390
Reddit Files to Go Public, Reveals That It Paid CEO $193 Million Last Year
(www.thedailybeast.com)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 23 Feb 2024
390 points (96.2% liked)
News
23600 readers
3767 users here now
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source.
Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.
7. No duplicate posts.
If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners.
The auto mod will contact you if a link shortener is detected, please delete your post if they are right.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
founded 2 years ago
MODERATORS
Math time!
Let's use nice round numbers to make this easy. We're going to pay community mods a salary of US$100,000.00.
Now, keep in mind that the cost of labor to a business is much more than just salary. Employees need technology, 401K matching, health insurance subsidies, an HR department, management, company stock programs, training - all sorts of things. Again, to make this easy, we'll say that each community mod costs the business another US$100,000.00, at least in the first year. (I would expect that kind of cost to diminish as an employee gains tenure, even if it never vanishes.)
This means that for every US$1M Reddit decides to spend on human capital instead of a CEO whose job appears to be largely centered around cuntery, you get five community mods. Since we are referring to diverting US$93M, that would give us 465 community mods.
This doesn't work perfectly, since employees generally like to be paid in cash, while executives (who already have all the cash they'll ever need) are much more willing to be compensated with stock options and other similar non-cash strategies. Huffman certainly got some kind of pre-IPO stock grants and/or options that make this IPO very personally rewarding for him, and which cost Reddit US$0.00. (One of the drivers of inflation is how public companies get to essentially print money by issuing stocks.)
All that said, you can keep that kind of math in your back pocket whenever you become aware of any executive salary. Every million dollars one dick swinger gets would employ five well-paid workers (or ten who can live independently with some level of comfort). That executive who gets $200M a year? Half of that would put 500 people to work, and not impact the quality of life of the executive at all.