Nineteen years since its founding, the social media site is finally going public.

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.

  • ikapoz@sh.itjust.worksEnglish
    391·
    10 months ago

    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.

  • Ghostalmedia@lemmy.worldEnglish
    312·
    10 months ago

    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.

    • ikapoz@sh.itjust.worksEnglish
      38·
      10 months ago

      Tim Cook of apple got paid $92 million in 2022 - a massive degree of overcompensation in my opinion, and an amount he got sued for.

      If he got paid at a comparable percentage of revenue to spez last year that would have been (amusingly) a 92 Billion dollar paycheck - 1000x as much.

      Regardless of how much I dislike the guy personally investors should be running away screaming from this IPO.

      • grantly@lemmy.worldEnglish
        5·
        10 months ago

        Or cap executive pay at a multiple of worker pay. Making 100x the average lifetime earnings in the US in one year is sickening!

    • Ilgaz@lemm.eeEnglish
      1·
      10 months ago

      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.

    • fidodo@lemmy.worldEnglish
      1116·
      10 months ago

      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?

      • Chriswild@lemmy.worldEnglish
        13·
        10 months ago

        If the company is going public it doesn’t really matter, they can just sell the stock.

        • essteeyou@lemmy.worldEnglish
          91·
          10 months ago

          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.

      • ikapoz@sh.itjust.worksEnglish
        2·
        10 months ago

        The way that article is written is a little vague, but it sounds like that is how much cash and stock he received just last year - independent of any gain he received from the value of his existing stock going up.

    • Tak@lemmy.mlEnglish
      92·
      10 months ago

      It’s always so sad watching companies complain about not making enough money while execs are paid ludicrous amounts of money.

    • MindSkipperBro12@lemmy.worldEnglish
      90·
      10 months ago

      “We need to shut down APIs because they’re exploiting us for free money!”

      entire site is moderated by unpaid, unrecognized “employees”

  • notannpc@lemmy.worldEnglish
    130·
    10 months ago

    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…

    • _number8_@lemmy.worldEnglish
      91·
      10 months ago

      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

    • d0n7p4n1c@lemmy.worldEnglish
      2·
      10 months ago

      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.

  • sploosh@lemmy.worldEnglish
    9·
    10 months ago

    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.