I find it especially bizarre that spez took inspiration and guidance from Musk. I can entertain the possibility of Musk intentionally driving Twitter to the ground (though he sure is taking the scenic route), but Reddit? It just seems like the rich tech bros have collectively lost their minds
He’s rich not because of his salary (what Reddit pays him). He’s rich because of his equity/ownership in Reddit. But he can only monetize that if there are buyers.
For years this wasn’t a problem because private buyers and banks were happy to buy his shares or lend against them as collateral. However that market has been drying up over the past 18 months.
So he desperately needs to get to an IPO so he, and his Board of Directors and other stockholders, can dump their shares on an unsuspecting retail public market that doesn’t realize that the “profitability” was only achieved by destroying the user base, and that what they’ve actually bought is a ticking time bomb.
They never had their minds. They just now have enough money to make that all of our problems… This is why no one deserves billions of dollars. It makes you go megalomaniacle.
I find it especially bizarre that spez took inspiration and guidance from Musk. I can entertain the possibility of Musk intentionally driving Twitter to the ground (though he sure is taking the scenic route), but Reddit? It just seems like the rich tech bros have collectively lost their minds
Is spez rich?
Yes. While he loves to talk about how little reddit makes, he doesn’t mention how much reddit pays him for that.
He’s rich not because of his salary (what Reddit pays him). He’s rich because of his equity/ownership in Reddit. But he can only monetize that if there are buyers.
For years this wasn’t a problem because private buyers and banks were happy to buy his shares or lend against them as collateral. However that market has been drying up over the past 18 months.
So he desperately needs to get to an IPO so he, and his Board of Directors and other stockholders, can dump their shares on an unsuspecting retail public market that doesn’t realize that the “profitability” was only achieved by destroying the user base, and that what they’ve actually bought is a ticking time bomb.
Nah I’m pretty sure he got some preferential liquidation a few times and is cash rich.
Thank you for making my point. That’s not salary. That’s equity sold in a secondary.
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Already has more money than he should have.
Compared to musk? No. Not even close tongue same tier. But he’s still a 1%er
Yes, and he would like to graduate into being obscenely rich through a successful IPO.
He’s valued over $10mil
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I really don’t believe at all that he would intentionally drive it to the ground. I can see him claiming that if he manages to actually kill it tho
They never had their minds. They just now have enough money to make that all of our problems… This is why no one deserves billions of dollars. It makes you go megalomaniacle.
You can’t lose something you never had
They just don’t want LLMs scrapping their websites