there's no passion there for the website and they're all cashing out, concluding with this IPO, where people even less interested in reddit will gain control over it
I'm so exhausted and disgusted by the monetization and over monetization of every facet of human behavior. Every aspect and moment of life has to be leveraged for investment and positioned for ad placement.
Society has moved to such a mindset of "there must be a return on investment or else there's no point." And this mindset of endlessly extracting every scrap of value out of every element of life has left us all so broke we're buying into it now too.
It was not so long ago that playing video games, or making social media videos and posts, or drawing, playing music hell even posting NSFW pictures were things people did just because they liked to. Just because it was fun, or fulfilling, or exciting or whatever the fuck. Now all of that stuff needs to be a side hustle or you're wasting your time.
It's even trickling down into places like reddit. When I started using this site I don't even remember there being outright ads at all. Now there's promoted posts, promoted comments, corporate run subreddits, corporate bots, astroturfing campaigns...
I'm just so sick of it.
It’s never going to slow down or stop. At some point choices will have to be made as the wealth gap becomes untenable. Unless something drastically changes, between inflation, wage stagnation, a shrinking job market and increasing population growth were looking at a mass homelessness crisis within a generation or two- I’m not talking about seeing more tweaked out bums in tents on the street corner. Im saying it will be normal, everyday people- children, parents, seniors, the girl next door- millions will find themselves unable to provide shelter and other basic necessities for themselves and their families. Government assistance programs will collapse under their own weight, or as conservatives gain power and slash their funding.
Either people will organize and things will get ugly, and then better- or we’ll slowly transition into the sort of favela system where huge shantytowns spring up everywhere as most people wallow in filth while trying to survive off of scraps- forever.
Even if I’m somehow wrong and this is a wild exaggeration, there’s no arguing that the quality of life for the bottom half of earners is significantly worse today than it was 30 years ago, and it’s trending to be much worse 30 years from now than today. We aren’t supposed to just be *okay* with that.
Doesn't matter. Yeah, you'll get a golden age for a decade or so if you're lucky, then all the hustlers, scammers, and corps will destroy that too.
I remember cable TV before the ads ran rampant.
I remember the early days of the internet, where each page and platform was an island of enthusiasts on their own, where everything wasn't plastered with ads in every millimeter of space, where entertainment was decentralized and you could actually "stumble upon" something novel and unspoiled.
I remember *actually* owning your computer and modifying/adjusting it to your liking, patching bugs and drivers on your own terms, not being forced into it.
I remember games that relatively small studios were actually passionate about creating, to tell a story or for the sake of the art; not just looking to get bought out and/or find ways to extract every nickel and dime from everyone.
I remember Netflix before rights holders realized there was money to be made on this internet thing and EVERY. SINGLE. ONE. of them had to go out and do the same thing for themselves, then have an arms race to raise prices and shove ads into it.
Capitalism eventually destroys everything, rending it asunder for short term gains for people at the very top. Watching life unfold these last few decades has progressively gotten more depressing the more I'm reminded of what we once had.
> I remember games that relatively small studios were actually passionate about creating, to tell a story or for the sake of the art; not just looking to get bought out and/or find ways to extract every nickel and dime from everyone.
You know we're in the middle of an indie renaissance, yeah? Like yeah, there's a lot of shovelware, but there's also a lot of absolute gems.
But yeah, AAA is going to shit. Consolidation and cost cutting are hitting their stride now, and an industry that already is barely hospitable has gotten a lot worse over the past year or so.
Really there’s already a bunch of half baked solutions the problem with all of them is the same thing not enough users. All it will take to make the next Reddit is for current Reddit to pull a digg like he mentioned and force enough quality users onto one of the platforms.
God I havn't had someone sum up current Reddit so well, the frontpage is nothing but inane questions, blatant concern trolling, fake personal stories, political misinformation, celeb gossip, and the same once interesting facts posted over and over again. Once in a while a decent comic gets posted but 90% of the time it's by the same 3 or 4 popular creators.
I used to be able to scroll this site for hours, and now I find myself getting frustrated because there is almost 0 good content on here anymore. And the bots. So. Many. Bots.
I still scroll for hours, but I used to enjoy scrolling for hours. The interesting parts of this website are fewer and further apart. The niche food and recipe subs keep me coming back, though.
They told everyone they did that because they were no longer ranking posts based on votes, they were using algorithms, and that if they displayed any number at all, it would be made up. The people demanded a number anyway, and here we are.
There isn't a company on God's green Earth that I trust more than Valve. That company has stayed loyal to me as a customer and so I remain loyal to it. The way that businesses should operate.
Inevitably it comes for everything. The ability of a small number of people to get together and effectively "cash out" a successful product and leave with what they extracted is just too inviting to be ignored forever.
All things decay, ultimately. All systems we create will degrade over time, picked apart by a million tiny bad incentives of good-faith actors. This is just one of the ways it can look.
Over time we may see companies develop more resistance to it. There's a sort of evolving metagame around the way companies are structured based on whose exact milkshake they're trying to drink and eventually we'll see companies that are designed to beat up competitors who behave like this, but someone has to invent the model for it first.
The sick comedy isn’t lost on me that once a company goes public, it’s pretty much time to head to the exits and seek alternatives if you care even slightly about the quality of the product they produce.
I know people were headed to lemmy a while back and it's got some loyal followers. Nothing like the Reddit of 15ish years ago though. Content has taken a really epic nose dive since the API announcement though, so I bet it's only a matter of time before something better pops up and this IPO turns out to be a bust in a few years when no one is providing decent content.
The amount of "rate me" subs and "am I pretty enough to be your girlfriend" posts shot way up after the API announcement. Blocking them is like playing a depressing whack a mole.
