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this post was submitted on 29 Mar 2024
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Won't somebody think of the poor shareholders.
When I treat myself, it's to a takeaway meal that's like $20. Reddit has "never made a profit"™. Siphoning $16mil out of it on day one is obscene.
In what way do you think they've siphoned $16mm out of Reddit?
Awarded themselves shitloads of stock, then sold a quarter of their shares each as soon as humanly possible. That money is not being invested in the company, it's going straight in these individual's pockets.
I wasn't trying to make a "won't someone think about the shareholders" argument. Thanks for the strawman.
Really the gist of what I was after is "you'd do the same in their position". $12.5 mil is a lot, but we're not talking about $12.5mil/year. Its a one time sale. Someone that earns $100,000/yr just saw 125 years of income materialize in a couple seconds. But if you had the same opportunity, you'd probably do the same. If you would instead donate it to charity, please let us know which charities you'd donate to.
Fair enough, you didn't say you condone it. But your comment does read with much more support than I would offer. And asking me which charities I'd donate to... ha! I don't see why that's relevant. Maybe I would do the same, but I don't already have an $800,000/yr base salary.
More relevant: this windfall would be 250yrs income for me. And on that income I already do donate to charity (albeit probably about 2% of my earnings). If this chump followed my percentage they would be donating 6 whole years worth of my salary on this windfall (plus 1/3 of my salary per year).
The point is "treating yoself" to $12mil after tax is absolutely obscene whatever way you look at it. Not to mention still sitting on 3x more than that.
That's not how stocks work. Share value doesn't go to the company unless the company sells shares of itself that it owns. It also doesn't lose money from share value unless it buys shares. The value of shares goes to the shareholder when sold, and it comes out of the wallet of the buyer.
It's a show of a lack of faith maybe, but it doesn't effect the company at all except for the effect on stock value from selling if the company also decides to liquidate shares too.
Share prices don't only fall if the company liquidated stock. They will also fall from something like a mass sell-off because lower and lower prices will be commanded to sell large volumes of stock.
You know, like the one in the article that talks about the 25% drop in share value.
Yeah, I mentioned selling dropping the price, but the price doesn't effect the company except for the stocks the company itself sells. Having an extremely high or low stock value doesn't matter if the company isn't selling stocks. It's only an indication that the company is doing well or poorly.