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Reddit enrages users again by ditching thank-you coins and awards (www.businessinsider.com)

submitted 1 year ago by L4s@lemmy.world to c/technology@lemmy.world

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Reddit enrages users again by ditching thank-you coins and awards::Reddit, which is still dealing with the fallout from its last controversial decision, said it plans to phase out coins and awards.

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[-] TWeaK@lemm.ee 5 points 1 year ago* (last edited 1 year ago)

Definitely not. Here's the breakdown of the $44mil purchase:

$5 mil from other investors, including a Saudi prince
$26 mil from Elon, underwritten by stocks in Tesla (which significantly dropped in value after the purchase)
$13 mil in a loan that Twitter took out to buy itself on Musk's behalf.

Twitter could hardly pay the interest on that $13 mil, even before Musk tanked the company's revenue. Either Twitter steps into line and gets more investment from right wing control freaks, or it dies - both could be seen as a win in the eyes of Peter Thiel or the Saudis.

this post was submitted on 15 Jul 2023

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