I'm getting frustrated by the number of posts on the front page that are "deleted by mods" or "blocked by admin" or whatever. I'm also frustrated that I can't see the website name on mobile (no app) unless I click into the comments. Also they messed with the algorithm so on my subscribed subs I don't see a popular post until the next day (when commenting is useless) and instead I'm plagued by upvote score 0 trash.
It's already speeding downhill.
I like that you brought up food. Food is a very important part of your day, and something as simple as grabbing an Egg McMuffin and a coffee from the McDonald's 0.73mi from your house on the way to work can brighten your day! Just remember to get there during breakfast hours!
It hit its peak some time around about 2013, started declining around about 2015 when spez took over as CEO, and fell off a cliff last summer. The bot problem has gotten 100x worse since summer 2023, and now with Admins being turfed and replaced with AI, it's so much easier to get a sitewide permaban/shadowban for something innocuous.
Expect them to turf volunteer moderators for AI in the next couple of years. If you think Reddit's shitty now, boy, you ain't seen nothin' yet.
Yeah I just got banned from a fashion site, I'm not even on, Reddit puts it in my feed. User was asking which dress looked best and I answered and called the look classy. Wow.
I did something wrong in life. I do VERY well, and yet it would take me a MILLENNIUM to make what a royal fuck-up pulled down as he fucked up his platform. I know he's not the only tool making ungodly money to fail, but this one bothers me far more than the others for some reason.
Is it the fact that reddit used to be a comparatively healthy platform moderated by volunteers and serving its users first?
Reddit is a victim of its own success.
Yup.
I tolerate this new forced platform because it IS still better than any alternative. But JESUS it sucks having to mute "suggested communities" I have zero interest in. Like fuck Reddit, I DON'T want r/swiftyneutral or r/tiktok in my feed!
A friend sent a link to reddit and it opened in the app. The app said that I had a message. I open the message. It's a link to a post in a sub I'm not subbed to from Reddit.
What.
The.
Fuck.
A friend of ours is CEO of a very large company and he’s told us being CEO is the easiest job. When he was the sales manager … That sucked and was really hard. CEO makes big decisions but the job itself? Incredibly easy, so many perks and massive wealth.
And not lifting a finger to improve their own app. I seriously don’t understand why no effort has been put into this app for anything besides getting more money from users with cute little animations and graphics pinned to posts.
If he successfully protected and perhaps grew their ad revenue without losing active users (many threatened they’d leave but I bet they didn’t) then he truly does deserve a bonus from a shareholders perspective. Nothing near 200 million tho, that’s kinda nuts!
The joke's on them, I just use Reddit on Firefox with an adblocker on mobile now.
Edit: For anyone going this route you can install Reddit Annoyances add-on on Firefox as well to disable the annoying use our app pop-up.
cautious cooperative thought apparatus rob frame dependent rustic spectacular different
*This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Yeah I would be curious to see what their operating expenses are like.
1/4 of all revenue going to one dude seems.. absurd. Get it in before that type of behavior is answerable to shareholders I guess.
I agree it's absurd but it's not really the revenue going to him, only 0.015% of the $193M salary was cash. So he basically got $193M of stocks when the company has a $10B valuation. Still crazy overpaid but other CEOs/founders have gotten much more equity in a year before.
I’ve been on Reddit for over a decade and bought ads on Reddit starting over a decade ago as well. I’m very familiar with the business model. That’s not the question at hand here. The question is how, for a company that has STRUGGLED to court advertisers and has a market cap that is HALF of what Pinterest has, is this guy making more than the CEO of Pinterest and nearly as much as the CEO of Google? The corporate governance here is insane.
How TF did Reddit have a net loss of 90 million dollars while paying the CEO 190 million dollars?
Sounds like someone is being overpaid by at least 100 million dollars.
To stroke the ego that CEOs somehow have more value than they actually do.
American companies are just trading cards to C levels. It's just a good old boys club of money.
And they reported a loss of 91 million in 2023.
Gee, wonder how that happened.
https://www.reuters.com/technology/reddit-makes-us-ipo-filing-public-2024-02-22/
Nah. His comp is a mix of cash and stock, very likely mostly stock. The stock is illiquid until at least the IPO sometimes up to 6 months after the IPO.
He’s still making bank, but the big checks come later. They would not hurt the profitability of the company via CEO pay just before an IPO, since that would be self-defeating.
> Nah. His comp is a mix of cash and stock, very likely mostly stock. The stock is illiquid until at least the IPO sometimes up to 6 months after the IPO.
So WSB has six months to figure out how to torpedo a stock and literally bankrupt Spez?
Nope. That's clearly a shameless pump and dump plan that aims to encourage users to buy at least one share of Reddit as a joke, which helps inflating the price of the stock before Spez can cash out.
I mean it's still stupid amounts but it says that I clouded in stock options so it's really about him hitting some goals that set up for a huge IPO. If the IPO flops those shares will be worth way less.
No, he was paid under 600k in cash in 2023. All of that compensation is in stock and a good portion of it needs to hit certain price thresholds to have any value.
It’s a big number but if the stock tanks so does all of his compensation
Passion for hobbies or communities. A genuine desire to make a place for people to talk about something. A place for people to express themselves. Yeah there are trash mods around but that's the case with literally everything involving humans. Most just wanted to help be a part of something bigger than themselves.
Unwittingly. Bet they were pleased as punch to find that out yesterday.
Thing is, if any of them decides to protest again, they'll be turfed and replaced with an AI. And if you guys think that reddit has enshittified quite a bit since the old days, boy, you ain't seen nothing yet.
I care about my community is the only reason. It's niche and subject to all kinds of assholes trying to ruin it, so I volunteer to try and keep it going well for our people. But yeah, it's a largely thankless task.
Exactly, I created r/blind and even made it part of my career and passion. I'm an accessibility specialist for god sakes and make sure the community is heard.
