Reddit Files to Go Public, Reveals That It Paid CEO $193 Million Last Year::Nineteen years since its founding, the social media site is finally going public.
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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.
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
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.
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?
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.
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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.
entire site is moderated by unpaid, unrecognized “employees”
Don’t you mean “landed gentry”? /s
Fuck Spez.
I see how well it’s moderated.
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Recover 1/3 of.your revenue with this one neat trick! specs hate it!
$193 million to shit on his users and the people who made Reddit what it is.
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?
I’d do it for 192 thousand.
I do it for far, far less.
The chance to fuck with all redditors at once? Priceless
Remember when pigboy spez tried to say that the API pricing was, at least partially, because reddit still wasn’t turning a profit?
I wonder if paying some fucking moron who brings effectively no value to the company $193 million has anything to do with it…
It was def the
unpaidmoderators, just look how many there are!Doesnt he bring negative value?
Wow - really? Did you not read that he’s the CEO?! They’re the hardest working person in any company! They always deserve to be compensated more than every other freeloading employee combined!
remember Aaron Swartz
Aaron Swartz didn’t kill himself.
(MIT and the FBI did that)
so fucking sad. he got rung up on a bullshit technicality. broke my heart when i read about how his lawyers were begging the prosecution to tone down the bombast rhetoric and shock-and-awe proposed sentences because it was severely affecting his mental health. and yeah
Behind the Bastards did a two part Christmas Hero episode this past December on Aaron Swartz. Thought it was worth a listen for anyone that wants to learn more about him.
Spez is an idiot who sold reddit to Conde Nast for peanuts, failed in very other start up he tried, and then came crawling back. And they somehow made him CEO. And he is overpaying himself by $193 million a year. Reddit deserves whatever happens to them.
I don’t get what as CEO he even actually does. When was the last time Reddit had any major update?
well there was the update that removed the open api, and the update that made half the site require using the app
Don’t forget the update to the privacy policy so they can sell more of your data
Also the one time when spez updated someone’s comment directly in the database.
Pretty sure that was more than one time
And they removed awards replacing them with super upvotes
The CEO just influences PR decisions and says stupid stuff online, they don’t actually do anything for the company
Reddit deserves whatever happens to them.
Unless it’s good.
Like an IPO where they make an absolute shitton?
The board is paying him $193m/year.
A friendly reminder that corporate corruption is still corruption, and a C-person is not an owner.
I’ve never heard C-Person before, will definitely use that hahah
Fuck that shit heap of a company. And fuck spez that greedy little cunt.
I bet the remaining redditors could figure out a way to salt the proverbial earth for the ai, even as the site dies slowly.
Any suggestions? I haven’t deleted my Reddit account yet.
Find ai articles and link them in the appropriate subs. Post pics that have been modified to poison ai training data
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So that rich asshole killed a bunch of developers’ income streams because he checks notes is paid too much. What a greedly little pissboy the former mod of /r/jailbait is.
He stole from us, the hard work of all the actual redditors who built that platform. Disgusting.
We’re in the age of the technofeudalists
Fuck spez the hurensohn always and forever.
Can they get their money back?
fuck /u/spez
I. Love. This.
