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Sounds like a hell of a lot of money for a CEO who kept insisting that he had to kill 3rd party apps because Reddit still isn't profitable.
"Reddit isn't profitable because leadership is wildly incompetent, so let's pay them an exorbitant amount of money instead of using that money to properly fix things or make any genuine improvements to anything."
It really feels like all corporations do this.
Then the failed CEO gets another CEO gig because they've got "experience".
Let's be real, they did it because they didn't want people training AI models without paying them. They didn't give a shit about 3rd party apps.
People that want to train AI models on Reddit content can just scrape the site, or use data from archive sites that archive Reddit content.
IPO = exit liquidity
Spez truly got that little dick energy going on
I take offense to this. I have a little dick. I don't destroy everything for everyone around me while shitting myself violently. I say he has Caillou energy. Arrogant, narcissistic, hideous, an abject freak, a mistake granted legs and will hopefully suffer from a terminal illness.
Fuck Caillou. Fuck Steve Greedy Pig Boy Spez Huffman
The more I see you post, the more I like you.
They lost 93 million on 2023, and paid the CEO more than double that.
Nope - can't think of a single thing they could do to make reddit profitable.
Well kinda but not really, he owns around 4% of Reddit which is where the $193m comes from because of the $5b valuation.
Still, fuck spez
He wasn't paid that amount. He got 341,000 in cash and the rest was in stocks and options (which will only be worth that much if the company performs well financially). This us place is just like Reddit, nobody ever reads the article.
It doesn't really need to perform well financially. He can sell everything as soon as it goes public and retire
But they never do that. Musk could have been supping margaritas on a man made island with oompa loompas in a private ocean a long time ago
Oompa-loompas are extinct. He needs enough money to clone them from mosquitos trapped in amber.
Unable to delete so editing instead. Leaving Lemmy.world due to privacy concerns.
This place is also just like reddit in that comments like yours seeking to seem smarter than everyone else by pointing out technicalities in the article as evidence everyone has the wrong idea, without appreciating the full context, and deliberately ignoring the overall point.
Executives paid in stocks and options are completely normal, and those stock options have a value. Moreover, those things were not given to other employees nearly as much as they were given to the CEO.
The actual dollar amount he receives from Reddit is not what matters. What matters is the amount of compensation given to him in comparison to everyone else at Reddit and to other CEOs at other companies, especially when taking his performance into account.
The point is Reddit is effectively giving way too much of its value to one person who has done little to actually make it profitable in all the time he's been there while routinely making mistakes and allowing scandals that have hurt Reddit's reputation.
But also Tim Cook's total compensation for 2022 was $99 million and Satya Nadella's 2023 was $48 million. Paying him more than CEOs of actually profitable companies and what amounts to nearly 1/4 of revenue is a pretty big outlier.
Honestly, I'm kinda looking forward to the IPO - because it might be the last enshittification straw that breaks the camel's neck that will finally drown reddit for what it has become.
Hope the IPO is a fucking disaster and Hufflepig goes bankrupt
So why does your CEO get paid quarter of a billion a year if they had to hike their APIs unreasonably and kill all 3rd party apps because "reddit wasn't profitable" despite not paying a dime to the mods running their website niether to contribitors, posters nor users ?!?! Reddit is scummier than Uber
Seems to me the institutional investors aren't interested at the price they're asking.
Nah, if you click through to the sign up they ask you for a bunch of personal information on a form hosted on reddit.com and then say "there are a limited number of spots, we will accommodate as many people as we can."
A month from now, 99% of people who fill out that form will be "wait listed" but reddit will have their real name and phone number forever. That's the grift.
While cutting off reddit apps that are better than the bloated shitshow that is the reddit app
Most of that money is in stock, so he's doing this to further inflate his stock value
What's next? Reddit Coin? NFTs?
Doesn't reddit already have NFTs?
They also do have a reddit vault for crypto
So my 16 year account with 90k legit comment karma wasnt good enough to be invited?
Now I dont get to early participate in the fomo panic IPO being forced by investors?
I could've made or lost tens of dollars.
Should have marked self harm/suicide
This is such an amazing grift. I can't wait until more social media firms start trying to direct-market their stock to their user base.
The loss porn will be great material for WallsStreetBets
That little "tldr" at the beginning of that text wall makes me feel gross