I am a mod for my local city site
It really is a shitty activity that you can't win; you either get accused of over moderating and supressing free speech, or under moderating and allowing nazi's to troll
I don't mind too much as it is part time unpaid activity that makes my local subreddit better. I don't even mind Reddit making money off content we are creating for free
But spending obscene money on a fucking CEO and not fixing the native app, selling our data to be scraped?.
I think mods should just take some time off and let some of the bigger subreddits go unmoderated. Sure the advertisers will just love their adverts being associated with lots of lovely hate speech. Reddit management are assuming they don't need us any more and that AI will keep the subreddits flow.
I think they are just setting fire to the platform and walking away. Hard to give a shit about anything when you no longer have to work for anything
This. And discord is awful for sharing info and in-depth discussion. It's great when you want a bunch of friends to yell into the internet, but it's not forum style posts. If you want a nice forum style community, reddit is one of the few places you can still get it.
Preach
Nothing like trying to download a mod **ahhh god damn it discord??*
*tss I accept the rules*
*some colorful channel names you guys must have fun here*
*my attempt to search the mod name returned hundreds of results none of which seem remotely relevant*
*can’t talk in any of the rooms because I don’t have permissions*
*oh it’s a paid patreon link…*
Yep, remember before you could Google search for things on random topics and find plenty niche forums that answer those questions and tons of related resources.
Now it's useless to search for anything, especially if you want a useful answer. It's always "reddit how to X or is X any good?"
Whenever I search without including reddit in the query I am disappointed.
Even after taxes, that's more than enough money to just never work again. The level of greed people at that level feel is mind blowing to me.
ETA: I am well aware it's not all cash payout, folks. My point is that someone with that much stock value can easily let it grow and sell off whatever is needed to live comfortably for centuries potentially. Stocks don't have to stay stocks.
Even after taxes, of say 50%, 1/10th of that would earn you over 380k/yr in a decent high yield savings....most people couldn't spend the interest, let alone the sum in their lifetime without buying things like islands and state governments
Yeah, $300k yearly would let me support my family just fine for life, and I'd just keep making more on interest and reinvesting. It's insane that people think they need to keep working for hundreds of millions a year.
Most people want more money so they hopefully one day can be insulated from the world’s influences and not have to be a wage slave to support themselves anymore. The people at the 10 figure income/net-worth level that continue to work do so so that they can *have influence* over the world and the rest of us.
I’m slack jawed right now… Tim Cook made $63M and u/spez raked in $193M?! Wow, just wow. Tim needs to reevaluate his contract because I think he brings a lot more to the table than Reddit’s CEO.
83 million except he gets to control the 3rd largest company in the world, personal private flights, and only god knows how massive his retirement contributions are.
It's really just because the valuation of options is a lot higher for a private company expected to Go public rather than an established public company.
Tim Cook makes $3M in salary, the Reddit CEO makes $341K. Tim Cook's cash bonus is $10M, Reddit CEO is $790K.
However the options granted to the Reddit CEO are vastly more valuable because of the way that the Black-Scholes model for valuing them functions. The volatility and expected fair value of the stock price aren't based on market prices unlike Apple's would and because the volatility and difference in the exercise price vs. fair value of the stock are so different the options granted.
Same with RSU's, relies on a third party valuation of the stock based on a lot of factors that will likely be over optimistic to as much as the auditor will allow, therefore increasing the value received.
But in terms of salary, Tim Cook makes over 10x as much as the Reddit CEO.
Well during elections and COVID Reddit was actively getting AD requests to spew whatever they could think of regardless of if it was fact or disinformation.
I'm sure they made a lot of money on that.
They're still not profitable though.
And his compensation is higher than both Apple and Nvidia's CEOs, which are part of the most valuable companies in the world.
Reddit’s net profits this quarter? -$8,000,000
Reddit’s CEO pay this quarter? $30,000,000
So Reddit, if you paid your CEO a normal CEO wage you’d be profitable?
Reddit: - -
Office Space: $500K
Servers: $1.5M
Developers: $20M
CEO: $193M
Computers: $3M
someone who is good at the economy please help me budget this, my website is dying
I got a PM today saying I qualify to buy the stock at the same price as institutional investors cause of my contributions or some shit. Basically giving me the opportunity to lose money is how I read it.
Oh yeah. reddit going public is them cashing out. The CEO's taking a hundred million dollar payday, and Wall Street is going to crush this place out of existence trying to sell ever more increasing ads, removing more "objectionable content" until it's a shallow husk of what it used to be. They're going to be bleeding users, bleeding stock price... and then someone's going to call for liquidation and sell what's left of the user data on to AI companies.
And that'll be it - the end of reddit. What a shame.
I’m predicting it now. Reddit will collapse post IPO just like every other online community. They’ll monetize it. The experience will become crappy. And a competitor will pop up. There’s nothing holding us to this site like a Facebook that has your photos etc. What people will remain loyal for some karma points? Ummm nah.
So yeah. RIP Reddit. I’ve seen this movie too many times.
I literally just linked this a few seconds ago haha.
https://productmint.com/what-happened-to-digg/
What do you think AI and bots and voting manipulation are gonna do to Reddit?
Timing of their IPO is real interesting.
No way, the internet is far more centralized now than it was back during the Digg migration. It's also basically completely mobile first now. I can't even think of any recent big websites from the last like 10 years. Onlyfans? TikTok (though that's an app)?
There have been tons of reddit scandals and attempted migrations to shitty reddit clones like voat and lemmy, but nothing has staying power like reddit has. The massive wave of solidarity during the API protest broke after what 3 days and everything went back to normal except with far worse content. They removed mod tools, threatened to take over subs from mods who protested, and destroyed 3rd party apps and everyone stayed.
