this post was submitted on 23 Feb 2024
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Remember when Spez said it was "It's time we grow up and behave like an adult company"? Apparently, that means paying himself $193 million and single-handedly tanking Reddit's profitability right b... (www.npr.org)
submitted 10 months ago by L4s to c/technology
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Remember when Spez said it was "It's time we grow up and behave like an adult company"? Apparently, that means paying himself $193 million and single-handedly tanking Reddit's profitability right b...::undefined

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[–] [email protected] 22 points 10 months ago (2 children)

His pay was $300k something. So it was almost all stock. To convert his ownership stake into shares ahead of the IPO as you mentioned.

He supposedly owns around 3-4% of Reddit. And they're trying to IPO at an initial valuation of $5B. So when that goes to shit like it probably will this theoretical $192M drops dramatically.

[–] [email protected] 19 points 10 months ago* (last edited 10 months ago)

His pay was $300k something. So it was almost all stock.

Ahh, that makes all sorts of sense. The idea that he was paid $193 Million was unbelievable.

You could pay 1,000 moderators $100k for the year and still give Spez $93 Million if that were his salary.

[–] SirQuackTheDuck -5 points 10 months ago (2 children)

Unless he pumps and dumps them, selling them after the IPO

[–] johannesvanderwhales 16 points 10 months ago* (last edited 10 months ago)

Selling off shares from insiders is a publicly announced process that involves coordination with the SEC in advance, so "pump and dump" doesn't really apply here. That terminology usually applies to penny stocks that are traded on minor exchanges, where a price increase of mere pennies could represent a very high percentage increase, making manipulating the stock price through fraudulent claims potentially very profitable for the manipulators.

He could sell shares early but that news would also probably very negatively affect the value of the shares he's selling. Not really great when the CEO is not confident of the long term value of his own company's stock.

[–] Aux 6 points 10 months ago

You can't do that, lol.