Reddit Files to Go Public, Reveals That It Paid CEO $193 Million Last Year::Nineteen years since its founding, the social media site is finally going public.
Reddit gave more than 1/3rd of its revenue to 2 people, plus options. Holy fuck.
Apple doesn’t even pay it executives close to what Reddit is dishing out, even if you consider the stock they get.
Do NOT invest in this company. Now that we can see the books, it’s clear how poorly things are actually run.
Another example of why we raise the tax rate for the top tier of earners.
Or cap executive pay at a multiple of worker pay. Making 100x the average lifetime earnings in the US in one year is sickening!
This feels less possible than just making the taxes what they used to be pre Reagan
Looking it up, almost all of it is from stocks. Not sure how it works exactly, is that new stock he got or was it from his existing stock?
If the company is going public it doesn’t really matter, they can just sell the stock.
Employees usually can’t just sell their stock whenever they want, especially at the C level. They have scheduled sales because they always have material knowledge about the company that would lead to insider trading.
Regular employees will have long vesting schedules (often backdated to their start date if they worked there while it was private), and often can’t sell in certain blackout periods.
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No fucking wonder they aren’t profitable lol
It’s always so sad watching companies complain about not making enough money while execs are paid ludicrous amounts of money.
Recover 1/3 of.your revenue with this one neat trick! specs hate it!
“We need to shut down APIs because they’re exploiting us for free money!”
entire site is moderated by unpaid, unrecognized “employees”
*Content generators for AI training data sets.
entire site is moderated by unpaid, unrecognized “employees”
Don’t you mean “landed gentry”? /s
Fuck Spez.
Remember when pigboy spez tried to say that the API pricing was, at least partially, because reddit still wasn’t turning a profit?
I wonder if paying some fucking moron who brings effectively no value to the company $193 million has anything to do with it…
Doesnt he bring negative value?
$193 million to shit on his users and the people who made Reddit what it is.
I mean… There’s not a lot of people who wouldn’t take $193 million for that.
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Shit I’d take home 9.3 million to do that.
And then move out of town and change my name because have you seen how nuts some redditors are?
I’d do it for 192 thousand.
remember Aaron Swartz
so fucking sad. he got rung up on a bullshit technicality. broke my heart when i read about how his lawyers were begging the prosecution to tone down the bombast rhetoric and shock-and-awe proposed sentences because it was severely affecting his mental health. and yeah
Behind the Bastards did a two part Christmas Hero episode this past December on Aaron Swartz. Thought it was worth a listen for anyone that wants to learn more about him.
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I bet the remaining redditors could figure out a way to salt the proverbial earth for the ai, even as the site dies slowly.
Any suggestions? I haven’t deleted my Reddit account yet.
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He stole from us, the hard work of all the actual redditors who built that platform. Disgusting.
We’re in the age of the technofeudalists
So that rich asshole killed a bunch of developers’ income streams because he checks notes is paid too much. What a greedly little pissboy the former mod of /r/jailbait is.
Fuck spez the hurensohn always and forever.
Can they get their money back?
fuck /u/spez