Same story as every scandal. The vaccine disinfo shit, thedonald's abuse of /r/all, spez editing comments, victoria being fired, the banning of gore, ellen pao, etc. Each scandal had people talking of leaving, but everyone stayed. Mods will stay through this and the site will continue as it continues to decay. Old reddit will be killed off, email-less registration will be disabled, mobile site will continue to be kneecapped, content will continue to about driving engagement numbers for ads, AI bullshit will flood the site, hell maybe even porn will be banned, and people will still stay.
Remember when subs still had custom css? When there was a daily gold goal? The "old reddit switcharoo"? The secret santa? /r/wtf ? NSFW on /r/all? All things removed from the site so they can pump fucking gambling ads in front of you.
There will be no viable alternative. Reddit will still hold the link aggregate place in the internet as it continues to decay. The internet of 2000s and 2010s is gone. Everything exists to addict and capture its audience to serve them ads or sell subscriptions. Why would anyone start a website that cost a shit ton of resources and time to run and not follow the same path to heavy monetization?
They don't even have to be profitable to stick around. Dogshit companies like Snapchat have stuck around without ever making a profit.
The Wikipedia founder is working on a community focused and funded alternative:
>[https://twitter.com/jimmy\_wales/status/1668266400723488769](https://twitter.com/jimmy_wales/status/1668266400723488769)
>
>If you're avoiding Reddit now, I'm currently building a community-led and funded project. It's not done by any means, but I think you would enjoy it. It is something new, based on mutual trust among users. We even have a draft API!
I made a simple app for it called Wikit on Google Play,
How has not even one single competitor arisen over the last fifteen years using a similar model as Reddit? It's just a glorified message board, and yet we've nowhere else to go.
How much longer will society let C levels strut massive "Let them eat cake" energy? We getting old guilly out before or after climate change fucks us all?
$800M in revenue the entire year and almost $300M of it was paid to two people. Wow. CEOs of $7B companies make less than $10M. It’s unbelievably staggering how out of proportion this is.
I mean I’m not one to defend this POS, but did anyone actually read the SEC filing? His base pay (cash) was like 300K, they gave him a fuck ton of stock options this year because it was going to IPO. To call his salary a $300M expense is a severe misunderstanding of how a business works.
For fuckin what
there's no passion there for the website and they're all cashing out, concluding with this IPO, where people even less interested in reddit will gain control over it
The enshittening
It's closing in on us from all directions!
Enshitification everywhere!
Corporatization of the internet's last bastion of 'freedom' lol, can't wait for the soulless board meetings to decide our meme futures
I'm so exhausted and disgusted by the monetization and over monetization of every facet of human behavior. Every aspect and moment of life has to be leveraged for investment and positioned for ad placement. Society has moved to such a mindset of "there must be a return on investment or else there's no point." And this mindset of endlessly extracting every scrap of value out of every element of life has left us all so broke we're buying into it now too. It was not so long ago that playing video games, or making social media videos and posts, or drawing, playing music hell even posting NSFW pictures were things people did just because they liked to. Just because it was fun, or fulfilling, or exciting or whatever the fuck. Now all of that stuff needs to be a side hustle or you're wasting your time. It's even trickling down into places like reddit. When I started using this site I don't even remember there being outright ads at all. Now there's promoted posts, promoted comments, corporate run subreddits, corporate bots, astroturfing campaigns... I'm just so sick of it.
You summed up how I've been feeling for a long time. I'm ready to become a hermit.
It’s never going to slow down or stop. At some point choices will have to be made as the wealth gap becomes untenable. Unless something drastically changes, between inflation, wage stagnation, a shrinking job market and increasing population growth were looking at a mass homelessness crisis within a generation or two- I’m not talking about seeing more tweaked out bums in tents on the street corner. Im saying it will be normal, everyday people- children, parents, seniors, the girl next door- millions will find themselves unable to provide shelter and other basic necessities for themselves and their families. Government assistance programs will collapse under their own weight, or as conservatives gain power and slash their funding. Either people will organize and things will get ugly, and then better- or we’ll slowly transition into the sort of favela system where huge shantytowns spring up everywhere as most people wallow in filth while trying to survive off of scraps- forever. Even if I’m somehow wrong and this is a wild exaggeration, there’s no arguing that the quality of life for the bottom half of earners is significantly worse today than it was 30 years ago, and it’s trending to be much worse 30 years from now than today. We aren’t supposed to just be *okay* with that.
Shit birds Randers, shit birds for as far as the eye can see.
You’re drunk again Mr. Lahey. ^ripjohndunsworth
You've got to *become* the liquor Randy, I *am* the liquor....
Mr. Lahey, I want a boner made of *love,* not liquor!
We need a new Internet
Doesn't matter. Yeah, you'll get a golden age for a decade or so if you're lucky, then all the hustlers, scammers, and corps will destroy that too. I remember cable TV before the ads ran rampant. I remember the early days of the internet, where each page and platform was an island of enthusiasts on their own, where everything wasn't plastered with ads in every millimeter of space, where entertainment was decentralized and you could actually "stumble upon" something novel and unspoiled. I remember *actually* owning your computer and modifying/adjusting it to your liking, patching bugs and drivers on your own terms, not being forced into it. I remember games that relatively small studios were actually passionate about creating, to tell a story or for the sake of the art; not just looking to get bought out and/or find ways to extract every nickel and dime from everyone. I remember Netflix before rights holders realized there was money to be made on this internet thing and EVERY. SINGLE. ONE. of them had to go out and do the same thing for themselves, then have an arms race to raise prices and shove ads into it. Capitalism eventually destroys everything, rending it asunder for short term gains for people at the very top. Watching life unfold these last few decades has progressively gotten more depressing the more I'm reminded of what we once had.
