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this post was submitted on 01 Jul 2023
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Mildly Infuriating
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I find it especially bizarre that spez took inspiration and guidance from Musk. I can entertain the possibility of Musk intentionally driving Twitter to the ground (though he sure is taking the scenic route), but Reddit? It just seems like the rich tech bros have collectively lost their minds
Is spez rich?
Yes. While he loves to talk about how little reddit makes, he doesn't mention how much reddit pays him for that.
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.
I really hope the IPO bombs just to spite all the people, including Spez, that drove Reddit into the ground.
The problem is that if the IPO bombs, it's the public investors that will lose money, as fuck u/spez and other shareholders will have dumped their steaming pile of shit shares onto the market from the start to reduce their shareholding and cash in.
It would be the Institucional investors that have the opportunity to buy before the share is open in the market. After that is fair game to anyone stupid enough to buy it.
When people say that, they don't mean they hope it bombs after the IPO...
They mean they hope It bombs before the sale so Huffman and the others with a stake don't make much money
Anyone that buys the stock after the IPO would get a lower price.
Nah I'm pretty sure he got some preferential liquidation a few times and is cash rich.
Thank you for making my point. That’s not salary. That’s equity sold in a secondary.
I meant he's not theoretical rich, he's got actual money in the actual bank. But you're right, his worth doesn't come from salaries as he's paid around 200K according to the internet.
Short Reddit on IPO. Give him a good farewell.
Shorting an IPO. Lol. The float will be tiny until the lockup comes off.
You basically can't for the first few weeks.
Gonna admit my ignorance, I’m not sure exactly what is and using possible with an IPO. I know it can go poorly, and I know stocks can be shorted. I just hope they get no financial success.
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.
Yes, and he would like to graduate into being obscenely rich through a successful IPO.
Compared to musk? No. Not even close tongue same tier. But he's still a 1%er
Already has more money than he should have.
He's valued over $10mil
I really don’t believe at all that he would intentionally drive it to the ground. I can see him claiming that if he manages to actually kill it tho
I'd love a self ddos of Reddit at this point tbh
You can't lose something you never had
I really don’t believe at all that he would intentionally drive it to the ground. I can see him claiming that if he manages to actually kill it tho
They never had their minds. They just now have enough money to make that all of our problems... This is why no one deserves billions of dollars. It makes you go megalomaniacle.
They just don't want LLMs scrapping their websites