News

Reddit is Laying Off About 5% of Its Total Workforce

According to Reddit CEO Steve Huffman, the company would not only lay off over 90 employees, but will also limit its hiring for the next year

Social platform Reddit has just announced that it will be laying off over 5% of its total workforce of over 700 employees, making the company join the list of technology companies that laid off its workforce after the COVID-19 pandemic ended.

The list includes some of the world’s most renowned names including Meta, Amazon, Twitter or even Google, all of which have collectively laid off thousands of employees post pandemic as tech dependency went down and the whole industry collectively took a fall.

E-commerce giant Amazon topped the list with over 37100 layoffs and Meta followed soon after with more than 27000 layoffs, both of which stated that the layoffs were a part of an organizational restructure that will help the companies better face the challenges ahead of an economic downturn.

Reddit, which despite its popularity is run by a smaller team, is firing about 90 employees during this round of layoffs. These numbers, however small, are an indication of the ‘copy cat’ behavior prevalent in the tech industry.

Identified by Stanford Business Professor ‘Jeffrey Pfeffer’, the tech industry layoffs are a ‘social contagion’, where companies are laying off their workers because everyone else is doing it, indicating a ‘copy cat’ behavior.

“These companies are all making money, they are doing it because other companies are doing it,” said the Stanford Professor.

According to Reddit CEO Steve Huffman, the company would not only lay off over 90 employees, but will also limit its hiring for the next year, bringing it down to 100 from an initial plan of hiring about 300 employees.

Reddit has also been facing some heat from its API pricing increase that has caused many communities on the platform to plan a ‘going dark’ protest, where they will leave the platform until the company decides to revoke its API pricing.

 

Read more:

The Kingdom Of Bhutan Is Silently Mining Bitcoin With Hydropower,Since BTC Price Was $500

Sponsored
Abdullah Shahid

Share
Published by
Abdullah Shahid

Recent Posts

VPN Ban Could Cost Pakistan’s IT Industry $1 Billion, Warns P@SHA

The Pakistan Software Houses Association (P@SHA) has raised alarms about the severe impact of the…

8 hours ago

WhatsApp Trials Group Chat Mentions in the Latest Status Update Feature

WhatsApp is rolling out a new feature in its latest Android beta version, allowing users…

9 hours ago

PTA Chairman Confirms No Orders for Mobile Service Shutdown

ISLAMABAD: Chairman of the Pakistan Telecommunication Authority (PTA), Major General (retd) Hafeez-ur-Rehman, confirmed that no…

9 hours ago

35,000 Students to Receive Free Laptops Under Punjab Government Scheme

Punjab Chief Minister Maryam Nawaz Sharif has announced the launch of a new initiative aimed…

10 hours ago

Meta Introduces New Features to Messenger: AI Backgrounds, HD Video Calls, and More

Meta has unveiled a set of new features for Facebook Messenger, designed to improve call…

11 hours ago

PTA Seeks Stakeholder Input on VPN Registration

Islamabad (21st November 2024): PTA hosted a stakeholder consultation on VPN registration, with key participants…

12 hours ago