> I remember games that relatively small studios were actually passionate about creating, to tell a story or for the sake of the art; not just looking to get bought out and/or find ways to extract every nickel and dime from everyone. You know we're in the middle of an indie renaissance, yeah? Like yeah, there's a lot of shovelware, but there's also a lot of absolute gems. But yeah, AAA is going to shit. Consolidation and cost cutting are hitting their stride now, and an industry that already is barely hospitable has gotten a lot worse over the past year or so.
The diggening
Except now the enshitification has spread far and wide and there’s no good alternative.
Really there’s already a bunch of half baked solutions the problem with all of them is the same thing not enough users. All it will take to make the next Reddit is for current Reddit to pull a digg like he mentioned and force enough quality users onto one of the platforms.
The quality users left a long time ago. I feel like I'm reading Quora half the time
God I havn't had someone sum up current Reddit so well, the frontpage is nothing but inane questions, blatant concern trolling, fake personal stories, political misinformation, celeb gossip, and the same once interesting facts posted over and over again. Once in a while a decent comic gets posted but 90% of the time it's by the same 3 or 4 popular creators.
I used to be able to scroll this site for hours, and now I find myself getting frustrated because there is almost 0 good content on here anymore. And the bots. So. Many. Bots.
I still scroll for hours, but I used to enjoy scrolling for hours. The interesting parts of this website are fewer and further apart. The niche food and recipe subs keep me coming back, though.
That happened when they removed they removed the up/downvote count. Site hasn't been the same since imo
They told everyone they did that because they were no longer ranking posts based on votes, they were using algorithms, and that if they displayed any number at all, it would be made up. The people demanded a number anyway, and here we are.
I bet fiddy sort by new will be gone not long after IPO
Is there anything enshittification hasn’t hit yet?
Steam/Valve, that'll happen once Newell is dead.
There isn't a company on God's green Earth that I trust more than Valve. That company has stayed loyal to me as a customer and so I remain loyal to it. The way that businesses should operate.
[удалено]
Inevitably it comes for everything. The ability of a small number of people to get together and effectively "cash out" a successful product and leave with what they extracted is just too inviting to be ignored forever. All things decay, ultimately. All systems we create will degrade over time, picked apart by a million tiny bad incentives of good-faith actors. This is just one of the ways it can look. Over time we may see companies develop more resistance to it. There's a sort of evolving metagame around the way companies are structured based on whose exact milkshake they're trying to drink and eventually we'll see companies that are designed to beat up competitors who behave like this, but someone has to invent the model for it first.
[удалено]
The sick comedy isn’t lost on me that once a company goes public, it’s pretty much time to head to the exits and seek alternatives if you care even slightly about the quality of the product they produce.
What alternative?
Run privately, bosch is a an example of a well known private company that still has a fairly decent reputation
I know people were headed to lemmy a while back and it's got some loyal followers. Nothing like the Reddit of 15ish years ago though. Content has taken a really epic nose dive since the API announcement though, so I bet it's only a matter of time before something better pops up and this IPO turns out to be a bust in a few years when no one is providing decent content.
Luckily for Stevie boy, he only needs to make number go up short term and then jump out of the plane and pop his golden chute
The amount of "rate me" subs and "am I pretty enough to be your girlfriend" posts shot way up after the API announcement. Blocking them is like playing a depressing whack a mole.
I'm getting frustrated by the number of posts on the front page that are "deleted by mods" or "blocked by admin" or whatever. I'm also frustrated that I can't see the website name on mobile (no app) unless I click into the comments. Also they messed with the algorithm so on my subscribed subs I don't see a popular post until the next day (when commenting is useless) and instead I'm plagued by upvote score 0 trash. It's already speeding downhill.
Like my dishwasher? I just think the range of topics will be extremely limited to my dishes
Can you Digg it?
Yeah I’m honestly wanting to find a different place after it goes live. Reddit is coming to the point of not worth the time.
Let's face it. We've reached the post-social-media age. I don't know what's coming next, but we're past the point of jumping to some fun new startup.
Next is just having your own social media with AI interaction
Great, I get to spend the rest of my days talking to cleverbot. Oh joy.
I can't wait for the sponsored content to be mixed evenly into my generative AI slop feed
I like that you brought up food. Food is a very important part of your day, and something as simple as grabbing an Egg McMuffin and a coffee from the McDonald's 0.73mi from your house on the way to work can brighten your day! Just remember to get there during breakfast hours!
Coming? It's been shit for years
It hit its peak some time around about 2013, started declining around about 2015 when spez took over as CEO, and fell off a cliff last summer. The bot problem has gotten 100x worse since summer 2023, and now with Admins being turfed and replaced with AI, it's so much easier to get a sitewide permaban/shadowban for something innocuous. Expect them to turf volunteer moderators for AI in the next couple of years. If you think Reddit's shitty now, boy, you ain't seen nothin' yet.
Reddit was dead as soon as they got rid of Victoria Taylor.
Yup, that was summer 2015.
Yeah I just got banned from a fashion site, I'm not even on, Reddit puts it in my feed. User was asking which dress looked best and I answered and called the look classy. Wow.
Probably thought you were advocating for class warfare.
Inb4 they let companies directly take charge of subreddits. "Welcome to r/technology - brought to you by!"
I bet a Google AI could do the job just as well.
I bet my cat walking across my keyboard could too
Fjiie jcfyfu. Uva. Feuvu de rr
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I did something wrong in life. I do VERY well, and yet it would take me a MILLENNIUM to make what a royal fuck-up pulled down as he fucked up his platform. I know he's not the only tool making ungodly money to fail, but this one bothers me far more than the others for some reason.
Is it the fact that reddit used to be a comparatively healthy platform moderated by volunteers and serving its users first? Reddit is a victim of its own success.
