great potential for various applications where GPS is ineffective, such as mining and deep-sea exploration.  The concept draws inspiration from the use of similar particles in ancient Egyptian pyramids for navigation purposes. The muPS system employs four muon-dete...
Read more