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Reddit: 'We Are in the Early Stages of Monetizing Our User Base'
(www.404media.co)
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this post was submitted on 23 Feb 2024
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You know how spez was bitching about how reddit never made a profit? Yeah, now we know why. You know what his compensation was last year? $193,000,000. Fuck that arrogant prick.
But the mods are landed gentry. The gall
Excuse me, WHAT THE FUCK? 193 MIL?
Yeah, and they gave the COO like another 93 million. Yet somehow we're the "landed gentry".
https://www.thedailybeast.com/reddit-files-to-go-public-reveals-that-it-paid-ceo-dollar193-million-last-year
Not even 200. 😢
Not to take Reddit's / spez side, but to clarify, that's not actually what he got in cash - what he got in cash on 2023 was something around 600k.
Those 193mil was in stock. Which kind of explains his drive to monetize users and kick out third-party apps: that piece of paper is only worth that much as long as he can keep the stock value afloat.
I just wish these platforms wouldn’t attract people like that. I get he is after a life changing amount of money no doubt, but 600k is a comfortable living by any metric.
Thank goodness for this decentralized stuff now. Communities are important, especially for the marginalized in society. There is a potential good in social technology without jerks with ad budgets and AI delusions of grandeur
He was a Founder who left and came back. In all fairness, he was never attracted to it so much as he was instrumental in creating it.
The type of person he is is the type of person who created the platform to begin with...
Another example might be Jack Dorsey, who claimed that Elon Musk could be the only one to save Twitter.
These asshats are all alike. To get to the point where you can afford fleets of servers to create a service like this to begin with, you already were exploiting people and greasing palms. Other than Aaron Swartz, you should be pretty fucking skeptical of anyone who has been involved with Y Combinator.
Can't buy very many yachts on that salary. /s
I can't understand how investors would fall for this. For the sake of humanity and my own mental health I hope they don't. But I have a suspicion they will, and it goes to shows how fucked up the world is.
It's why they released news of the actual IPO on the same day they released the news of Google buying our data: they want to tie reddit and Google together in the public's mine, make reddit seem better than it is.
It would be HILARIOUS if Google declared Reddit shady AF and bailed on the contract
Google gave up their "do no evil" philosophy a long time ago, unfortunately.
Around the time they re-corporatized into Alphabet. Probably a little while before that, so at least a solid decade since that's been completely out the window.
Also, it only ever referred to putting ads before search results... which is how it is now. They clearly dropped any principles they had a long time ago. It's honestly a little shocking more isn't written about how Google was one of the earliest to begin its enshittification process, probably with the death of Google Reader, which was the death knell for RSS feeds and the Old Internet.
They restructured as Alphabet in 2015, and Reader was shut down in 2013. Google was founded in 1998. So that means it took about 15 years all told for Google to completely shed any ethics or morals they had about being a better company. That's how quickly selling out your principles happens now.
Speaking of which, let's bring back Selling Out.
In case anyone wants to read up more about this.
I sure as hell hope that my deleted posts aren't part of that data.
Investors seem to be some of the most powerful and yet fucking stupidest people alive.
That's why they're trying to sell sick to their own tedditors first. If theyre gullible enough to stick around they're gullible enough to invest.