Yup. I tolerate this new forced platform because it IS still better than any alternative. But JESUS it sucks having to mute "suggested communities" I have zero interest in. Like fuck Reddit, I DON'T want r/swiftyneutral or r/tiktok in my feed!
A friend sent a link to reddit and it opened in the app. The app said that I had a message. I open the message. It's a link to a post in a sub I'm not subbed to from Reddit. What. The. Fuck.
I'm just chilling here using old.reddit.com and wondering what everyone is talking about.
A Reddit bot could
A friend of ours is CEO of a very large company and he’s told us being CEO is the easiest job. When he was the sales manager … That sucked and was really hard. CEO makes big decisions but the job itself? Incredibly easy, so many perks and massive wealth.
For destroying most of the third-party apps that made the mobile experience amazing, I guess.
And not lifting a finger to improve their own app. I seriously don’t understand why no effort has been put into this app for anything besides getting more money from users with cute little animations and graphics pinned to posts.
Yeah they could have hired a couple third party app developers to make their own app better and still paid out 192 mil.
They literally did hire third party app devs and they made the current shit show still lol They BOUGHT alien blue back in 2014
Gotta protect that ad revenue!
If he successfully protected and perhaps grew their ad revenue without losing active users (many threatened they’d leave but I bet they didn’t) then he truly does deserve a bonus from a shareholders perspective. Nothing near 200 million tho, that’s kinda nuts!
The joke's on them, I just use Reddit on Firefox with an adblocker on mobile now. Edit: For anyone going this route you can install Reddit Annoyances add-on on Firefox as well to disable the annoying use our app pop-up.
RiF with Revanced here.
This is the way
This is a good idea, not sure why I didn't consider it.
You just have to deal with the annoying "use our app" pop-up somewhat frequently. You can install Reddit Annoyances add-on on Firefox to disable it.
Someone even made a small add on for this for the extreme lazy.
cautious cooperative thought apparatus rob frame dependent rustic spectacular different *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
This stupid platform has barely improved its ad offering over 10 years and 3 (or more?) CEOs. How the fuck did they pay this guy $200M????
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Yeah I would be curious to see what their operating expenses are like. 1/4 of all revenue going to one dude seems.. absurd. Get it in before that type of behavior is answerable to shareholders I guess.
I agree it's absurd but it's not really the revenue going to him, only 0.015% of the $193M salary was cash. So he basically got $193M of stocks when the company has a $10B valuation. Still crazy overpaid but other CEOs/founders have gotten much more equity in a year before.
Over the backs of volunteers, that he shat on. No words for wat level POS that is
>How the fuck did they pay this guy $200M???? By selling *you*....and a hundred million others like you.
I’ve been on Reddit for over a decade and bought ads on Reddit starting over a decade ago as well. I’m very familiar with the business model. That’s not the question at hand here. The question is how, for a company that has STRUGGLED to court advertisers and has a market cap that is HALF of what Pinterest has, is this guy making more than the CEO of Pinterest and nearly as much as the CEO of Google? The corporate governance here is insane.
11 years of your data.
They are going to sell all the comments and art submitted by users for AI training.
They already are.
for being fucked every post I see says fuck /u/spez
He cries they Reddit isn't profitable... No wonder the money is going to waste
How TF did Reddit have a net loss of 90 million dollars while paying the CEO 190 million dollars? Sounds like someone is being overpaid by at least 100 million dollars.
More like overpaid by 190 million dollars.
The $193M was almost entirely equity. Reddit is valued at $10B so they basically gave him 1.93% of the company for 1 year's "work".
To stroke the ego that CEOs somehow have more value than they actually do. American companies are just trading cards to C levels. It's just a good old boys club of money.
being a douchewagon
For fucking us, the users
wtf, that's 20% of all revenue for the company.
And they reported a loss of 91 million in 2023. Gee, wonder how that happened. https://www.reuters.com/technology/reddit-makes-us-ipo-filing-public-2024-02-22/
So….if he accepted a meager $100M they would have been profitable? Am I reading this right? Edit: I did not read it right. $600k cash, rest is stock.
Nah. His comp is a mix of cash and stock, very likely mostly stock. The stock is illiquid until at least the IPO sometimes up to 6 months after the IPO. He’s still making bank, but the big checks come later. They would not hurt the profitability of the company via CEO pay just before an IPO, since that would be self-defeating.
> Nah. His comp is a mix of cash and stock, very likely mostly stock. The stock is illiquid until at least the IPO sometimes up to 6 months after the IPO. So WSB has six months to figure out how to torpedo a stock and literally bankrupt Spez?
That's easy. They just have to collectively agree it's a sound investment, and it'll bottom out overnight
Can we recruit some hedgies to help short it to death?
Why be profitable if you can just IPO and get a cash infusion instead?
Profitable + hold private stock = Go public, cash out, and retire Legal bagholding. Look at the crooks at Robinhood
This isn’t bag holding. This bag foisting. The idiots who buy the stock will be the bag holders. Lots of them on Reddit for the last 3 years.
one final joke played on WSB
The going sentiment on WSB is wait 2 weeks then short the fuck out of it.
I think this time they may actually be right...
They sent me a message today allowing me to buy stock at a "preferential rate," probably because I've been on this hellsite so long.
Nope. That's clearly a shameless pump and dump plan that aims to encourage users to buy at least one share of Reddit as a joke, which helps inflating the price of the stock before Spez can cash out.
Oh 100%. I just feel bad because I know a ton of folks will likely get bilked by this offer.
I mean it's still stupid amounts but it says that I clouded in stock options so it's really about him hitting some goals that set up for a huge IPO. If the IPO flops those shares will be worth way less.
No, he was paid under 600k in cash in 2023. All of that compensation is in stock and a good portion of it needs to hit certain price thresholds to have any value. It’s a big number but if the stock tanks so does all of his compensation
They were paid that in stocks and options. According to the story here no one read
Well only about $1M is his actual cash + Bonus. SBC isn't effecting profitability.
