Reddit to lay off about 5% of its workforce

Reddit is laying off about five percent of its workforce, or 90 employees, joining a list of technology companies that have been cutting jobs across corporate America, according to its statement on Tuesday.

Further, Steve Huffman, the CEO announced they are slowing down their hiring efforts this year, decreasing their new hires from 300 to 100, these plans are apparently in line with the company’s ambition to break even this year.

In December 2021, Reddit had confidentially filed for an initial public offering with the U.S. securities regulator after the company’s message boards became the go-to destination for day traders during a meme stock frenzy.