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Reddit invites mods to “feedback” conversations with the admins
(www.theverge.com)
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this post was submitted on 19 Jul 2023
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Fire Steve Huffman and install a CEO who is capable of even pretending to care about balancing the needs of users and (potential) shareholders. It’s too late to ask for feedback.
Nobody with the power to fire spez has a problem with what he's doing. This is likely driven by VCs and other investors wanting their money now that the Fed has turned off the cash hose.
Their valuation has dropped by at least 20% this year based on what’s been reported.
They care.
Not if the stock price for IPO can be pumped enough for the investors to dump for a profit. The problem is they don't realize Steve is too dumb to do that for them. They need a Bernie Madoff with grifter skills and no morals, they've got a spez with a chew toy and no sense instead.
The “they” you are talking about are the ones who say it is worth 20% less. article
I think “they” know
From the article you linked:
This was from before the whole shit fiesta actually happened.
Further in the article
That asset manager was also from Fidelity, who are the investors who keep writing off Reddit value.
Yes, we will not see affects from that until their next reporting quarter. But they haven’t just devalued by 7% overall. It’s quarterly reporting. Stay tuned to q3 to see if they think Reddit really screwed up.
Yes, and? That doesn't change the fact the article talks about numbers that came from before any of the protests happened.
Fidelity's devaluation (along with the increased overall desperation in SV venture capital) is a cause of the API changes and heavy handed suppression of the protests, not a result of them. It's an attempt to halt/reverse that slide by asserting control and taking concrete measures to better extract value from Reddit.
Perhaps I wasn't clear - they care, but think he's doing what's necessary to drive value for investors by eliminating places where revenue or potential is being lost - 3d party apps that don't show Reddit ads/collect user data and the new found value of posts and messages as training data for LLMs.
You're replaceable to them, and frankly the fact that you care makes you less valuable than a random person who'll just click on memes and post answers to questions. The communities that they can effective extract value from are more trouble than they're worth. You and your ilk are the problem, not spez.
And they think he’s doing it so well that the company is less valuable. Got it
First of all, most of the devaluation happened before any of this went down. Second, stopping the chaos on the platform plays well with investors.
A) Spez was still CEO then, and it’s not like the API chaos is the only chaos that happened on Reddit recently.
B) It got marked down further in late June
I don’t really understand how you got to your position, but it isn’t fact based.
From the very article you linked:
The numbers are from May of this year, not since June.
Read your sources.