An American social news aggregation, and content rating platform, Reddit has announced plans to cut about 90 members of its employees constituting about 5% of its workforce.
Reddit CEO Steve Huffman disclosed the development in an email to staffers seen by the Kayefi team on Wednesday.
The content rating, and discussion platform joined Meta Platforms, Twitter and other tech companies to cut workforce across its business and operations.
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, Reddit, which was split out from magazine behemoth Conde Nast in 2011, recently saw a rise in popularity.
“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 wrote.
Huffman stated that the company would also scale back its hiring for the remainder of the year from an initial plan of 300 personnel to perhaps 100.