Reddit cuts about 5% of employees – Kommersant
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Reddit will lay off 90 employees, roughly 5% of its workforce. This is reported The Wall Street Journalreferring to a letter to employees from CEO Steve Huffman.
“We had a good first half of the year, and the restructuring will allow us to maintain this momentum in the second half of the year and beyond,” Mr. Huffman explained the reason for the cuts. He added that the company has also revised its plans for hiring new employees and instead of 300 people, only about 100 will be hired this year.
Reddit is valued at $10 billion, and at the end of 2021, the company filed an application with the US Securities and Exchange Commission about its readiness to conduct an IPO, but since then, no information has been received from Reddit about the upcoming listing.
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