Reddit to lay off about 5% of workforce
Reddit to lay off about 5% of workforce
Reddit is laying off 5% of its workforce and slowing hiring as part of company's restructuring efforts, the report said
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Aaand yet another good reason to switch over to the fediverse / lemmy. Is reddit on a greed run or something?
IPO, API for 3rdparty-apps costs millions of $ a year, now laying off 5% of their workforce?
They really do want to tell twitter to "hold my beer", or what's the plan here? Driving away those users who generate acceptable content leaving only right wing, incel and redpill - as seen on twitter?
Do they even realize that without user-generated (!) content and readers interested in said content and the community behind it, reddit will be worth jack? Can't replace those with AI, can you? I just don't get it.
My guess is the venture capitalists are done funding Reddit, and the owners are looking to quickly IPO, cash out, and skedaddle before the company collapses. Then some right-wing political organization with deep pockets will take over what's left of Reddit and use it as a mouthpiece.
And/or, private equity is revving up the bulldozers to strip mine each and every last bit of value out of it before they let it collapse.