• tsz@reddthat.com
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    1 year ago

    Yes. While he loves to talk about how little reddit makes, he doesn’t mention how much reddit pays him for that.

    • JoeHill@lemmy.world
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      1 year ago

      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.

      • atempuser23@lemmy.world
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        1 year ago

        It’s not just spez , there are going to be a LOT of folks in reddit willing to burn it to the ground to create valuation for an IPO. The next Mod blackout need to happen the night before and the day of the IPO.

        • JoeHill@lemmy.world
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          1 year ago

          Thank you for making my point. That’s not salary. That’s equity sold in a secondary.