5 ms·

Yes, let the Big Tech eat themselves. This is how progress is made.

by fallat 3y ago

andrewflnr 3y ago
I can't see Reddit as "Big Tech". It's absolutely not in the same weight class as Google, Facebook/Meta, et al. Which is not to say it shouldn't be allowed to die, but if nothing else we should keep the true scale in mind.
- mansion7 3y ago
  For not being in the same leagues as the big boys, they have outsized power to twist and shape political narratives, they know it and they gleefully exercise it. Consider the fact that their CEO (admittedly!) abused his admin privileges to fraudulently impersonate users, posting fake messages AS them, expressly to frame them. We would not know about it, and he might still be doing it today if not for some observant moderators. But nothing happened to him, at all - in fact the people and subreddit he hacked were themselves banned. THAT is power. THAT is what is meant by "big tech".
  - andrewflnr 3y ago
    It's power, but it's not what people mean by "big tech". That is still a lower tier of power than Google, Meta, or Microsoft. It's just not close. Consider how many congressional lobbyists they command, for instance, if not their effects on speech.
- paulddraper 3y ago
  Twitter market cap is $40B. Reddit's was $10B in their most recent funding round. It's "big" And even bigger if you look at user base/reach
  - guraf 3y ago
    > Twitter market cap is $40B. That might be what Elon paid for it but, if all the recent news articles are to be believed, it's now worth less than 1/4 that.
    - paulddraper 3y ago
      Okay, well that makes my point even stronger :)
  - dragonwriter 3y ago
    > Twitter market cap is $40B. No, its not; not being traded on the open market, it doesn’t have a real market cap. It may have once had a $40B market cap, but that doesn’t mean it does (or would if it were on the market) now.
    - maxbond 3y ago
      The very small piece of Twitter owned by a Fidelity fund which reports publically has been written down a number of times since the acquisition. In December it went down to $8.5m, valued at around $20m at the time of the acquisition: https://www.reuters.com/technology/fidelity-marks-down-value-twitter-stake-by-56-2022-12-30/ https://www.reuters.com/technology/fidelity-marks-down-value... And more recently it's dropped to about $6.6m: https://www.detroitnews.com/story/tech/2023/05/31/twitter-worth-fidelity-musk-investment/70273011007/ https://www.detroitnews.com/story/tech/2023/05/31/twitter-wo... Implying a valuation of $15b (6.6/20 * 44).
  - deleted 3y ago
    [deleted]

Yes, let the Big Tech eat themselves. This is how progress is made.

by fallat 3y ago

Yes, let the Big Tech eat themselves. This is how progress is made.

I can't see Reddit as "Big Tech". It's absolutely not in the same weight class as Google, Facebook/Meta, et al. Which is not to say it shouldn't be allowed to die, but if nothing else we should keep the true scale in mind.

mansion7 3y ago
For not being in the same leagues as the big boys, they have outsized power to twist and shape political narratives, they know it and they gleefully exercise it. Consider the fact that their CEO (admittedly!) abused his admin privileges to fraudulently impersonate users, posting fake messages AS them, expressly to frame them. We would not know about it, and he might still be doing it today if not for some observant moderators. But nothing happened to him, at all - in fact the people and subreddit he hacked were themselves banned. THAT is power. THAT is what is meant by "big tech".
- andrewflnr 3y ago
  It's power, but it's not what people mean by "big tech". That is still a lower tier of power than Google, Meta, or Microsoft. It's just not close. Consider how many congressional lobbyists they command, for instance, if not their effects on speech.
paulddraper 3y ago
Twitter market cap is $40B. Reddit's was $10B in their most recent funding round. It's "big" And even bigger if you look at user base/reach
- guraf 3y ago
  > Twitter market cap is $40B. That might be what Elon paid for it but, if all the recent news articles are to be believed, it's now worth less than 1/4 that.
  - paulddraper 3y ago
    Okay, well that makes my point even stronger :)
- dragonwriter 3y ago
  > Twitter market cap is $40B. No, its not; not being traded on the open market, it doesn’t have a real market cap. It may have once had a $40B market cap, but that doesn’t mean it does (or would if it were on the market) now.
  - maxbond 3y ago
    The very small piece of Twitter owned by a Fidelity fund which reports publically has been written down a number of times since the acquisition. In December it went down to $8.5m, valued at around $20m at the time of the acquisition: https://www.reuters.com/technology/fidelity-marks-down-value-twitter-stake-by-56-2022-12-30/ https://www.reuters.com/technology/fidelity-marks-down-value... And more recently it's dropped to about $6.6m: https://www.detroitnews.com/story/tech/2023/05/31/twitter-worth-fidelity-musk-investment/70273011007/ https://www.detroitnews.com/story/tech/2023/05/31/twitter-wo... Implying a valuation of $15b (6.6/20 * 44).
- deleted 3y ago
  [deleted]