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What from reddit do you hope to never see on lemmy?
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this post was submitted on 05 Jul 2023
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Yeah, the smaller communities on Reddit were still really nice, which is why I wasn't initially eager to leave. It's unfortunate that it had to turn so shitty, but I honestly knew it was coming as soon as they announced that they were going public. The stock market and shareholders are really bad at building things with longevity, so when a corporation goes public it usually starts making bad but short-term profitable decisions until it goes under.
Yeah I just don't see a value Reddit can have for shareholders, other than selling ads (even more). If it was insanely profitable, the owners would be reaping profits already.
More companies should stay private, look at Steam for example, they're doing things at their own pace and developing things that aren't instantly profitable because they're not concerned with shareholders opinions.
Indeed. I'm not a super big fan of Capitalism in general, but often times private company owners are at least sensible. Shareholders on the public market have a collective mentality of "MORE MONEY!!!" and some company models just aren't compatible with that, especially social media companies which are barely profitable to begin with.