An American social news aggregation, content rating, and discussion website, Reddit is laying off about 5 percent workforce.
According to media reports, The company will sack nearly 90 people due to the global economic slowdown. According to reports, the company’s CEO Steve Huffman has informed the employees through an internal email to employees.
The CEO wrote, “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.”
The company has also reduced the hiring plans to 100 additional employees whereas the initial hiring plan was about the addition of 300 new people.
Reddit is a network of more than 100,000 communities where people can dive into anything through experiences built around their interests, hobbies, and passions. Reddit users submit, vote and comment on content, stories, and discussions about the topics they care about the most.
Apparently, Tech major companies are laying off employees exponentially due to economic uncertainties. The move of layoffs is part of a larger trend of tech companies cutting jobs and slowing hiring as investors become increasingly fearful of a recession. Tech companies have either frozen the hiring process or laid off many employees.
Amazon sacked 27,000 employees in the last three months. The major companies that laid off employees include Infosys, Amazon, Google, Byju’s, Wipro, and Salesforce laid off a maximum number of workers globally.
Recently, the consulting giant Accenture shocked the industry by announcing plans to trim its workforce by 19,000 globally including India over the next 18 months.
According to Trueup, So far in 2023, there have been 1,051 layoffs at tech companies with 308,859 people impacted (1,955 people per day). In 2022, there were 1,557 layoffs at tech companies and 243,318 people impacted (667 people per day).
