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this post was submitted on 23 Feb 2024
897 points (96.7% liked)
Mildly Infuriating
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I want my day mildly ruined, not completely ruined. Please remember to refrain from reposting old content. If you post a post from reddit it is good practice to include a link and credit the OP. I'm not about stealing content!
It's just good to get something in this website for casual viewing whilst refreshing original content is added overtime.
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They lost 93 million on 2023, and paid the CEO more than double that.
Nope - can't think of a single thing they could do to make reddit profitable.
Well kinda but not really, he owns around 4% of Reddit which is where the $193m comes from because of the $5b valuation.
Still, fuck spez
They paid him just shy of 400k. The stock and options he was given have nothing to do with reported losses. It's all monopoly money until IPO, them we'll see what it's worth.
Paying yourself 190 million in stock options when the company is running at a loss is pretty much blatantly admitting that the company is severely overvalued. My guess is that it will tank 90% once it goes public. If not more, Reddit produces nothing inherent of value and they are really hostile to their users.