SAN FRANCISCO (CBS SF) — The community sharing news site Reddit has issued an ultimatum to its employees — live in San Francisco, or lose your job.
According to Venture Beat, Reddit’s executive team announced the news just one day after the San Francisco company closed a major $50 million investment from a handful of influential tech industry entrepreneurs.
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Company CEO Yishan Wong took to Twitter to confirm the new employee policy, which he said was unrelated to the new investment. “Intention is to get whole team under one roof for optimal teamwork. Our goal is to retain 100 percent of the team,” he said.
The company is offering a relocation package for employees who decide to make the move before the end of the year. Those who choose against it will get a severance package.