this post was submitted on 18 Jun 2023
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Literally this⦠what is happening in Reddit is the CEO attending the needs of the shareholder via the board⦠companies aren't the "sisters of charity". They are where they are for profit and at the very least they need to have a cash flow that allow them to pay employees and bills. There are some B Corps out there, but most of the companies are there to make the big buck. In the case of Reddit we users are just a product that they try to keep to make the company profitable selling ads or whatever. If you want a Reddit-kind-of platform user-centric we need to pay for it and become the customers instead the product.
But isn't reddit still a private company? They don't have shareholders in that case right? They WANT shareholders which is why they're pulling this b.s to appear profitable when they go public. I think this is just plain old greed.
Private companies can have shareholders too, it's just that the shares can't be sold on a public stock exchange. Reddit has a board and private shareholders, I think Conde Nast (or it's parent company) is one, and so is Tencent.
undefined> They are where they are for profit
Initially corporations were supposed to put the public good above profits. Now they have a legal obligation to put the interest of their shareholders above all else (usually interpreted as profits above all else). It was an unfortunate shift.
It's understandable for reddit to need money to continue functioning. That's never been the argument. The problem is how unreasonable the pricing is and how unwaverable they are about it.