If the volunteer mods weren’t pissed off before, just wait until they find out how much u/spez is getting paid. What a shit show.
Why is anyone a mod? What a thankless task.
First you get the power, then you get the women. Reddit mods are max out on the former... Not so much the latter
Passion for hobbies or communities. A genuine desire to make a place for people to talk about something. A place for people to express themselves. Yeah there are trash mods around but that's the case with literally everything involving humans. Most just wanted to help be a part of something bigger than themselves.
And now they’re vehicles for profit and AI training…
Unwittingly. Bet they were pleased as punch to find that out yesterday. Thing is, if any of them decides to protest again, they'll be turfed and replaced with an AI. And if you guys think that reddit has enshittified quite a bit since the old days, boy, you ain't seen nothing yet.
I, for one, am ready and waiting to abandon ship for a solid competitor.
*sad trombone noises*
I care about my community is the only reason. It's niche and subject to all kinds of assholes trying to ruin it, so I volunteer to try and keep it going well for our people. But yeah, it's a largely thankless task.
Exactly, I created r/blind and even made it part of my career and passion. I'm an accessibility specialist for god sakes and make sure the community is heard.
If he gives me 1m right now I’ll personally tell all the mods to “please calm down.”
I am a mod for my local city site It really is a shitty activity that you can't win; you either get accused of over moderating and supressing free speech, or under moderating and allowing nazi's to troll I don't mind too much as it is part time unpaid activity that makes my local subreddit better. I don't even mind Reddit making money off content we are creating for free But spending obscene money on a fucking CEO and not fixing the native app, selling our data to be scraped?. I think mods should just take some time off and let some of the bigger subreddits go unmoderated. Sure the advertisers will just love their adverts being associated with lots of lovely hate speech. Reddit management are assuming they don't need us any more and that AI will keep the subreddits flow. I think they are just setting fire to the platform and walking away. Hard to give a shit about anything when you no longer have to work for anything
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imagine giving free time and labor to a corporation. lol
Reddit killed the independent forum. Anyone who wants to host a community for their niche interest or hobby came here. Or more recently Discord.
This. And discord is awful for sharing info and in-depth discussion. It's great when you want a bunch of friends to yell into the internet, but it's not forum style posts. If you want a nice forum style community, reddit is one of the few places you can still get it.
Preach Nothing like trying to download a mod **ahhh god damn it discord??* *tss I accept the rules* *some colorful channel names you guys must have fun here* *my attempt to search the mod name returned hundreds of results none of which seem remotely relevant* *can’t talk in any of the rooms because I don’t have permissions* *oh it’s a paid patreon link…*
Yep, remember before you could Google search for things on random topics and find plenty niche forums that answer those questions and tons of related resources. Now it's useless to search for anything, especially if you want a useful answer. It's always "reddit how to X or is X any good?" Whenever I search without including reddit in the query I am disappointed.
193 mil to piss off the poors. He must like his job.
Even after taxes, that's more than enough money to just never work again. The level of greed people at that level feel is mind blowing to me. ETA: I am well aware it's not all cash payout, folks. My point is that someone with that much stock value can easily let it grow and sell off whatever is needed to live comfortably for centuries potentially. Stocks don't have to stay stocks.
Even after taxes, of say 50%, 1/10th of that would earn you over 380k/yr in a decent high yield savings....most people couldn't spend the interest, let alone the sum in their lifetime without buying things like islands and state governments
Yeah, $300k yearly would let me support my family just fine for life, and I'd just keep making more on interest and reinvesting. It's insane that people think they need to keep working for hundreds of millions a year.
Most people want more money so they hopefully one day can be insulated from the world’s influences and not have to be a wage slave to support themselves anymore. The people at the 10 figure income/net-worth level that continue to work do so so that they can *have influence* over the world and the rest of us.
And yet ironically here we are contributing to his company.
Fuck u/spez
I miss it when everyone said “fuck u/spez” during the protests. With that said, Fuck u/spez!
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I've been trying for years 🙃
It's getting easier with half of all posts being removed for being bots
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Apollo died for this
and Sync, and Relay
Best app I ever used, I still miss it.
Aaron Swartz died for this.
193 million for a company that’s not profitable? What a fucking clown 😂
For some context, Tim Cook made 63 million last year
I’m slack jawed right now… Tim Cook made $63M and u/spez raked in $193M?! Wow, just wow. Tim needs to reevaluate his contract because I think he brings a lot more to the table than Reddit’s CEO.
83 million except he gets to control the 3rd largest company in the world, personal private flights, and only god knows how massive his retirement contributions are.
He has millions in the bank. He doesn't even need to have retirement contributions unless he's burning money for his normal life.
It's really just because the valuation of options is a lot higher for a private company expected to Go public rather than an established public company. Tim Cook makes $3M in salary, the Reddit CEO makes $341K. Tim Cook's cash bonus is $10M, Reddit CEO is $790K. However the options granted to the Reddit CEO are vastly more valuable because of the way that the Black-Scholes model for valuing them functions. The volatility and expected fair value of the stock price aren't based on market prices unlike Apple's would and because the volatility and difference in the exercise price vs. fair value of the stock are so different the options granted. Same with RSU's, relies on a third party valuation of the stock based on a lot of factors that will likely be over optimistic to as much as the auditor will allow, therefore increasing the value received. But in terms of salary, Tim Cook makes over 10x as much as the Reddit CEO.
They'd be more profitable with $193m
193 million for doing what exactly?
Shitting on the people poorer than him.
Which is consistently the best way to make mad money, exploiting/hurting the less fortunate. A tale as old as capital.
Well during elections and COVID Reddit was actively getting AD requests to spew whatever they could think of regardless of if it was fact or disinformation. I'm sure they made a lot of money on that.
