Remember when Spez said it was "It's time we grow up and behave like an adult company"? Apparently, that means paying himself $193 million and single-handedly tanking Reddit's profitability right b...
Remember when Spez said it was "It's time we grow up and behave like an adult company"? Apparently, that means paying himself $193 million and single-handedly tanking Reddit's profitability right b...
Remember when Spez said it was "It's time we grow up and behave like an adult company"? Apparently, that means paying himself $193 million and single-handedly tanking Reddit's profitability right b...::undefined
The truth is he's a jealous little turd of a person. The other reddit founders, the ones with brains and skills, got out early and got paid. Even the dead one was more successful. He wants to drain reddit of money while tanking it. He thinks he's entitled. It's a real shame he reproduced too, the poor kid is doomed with a godawful role model like that.
When I saw this news yesterday, it made me realize I hadn't used Reddit almost at all since the purge last summer. I ran the PowerDelete tool last night to nuke my profile and then deleted my account this morning. 10 years of posts and comments gone but ill be damned if im going to let those posts stay and train AI to make this douche canoe any more money.
So, with all these negative opinions of reddit and spez, I'm both curious what the business world generally thinks of him, and their plan for the business.
Ultimately, the interesting thing will be if investors will give any money when they IPO.
I personally wouldn't, but because I don't like the leaders. Some people don't care, they just want returns where ever they come.
I'm a bit of a hater for this company, and hope their IPO is a flop. We'll see.
Adult companies enshittify.
He meant that Reddit should start behaving more like an 'adult entertainment' company, so basically everyone that provides content for it is getting fucked.
How much of that compensation is in stock? It's pretty common for executives to be largely compensated in stock, particularly right before an IPO.
I only point this out because the math isn't necessarily as simple as revenue minus executive compensation. Issuing stock isn't a cash transaction for reddit.
There is just no reason why Reddit's CEO was making almost 200 million dollars other than short-sighted greed. They weren't even paying him stock options: just straight cash out of the coffers.
title-and-post-gore!
I see he went to the Adam Neuman school of business...
This is the best summary I could come up with:
Reddit is used by some 57 million people every day to discuss all sorts of things, like news developments; share memes and favorite recipes; swap stock market tips; and chronicle public photos of bread stapled to trees.
Four of the most popular mobile Reddit apps, including Apollo, have announced they will be going out of business because of the new costly fees for accessing what is called the application programming interface (API), which allows different pieces of software to communicate with each other.
Some subreddits, still upset that Huffman has not rolled back any of the announced changes or lowered the cost for accessing Reddit data, have extended the blackout beyond the initial 48-hour period.
In their last update, organizers of the boycott wrote that "our core concerns still aren't satisfied," adding that "Reddit has been silent since it began, and internal memos indicate that they think they can wait us out."
In 2021, Reddit filed paperwork for an eventual initial public offering but shelved those plans when technology stocks plummeted shortly afterward.
It, along with peer social media platforms Facebook, Instagram, Snap, YouTube and others, has been dealing with a slowdown in digital ad spending, which has pressured the companies to find new ways to generate revenue.
The original article contains 1,022 words, the summary contains 208 words. Saved 80%. I'm a bot and I'm open source!
Ha ha ha, what a curve ball!
Probably very unpopular thoughts but...
A) How many of us wouldn't angle for an almost 200 million dollar payout? Seriously? All of us are too good for that?
B) Social media like reddit is basically free for users and costs way more than most of us could afford to run. We probably need to figure out some middle ground where people expect to pay a few pennies for something they use for hours a day. Unfortunately, advertising etc has conditioned/conned people into thinking everything should be "free" and with ads.