This is a most excellent place for technology news and articles.
A friendly reminder that corporate corruption is still corruption, and a C-person is not an owner.
Can they get their money back?
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.
I mean, Fuck Spez and Reddit and all but the article is clickbait, he was paid about $370k salary plus a bonus and the vast majority was shares.
Dont invest in reddit, heck I'd even say bet against them, short them, They are just seeking a buyout from one of the big tech firms and want it out of their hands.
How is that clickbait? Calling income "a bonus" doesn't mean it isn't money being paid out by the company. When my company gives me shares, it's still income that I pay taxes on because it's something with a tangible value that can be easily converted into cash.
CEO salary being a small fraction of their total compensation is extremely common because wages are taxed higher than everything else. They structure it like this to avoid taxes. Bill Gates and Mark Zuckerberg were/are paid $1 per year base salary and they're two of the wealthiest people on the planet.
Sure, but the stock is illiquid until after the IPO, and its current value is only based on the value estimate given for the purpose of the IPO.
He will still make bank unfortunately, but its not unusual for new IPOs to give stock options to CEOs with ridiculous values that don't really mean anything until the stock is publicly trading and a true value is established by the market.
The fact that this is a common occurrence in our capitalist society in no way invalidates the fact that it's complete and utter horseshit.
Agreed 100%
$193 million to shit on his users and the people who made Reddit what it is.
I do it for far, far less.
The chance to fuck with all redditors at once? Priceless
I mean... There's not a lot of people who wouldn't take $193 million for that.
Unable to delete so editing instead. Leaving Lemmy.world due to privacy concerns.
Shit I'd take home 9.3 million to do that.
And then move out of town and change my name because have you seen how nuts some redditors are?
So… the asshole who used reddits “unprofitability” as a fig leaf for hamstringing their user base with a garbage API policy just so happens to be the same guy that got paid 25% of the entire company revenue for the last year?
What a Fucking chode.
Standard, capitalist, non-unionized corporation. The exec layer and the major shareholders decide what to do with the revenue. Unsurprisingly they often decide to take as much as possible. Customers, users, employees have no leverage in the matter. Works as intended. 👌
Enshitification.
Spez is a goddamn pissbaby
Who's bullshit earned him more money then either of us, put together, could ever hope to make in our entire lives.
In. One. Year.
Ypu only reach wealth by standing on others.
I'm in a comfortable position in my life right now, so I'm fortunate. That said I don't know if I would sell myself out for that money. The money would be no good after I off'd myself from the guilt of being such a piece of shit. I'd probably be awesome for a while, but I'd either turn into the unempathetic monsters I hate, or it would catch up to me. Not worth it.
Really I'd probably take it... I'm human.
I'm afraid of the fact I may, but most likely not. What would I do with it? My problems with the few main things in life are not about money. Even in the moment of such a hard decision I'd likely just not take it out of fear for what'll happen with my head.
No fucking wonder they aren't profitable lol
“We need to shut down APIs because they’re exploiting us for free money!”
entire site is moderated by unpaid, unrecognized “employees”
*Content generators for AI training data sets.
It's always so sad watching companies complain about not making enough money while execs are paid ludicrous amounts of money.
