Reddit to fire 5% of their workforce

Reddit, the popular news discussion and social media platform, is planning to fire 5% of their total workforce, according to a company letter sent by Reddit CEO and co-founder, Steve Huffman.

As per a report by The Wall Street Journal, this will amount to about 90 employees fired from the company, and is a part of Reddit's recent plans to restructure their workforce.

The report adds that Huffman also plans on reducing the hiring of new employees to about 100 people for the rest of the year, whereas initially, the company had planned 300 new employees.

In April this year, Reddit announced their plans to charge AI developers for API access to the website, which is necessary to train large-language models (LLMs) of AI chatbots like ChatGPT.

With over 430 million monthly users and over 130,000 sub-forums on active discussion of a range of topics, Reddit consistently ranks among one of the most visited websites in the world.