"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."

-reddit

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.

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

It doesn't really need to perform well financially. He can sell everything as soon as it goes public and retire

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.

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

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.

Doesn't reddit already have NFTs?

That's already there since a couple of years.