Reddit is reportedly cutting 5 percent of its workforce
Reddit is going through a restructuring, and according to an email by company chief Steve Huffman as seen by, one of the moves it's going to make is laying off 90 employees. That's around 5 percent of the company's current workforce with 2,000 employees.
In addition, Reddit is slowing down hiring this year and reducing the intake of new workers to 100 from the 300 personnel it had originally planned. Apparently, the social network wants to focus on achieving its biggest goals, such as breaking even next year. Huffman reportedly wrote in the email that Reddit has"had a solid first half of the year," and that this restructuring will position it"to carry that momentum into the second half and beyond.
This is but one of the moves Reddit is taking in an effort to earn money: Back in April, it also announced that it willfor access to its API. The company made the decision just as the biggest players in tech got into generative AI, which is typically trained using data from the internet accessed via API.
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