Sure, spez, tell us again how reddit’s just never managed to make a profit …

  • ReallyActuallyFrankenstein@lemmynsfw.com
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    9 months ago

    $286 million.

    Public filings also showed that Huffman and Reddit’s chief operating officer, Jennifer Wong, were paid $286 million in 2023, including stock and option awards (the value accrues over several years, and the current cash value is substantially lower).

    Cry some more about how your users are behaving like “landed gentry” while you hook up the milking machines to them. Christ what an asshole.

    • athos77@kbin.socialOP
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      9 months ago

      spez got 193 million, Wong got the rest. He now says that they’re “in the process of monetizing their users”. Fuck spez.

    • 50gp@kbin.social
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      9 months ago

      get rid of these types of leeches and you would have a profitable business

  • kernelle@0d.gs
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    9 months ago

    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.

  • Nobody@lemmy.world
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    9 months ago

    Reddit threw together a short deal with Google on pimping out all its users’ data for crumbs a year, and now they’re rolling the dice on the IPO.

    The saddest part is that they’ll win and make bank, because at that level failure is rewarded. Make every mistake you can possibly make and still get your golden parachute. Everything would have been better without you, but you get to reap the rewards as a robber baron.

    Fuck you, Spez, moderator of r/jailbait

  • muelltonne@feddit.de
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    9 months ago

    That really is interesting - all this talk about “Reddit is not profitable, we need to monetize in order to continue business, we need to layoff people” and now we’re learning that it is just some greedy assholes stuffing their own pockets

  • Sarmyth@lemmy.world
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    9 months ago

    Guys… in the SEC article, it breaks it down. He was paid a little under $400k

    The rest is all in stock and options grants. It’s not real money yet. It’s not money that could have been spent on things or profits that could have been realized.

    If the stock tanks like Lemmy users believe it will, it’ll be considerably lower compensation. This is typical for a CEO and not scumbaggy on its own. You typically want the CEOs compensation to be heavily impacted by company performance. This is how that’s achieved.

    • Carighan Maconar@lemmy.world
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      9 months ago

      Yeah of course, although it should be noted that 400k still puts you in the very upper echolons of income, into what most people would square consider “rich” territory.

      • Sarmyth@lemmy.world
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        9 months ago

        Oh yeah, he’s compensated well, no doubt, but his pay isn’t what keeps the company from being profitable is all I’m saying.