NEW YORK, Feb 7 (Reuters Breakingviews) - Social media platform Reddit, which helps its users “dive into anything,” may finally plunge into the public markets. The 19-year-old company made over $800 million in sales last year, at least 20% more than in 2022, according to Bloomberg. But a dearth of profit this late into its existence portends the lack of a real business model, suggesting it’s still not ready for public company life.
https://www.reuters.com/breakingviews/investors-will-say-ok-boomer-aging-reddit-2024-02-07/
Original link: https://www.reuters.com/breakingviews/investors-will-say-ok-boomer-aging-reddit-2024-02-07/
A cool thing I learned from their public filing is that Spez makes 192M in total compensation, and the company has been running around 150M deficit.
That’s the makings of a very profitable investment, you know 🙄
My math skills aren’t what they used to be, but I see a short-term solution to their profit issues.
Isn’t his comp mostly in stock? So if they cut his salary it wouldn’t really affect the profit margin so much as the valuation of his salary
what do you even fucking do with more than 40m/yr
As Wolf of Wall Street explains, at some level it isn’t even “money” anymore, it’s rather numbers like in a game - the goal being to “win”, e.g. Huffman competing against Musk.
No matter how many salaries of irl people are being affected by their childish tantrums:-(.
Yeah but also, he’d rather make 400M in total compensation, so like… if you could just see your way clear to helping out that poor, poor, POOR man, that would be great! :-P
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I really wonder if they stayed community friendly… Would enough actual redditors be interested in owning a piece of the site they enjoyed spending time on?
I think I would’ve liked to own reddit stock when I was on it 20-50 hours a week. Now I just root for spez to fail.
I am not sure if I ever want to own stock but… yeah I get what you mean. It was “ours”, at one point. Then he made it clear that it is “his”. Okay, lol, have fun with that. Spez, the canonical power-tripping Reddit mod.
I wonder what else he ruined too - like are people never going to wear Fedoras again, as a result? (although it was kinda on the way out regardless I suppose)
And btw, I am having fun - I must admit that I enjoy the Fediverse far more than I ever did Reddit. Lemmy is now to me what I imagine Reddit used to be, in its early days. I don’t mean to be mean but… the people here are actually worth talking to.
That’s partly because a much higher share of people here are actually people and not just various shades of bots.
^ THIS - whoops, old habits die hard.
/s btw, b/c I’ve mostly only ever done that ironically (iirc)
Okay, so you may not even think that’s funny, but at least if you get mad, there’s a chance that I would LISTEN and we could have a REAL discussion about that! I’ve changed people’s minds here and vice versa, and yeah been brought down a peg or two, b/c as you said these are actually people.
Tbf Reddit has some irl people too, mixed in there, but they are… of a different kind. Some are indistinguishable from bots, while others may as well be.
I don’t want to be social media-ist - if it was merely “another place” then that’s entirely their call, to live however they want, but dayum, it really is different over there, especially after all the best people left, though it was becoming more that way all the time even before that.
Great interaction, fellow human! Here’s a link to my onlyfans!
Oh noes (uwu), you forgot to include the link!
Same
I mean, I might buy a piece. The IPO is going to be a wild ride, win, lose, or draw.
It’s such an obvious thing to short that… Maybe we should take a long position 🤔
Yeah, sure. Just like the reddit boycotts will do something, just like they’d never mess with the users and that the boycotting communities will stay closed in protest.
The reality of it is - it will go up. And it will trend up till it dies like Facebook - in irrellevancy among a different generation. So short it, wait for the long run, and lose everything you have in the process. It’ll be funny.
Well yeah, the joy of owning a part of a business that is important to you is part of the reason i support worker co-ops.
Back when i liked Reddit i would have LOVED to own a tiny share of it, it would have given a new meaning to being a moderator. But now in 2024 the DSP program left me feeling dejected.
Wouldn’t mind owning shares in Mastodon though.
Steve Huffman’s firm lost some $69 million last year
Nice
But somehow he still managed to pay himself $193 million - it boggles the mind, does it not, how he can pay himself >3x the amount that he LOST!?
