It’s impossible to underestimate Spez’s intelligence.

Yeah I didn’t really have a frame of reference for this but I was shocked to discover that Tim Cook was ‘only’ paid 62million usd last year. (!) Looking at the success of both companies, Huffman’s pay seems wildly out of proportion.

And lost $90M overall. As a certified financial genius, I know how to make Reddit profitable, and it has nothing to do with AI.

His buddies are probably shorting it.

And they want to go public with that info?

99% of the users left there won't care about this. People here obviously do, but those are the ones that left because of the API debacle. I'd hope they start caring but I am pretty certain they won't.

I haven’t been on Reddit in a very long time. I wonder if this story or any like it or getting posted on Reddit and surviving for more than five minutes before they’re pulled.

Well, it's not like anyone here ever gave them free labor, right?

The article states that part of the compensation was stock and stock options. Likely incentive programs from previous years that finally paid off.

edit: looks like spez got 600k salary, and the rest of the compensation is solely based on the stock's performance.. and he can't cash that out unless someone is willing to buy all that reddit stock.

What are they supposed to spend it on? Developing and implementing features that users and moderators actually want?

Fuck you, spez.

Absolutely insane. Considering how shitty their UI is as well as them not paying their mods. This an incredibly naked theft of labour. This is many times more appalling than the 3rd party app debacle.

I went on the reddit post for this article. There is a lot of resignation from the people there, not anger like before. Most of them don't seem to know about the fediverse but I can tell they are truly seeing the death of Reddit and are not sure what to do. As much as I would like to I refuse to make an account to spread the word.

Anyway, I think this is an indication that we will be seeing further growth here on Lemmy.

It is and has been a mainstream site for a while now. It’s followed the same trajectory as Facebook. The typical user only cares about the topics that interest them. They have zero interest in what’s happening in the background and are fully accustomed to being blasted in the face with ads 24/7.

Recommend reading some of the comments:

https://www.reddit.com/r/technology/s/eEL6RLmxkx

Spez removed him from the founders page on reddit a year or so after he became CEO. The most recent time.

I love that Aaron Swartz is mentioned anytime Spez is mentioned. Aaron will always be a hero to me, and Spez is the antithesis of everything Aaron stood for.

Fuck spez

Fuck spez

trickle deez nutz on spez and all oglirarchs

He was paid $341,346 in cash. The rest of the compensation is basically monopoly money until they IPO, and even then it depends on the valuation, strike price, etc. Very much a clickbait tactic since most people don't ever deal with options at a scale like this, or at all.

Source

Stock options. Which means the valuation is completely arbitrary tbh. It probably isn't worth nearly that much and that's probably why they gave themselves that much. Theyre likely overvaluating themselves. Because as soon as they go public, or as soon as they try to unload these stocks, their value will probably plummet.

Either way, these are stock options they could have given to their mods, it literally costs them nothing.

"We'll need an alternative but it doesn't exist!"

Lulz

For me this is way worse than the 3rd party apps. It's interesting reading the comments there, they know it's over yet they probably will still stay there. It's like an abusive relationship.