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Reddit Files to Go Public, Reveals That It Paid CEO $193 Million Last Year
(www.thedailybeast.com)
this post was submitted on 23 Feb 2024
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Reddit gave more than 1/3rd of its revenue to 2 people, plus options. Holy fuck.
Apple doesn’t even pay it executives close to what Reddit is dishing out, even if you consider the stock they get.
Do NOT invest in this company. Now that we can see the books, it’s clear how poorly things are actually run.
What they do on several Reddit subs is market manipulation. I really wonder what keeps FED/FTC away from seeing this fact. They are allowing a service serving to market manipulation by criminals to have a IPO. So let's say your post to wall Street bets is clearly illegal but it serves to Reddit. Will they hurry removing it or even removing the sub? The crypto gangs there are even worse, don't mess with them. These guys are very well connected in real life, you know guns etc.
Tim Cook of apple got paid $92 million in 2022 - a massive degree of overcompensation in my opinion, and an amount he got sued for.
If he got paid at a comparable percentage of revenue to spez last year that would have been (amusingly) a 92 Billion dollar paycheck - 1000x as much.
Regardless of how much I dislike the guy personally investors should be running away screaming from this IPO.
Another example of why we raise the tax rate for the top tier of earners.
Or cap executive pay at a multiple of worker pay. Making 100x the average lifetime earnings in the US in one year is sickening!
This feels less possible than just making the taxes what they used to be pre Reagan
Looking it up, almost all of it is from stocks. Not sure how it works exactly, is that new stock he got or was it from his existing stock?
The way that article is written is a little vague, but it sounds like that is how much cash and stock he received just last year - independent of any gain he received from the value of his existing stock going up.
If the company is going public it doesn't really matter, they can just sell the stock.
Employees usually can't just sell their stock whenever they want, especially at the C level. They have scheduled sales because they always have material knowledge about the company that would lead to insider trading.
Regular employees will have long vesting schedules (often backdated to their start date if they worked there while it was private), and often can't sell in certain blackout periods.
But the fines are usually peanuts compared to the profits, so chances are the pigboy is going to sell.