I just read yesterday that Spez was paid $193M last year. Idk if that's accurate (it seems very high), but if it is, y'all might start looking there for the missing money
this post was submitted on 28 Feb 2024
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The $193 million figure is misleading because the majority of it is stock, so that number isn't cash and is just an estimate of value since there isn't even an open market for the stock. The IPO will show how much it's really worth I guess.
He was paid a little over a mil in actual salary + bonus, which is still too much but not nearly as ridiculous.
That's an enormous stock package. Stock carries real value, and when the stock IPOs he could have considerably more value than the current estimate. Even huge companies with billions in profits don't generally give their CEO such a large compensation package for a single year. The decision to award that to him certainly raises questions about management's competence. Well, it raises additional questions, since I don't think anyone doesn't already have questions about their competence.
I have a feeling Reddit users are much less likely to click an ad than a Facebook, Twitter or Google user.
I believe that is why they have been dumbing down the site and encouraging low effort stuff like memes and tiktok reposts.
Wait. Why is Reddit losing so much money?
Leadership makes bad decisions and is greedy and stupid. This isn't complicated.
I think a quirk of reddit is that conventional finance doesn't account for its value. Reddit in and of itself just operates a barebones site as the article says. While the site itself is ostensibly worthless. It has had incredible amount of value to those using it for commercial and political purpose. Nation state actors too even (cougheglincough). These days what organization isn't using or trying to use reddit. Such things don't appear in financial statements. I think they've been propped up with funding for so long because its a nexus of zeitgeist. There are enough organizations who it is useful to such that it's better to keep reddit alive rather than risk having to establish their dark presence on new competitor platforms. I suspect spez knows he has everyone by the balls too.
Reddit's spending on this spez guy is making them lose money. If they can cut back on that small expense, good chance they'd be more profitable.
They have 2000 employees and that don't do anything
Including one that just got paid 193 million, holy shit!
Most of that includes options that he would have to wait to cash out, which is probably what inspired him to blow things up over the summer.
They spend that much in R&D and can't come up with a better UI than old.reddit
Can't or won't?
The most accurate explanation is probably don't want to.
The golden age was when they had r/PAN and therapy gecko and that guy that stacks blocks, and everyone with half a musical instrument was on to watch.
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