Reddit has never turned a profit in nearly 20 years, but it just filed to go public anyway
https://edition.cnn.com/2024/02/23/tech/reddit-ipo-filing-business-plan/index.htmlOpen linkView original on slrpnk.netSyndicated from the fediverse. Read and engage on the original instance.
View original on slrpnk.nethttps://edition.cnn.com/2024/02/23/tech/reddit-ipo-filing-business-plan/index.htmlOpen linkView original on slrpnk.net
12 replies
They might have been able to turn a profit, but apparently u/Spez (fucking dipshit) collects over 190million in CEO compensation.
Yeah, I saw that article too but it's misleading. According to the S1 filed with the SEC, spez's current base pay is $450,000; in 2023 he received about $792,000 in performance-based cash bonus. The rest of that 193 million is options. It's not the reason reddit isn't profitable.
That motherfucker for 800k for THAT performance last year? I've never seen a blow up like he oversaw...how the fuck does that get you a bonus?
There was no blowup, Reddit both received more funding and their advertising earnings increased. A 21% revenue growth in 2023, I'd say also active user growth but I'm not entirely sure.
He's paid to be the face that everyone blames.
Could you elaborate on that for someone who has no clue about stock market stuff?
He's mostly being paid in something that has potential value that he won't be allowed to sell in large enough quantities to have any real value.
Paying the world’s biggest pissbaby almost 200 million surely instills confidence in investors
You think Reddit has BEEN bad? Wait until theres shareholders expecting a ROI.
Ah it's one of these things that they probably could be profitable, and certainly their almost billion in sales per year is healthy
It's worth remembering that corps pay no taxes if they spend more than they earn. VCs will often be happy to cover that shortfall with the idea of a big sale later. So nobody pays taxes and then eventually they sell or IPO for big bucks and roll that into more investments. The economy keeps on pumping
Honestly its probably not going to go well.
it's the old kamikaze wager, either it works or