this post was submitted on 30 Jun 2023
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Fascinating. Should this be legit, this is solid proof for the protest having a tangible financial impact, right?
Nope, this is only though May 31st, per the article.
Reddit was already bleeding value and Spez went on a panicked power trip. The true Musk way.
Impact is already more than evident through search results. Google has had to tweak their search functions because of this and Microsoft pulled out from Minecraft subreddit, and both made sure to announce to the world that it's because of spez and the protest.
I would agree. injects the poison more deeply than it would have otherwise gone.
doing something > just complaining
Nah. Doesn't even account for the protest.
FTA:
They are PROPER fucked for Q3.
I think they are going to run out of funding by the end of the year (or sooner) with mass layoffs of their currently overinflated staff.
Remember that there is a general decline in tech stocks at the moment. A few names are being elevated by the AI boom, but for the most part the party has been over for quite a while now. If you keep an eye open, you'll see stories about a number of different tech stocks declining.
Every time I see such a story, I tend to reply with "why would Elon Musk do this?" Since people acted like Twitter was a unique case being caused exclusively by his leadership, but we've seen massive declines in many companies including Meta and Netflix.
True but most tech companies have been making their services worse and driving away customers
Very true.
Yeah that's true, I didn't consider that. But it coincides with the API changes in such a way that it at least makes for a good story lol
The IT tech industry isn't doing great currently. Everything was fine as long as there were a practically infinite amount of money going around, but lately investors have been increasingly demanding signs of profitability over "limitless" expansion and growth.
That's why a lot of companies have been doing these seemingly drastic changes lately. It may absolutely result in long term damages, but that is not their main concern at the moment. In some cases this is also somewhat a moment for these companies to show their cards and prove that they actually deserve the evaluation that they been given. I suspect that there will be quite a lot of agitated people in the coming months and years.
Other way around. The declining valuation is why Huffman is making stupid moves to make the books look better.
This article mentions this valuation is only accounting for Reddit’s holdings up to the end of May. The protests shouldn’t be impacting the value yet.