Reddit is laying off 90 workers and slowing hiring. The plan was announced as subreddits prepared to protest the social media company’s new charges for third-party app access.
that for a well-run third-party app, the new access should cost about 75 cents a month per user.
Founded in 2005 by Huffman, Alexis Ohanian and Aaron Swartz, Reddit moved to San Francisco a year later when the startup was purchased by Condé Nast and its parent firm Advance Publications. The publisher spun out the social media site in 2011. Still with just 20 employees, Reddit got then-President Barack Obama for an “Ask Me Anything” session and was pulling in 3 billion page views a month.
Reddit raised hundreds of millions of dollars in 2021 to push its fundraising total past $1 billion, then filed paperwork for an initial public offering at the start of 2022. The pandemic saw droves of the public stock sales, but the market has cooled since, and Reddit’s IPO process has stalled, leaving the company in private hands. The firm last raised money at a $10 billionAs the company has grown in size and cultural impact, Reddit’s headquarters has bounced around San Francisco.
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