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> The problem with all of these sites is they start to service the lowest common denominator in the name of next quarters profits. [...] It seems so clear to me
by stametseater 3y ago
> The problem with all of these sites is they start to service the lowest common denominator in the name of next quarters profits. [...] It seems so clear to me that billionaires mean we can't have nice things"
The pressure to increase quarterly profits to the detriment of the long-term emerges from the very nature of short-term investment, particularly as facilitated by stock exchanges. Eliminating billionaires would not eliminate this dynamic.
- lotsofpulp 3y agoYes, Reddit is not even part of a publicly listed company that has investor pressure to meet quarterly numbers, it is privately owned by the Newhouse family. People just like having more money than less money. https://en.wikipedia.org/wiki/Advance_Publications https://en.wikipedia.org/wiki/Advance_Publications
- Aloha 3y agoI think reddit is majority owned by Reddit employees.
- 7373737373 3y agoThe lack of ownership transparency is an absolute failure. Reddit should not have been for profit anyway
- lotsofpulp 3y agoAs of Jul 2015, per Wired article: https://www.wired.com/2015/07/wired-conde-nast-reddit/ https://www.wired.com/2015/07/wired-conde-nast-reddit/ >Advance Publications, is Reddit's majority shareholder