Reddit said on Tuesday that it is laying off 5% of its workforce, or 90 employees, following the list of technology corporations shedding employment across corporate America.
After actively hiring during the pandemic, tech companies like Meta Platforms (META.O) are cutting jobs in preparation for an economic downturn.
Meta, Facebook’s owner, cut employment in its business and operations groups last month in the final round of a three-part layoff wave scheduled in March to reduce 10,000 positions.
Reddit split off from the magazine group Conde Nast in 2011, has grown in popularity thanks to WallStreetBets and other forums for retail investors to speculate on equities.
According to the Wall Street Journal, Reddit’s CEO Steve Huffman emailed staff on Tuesday. According to the WSJ, Huffman said the company would hire 100 individuals for the rest of the year instead of 300.
After meme stock traders flocked to Reddit’s message boards, the company discreetly filed for an IPO with the U.S. securities commission in December 2021.