Reddit layoffs reported as tech sector shrinkage continues By Proactive Investors

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Reddit layoffs reported as tech sector shrinkage continues

Proactive Investors – Reddit has reportedly joined the technology layoff spree, with roughly 5% of the San Francisco company’s workforce set to be shown the door.

So far this year, 749 tech companies around the world have axed over 202,300 employees, according to the layoffs.fyi website.

Reddit, a chatroom-style platform, had been in expansion mode in recent months, with several director and management appointments published.

“It’s no secret we’ve been busy this year building for our ambitious future,” the company said in an April post about the hiring of a new executive vice president of business marketing and growth, following the appointment of chief revenue officer and other senior roles earlier in the year.

Reddit has gained attention in the world of finance after retail investors on the WallStreetBets forum grouped together to bet their savings in support of a fight against what they saw as hedge fund attacks on companies such as GameStop (NYSE:).

The layoffs were first reported by the Wall Street Journal overnight, citing an email sent to employees from chief executive Steve Huffman.

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