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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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Insane, why would you ever create value for a platform with as little respect for it's userbase. What an entitled piece of shit.
CEO salaries:
Mind you these are companies making billions a year in profits, while reddit reported a loss of 91 million in 2023 and is reportedly "not profitable yet". These stats make me sick
Imagine being one of 90 people being laid off that year, each could've been paid 1 million a year and it wouldn't even make a dent.
So Reddit made a respectable profit in 2023 of 102 million, but Spez felt he was worth twice the entire margin and 2-4 times what even established tech CEOs typically make. If he was happy with the paltry CEO pay that poor companies like Microsoft offer /s, Reddit would have posted ~ 50 mil in profit?
Listen, I'm not a financial expert, but how is that not some form of fraud?? My company posted a MUCH smaller loss (in one region!) than that and we had auditors crawling through our assholes looking for the why. Every transaction was looked at, every expense had to be justified, people lost their jobs, one is under federal investigation!!, and key leadership got busted back down to frycook - and rightfully so.
You're telling me the board (or ownership??) hired someone at arguably quadruple market rates and double their expected yearly margin to make them profitable and then posted basically a 9 figure loss that could be entirely contained in that one transaction....and that somehow isn't some sort of Trump-NY-Esque business valuation defrauding of their existing investors/tax fraud?
"Oops we made zero money for you guys last year because we actually made sure to pay all of it and more to this one guy, more money pls" right before an IPO?