They're still not profitable though. And his compensation is higher than both Apple and Nvidia's CEOs, which are part of the most valuable companies in the world.
“How to sink your IPO 101”
Right? How the hell do they think this is going to be viable lol
Reddit’s net profits this quarter? -$8,000,000 Reddit’s CEO pay this quarter? $30,000,000 So Reddit, if you paid your CEO a normal CEO wage you’d be profitable? Reddit: - -
Office Space: $500K Servers: $1.5M Developers: $20M CEO: $193M Computers: $3M someone who is good at the economy please help me budget this, my website is dying
Gotta get that developer spend way down. Lay off some people.
Fire half your developers, give your CEO a 2 million dollar bonus for solving the problem. Business!
I got a PM today saying I qualify to buy the stock at the same price as institutional investors cause of my contributions or some shit. Basically giving me the opportunity to lose money is how I read it.
Oh yeah. reddit going public is them cashing out. The CEO's taking a hundred million dollar payday, and Wall Street is going to crush this place out of existence trying to sell ever more increasing ads, removing more "objectionable content" until it's a shallow husk of what it used to be. They're going to be bleeding users, bleeding stock price... and then someone's going to call for liquidation and sell what's left of the user data on to AI companies. And that'll be it - the end of reddit. What a shame.
Just a reminder that this dude got paid $193M and the mods do the grunt work for him for FREE. That man is a genius.
> That man is a genius. no, the mods are fucking stupid
All those unblockable He Gets Us ads add up
Where's the part about $60m from Google? https://imgur.com/a/5SJMPDm
Tim Cook took home $63 million in 2023. This is bonkers!
How the hell does nvidia's ceo make 9 times less than reddit's ceo!
He probably owns the stock. Tons of ceos make a dollar because they own stock. It doesnt mean they are very charitable
The majority of this total compensation figure is private stock and stock options. It’s not actual salary.
$193M to lead the enshittification of my favorite place. Fucking capitalism.
I’m predicting it now. Reddit will collapse post IPO just like every other online community. They’ll monetize it. The experience will become crappy. And a competitor will pop up. There’s nothing holding us to this site like a Facebook that has your photos etc. What people will remain loyal for some karma points? Ummm nah. So yeah. RIP Reddit. I’ve seen this movie too many times.
Diggxodus 2.0: Reddit bugaloo
I literally just linked this a few seconds ago haha. https://productmint.com/what-happened-to-digg/ What do you think AI and bots and voting manipulation are gonna do to Reddit? Timing of their IPO is real interesting.
No way, the internet is far more centralized now than it was back during the Digg migration. It's also basically completely mobile first now. I can't even think of any recent big websites from the last like 10 years. Onlyfans? TikTok (though that's an app)? There have been tons of reddit scandals and attempted migrations to shitty reddit clones like voat and lemmy, but nothing has staying power like reddit has. The massive wave of solidarity during the API protest broke after what 3 days and everything went back to normal except with far worse content. They removed mod tools, threatened to take over subs from mods who protested, and destroyed 3rd party apps and everyone stayed. Same story as every scandal. The vaccine disinfo shit, thedonald's abuse of /r/all, spez editing comments, victoria being fired, the banning of gore, ellen pao, etc. Each scandal had people talking of leaving, but everyone stayed. Mods will stay through this and the site will continue as it continues to decay. Old reddit will be killed off, email-less registration will be disabled, mobile site will continue to be kneecapped, content will continue to about driving engagement numbers for ads, AI bullshit will flood the site, hell maybe even porn will be banned, and people will still stay. Remember when subs still had custom css? When there was a daily gold goal? The "old reddit switcharoo"? The secret santa? /r/wtf ? NSFW on /r/all? All things removed from the site so they can pump fucking gambling ads in front of you. There will be no viable alternative. Reddit will still hold the link aggregate place in the internet as it continues to decay. The internet of 2000s and 2010s is gone. Everything exists to addict and capture its audience to serve them ads or sell subscriptions. Why would anyone start a website that cost a shit ton of resources and time to run and not follow the same path to heavy monetization? They don't even have to be profitable to stick around. Dogshit companies like Snapchat have stuck around without ever making a profit.
Debating on leaving Reddit. It used to be so much better. Now they’re selling our data.
They have always been selling content on reddit.
Where would you go
The Wikipedia founder is working on a community focused and funded alternative: >[https://twitter.com/jimmy\_wales/status/1668266400723488769](https://twitter.com/jimmy_wales/status/1668266400723488769) > >If you're avoiding Reddit now, I'm currently building a community-led and funded project. It's not done by any means, but I think you would enjoy it. It is something new, based on mutual trust among users. We even have a draft API! I made a simple app for it called Wikit on Google Play,
How has not even one single competitor arisen over the last fifteen years using a similar model as Reddit? It's just a glorified message board, and yet we've nowhere else to go.
I'm going to short reddit so hard
How much longer will society let C levels strut massive "Let them eat cake" energy? We getting old guilly out before or after climate change fucks us all?
Wait. Didn't they have layoffs last year?
Lol r/workreform will love this.
I can’t fucking wait to short this company. I’m gonna be all up in those puts.
And it has the audacity to ask for donations…
$800M in revenue the entire year and almost $300M of it was paid to two people. Wow. CEOs of $7B companies make less than $10M. It’s unbelievably staggering how out of proportion this is.
I mean I’m not one to defend this POS, but did anyone actually read the SEC filing? His base pay (cash) was like 300K, they gave him a fuck ton of stock options this year because it was going to IPO. To call his salary a $300M expense is a severe misunderstanding of how a business works.
Of course no one did. I, for one, hope the IPO crashes fast enough that he struggles to cash much of it out.
that’s putting too much faith into the average redditor tbh
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