Social news aggregation and content rating company, Reddit, is undergoing restructuring efforts that include laying off 5% of its workforce and slowing down hiring, according to a report by the Wall Street Journal on Tuesday. CEO Steve Huffman sent an email to employees outlining these changes.
The company’s decision is aimed at addressing key priorities, such as funding projects and working towards achieving profitability by next year. Huffman expressed confidence that the restructuring would help sustain the positive momentum achieved in the first half of the year.
As part of the restructuring, Reddit plans to reduce its hiring plans for the remainder of the year. Initially, the company had intended to hire 300 new employees, but now it will limit its hiring to approximately 100 individuals.
Established in 2005, Reddit is renowned for its diverse message boards known as subreddits, covering a wide range of topics. Additionally, the platform is famous for its “ask me anything” sessions, where celebrities, politicians, and subject-matter experts engage with the Reddit community.
By implementing these changes, Reddit aims to optimize its operations and ensure sustained growth and profitability in the future.
