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The board and shareholders don't matter one bit, Reddit is an entirely private company now owned by Advance Publications (which Condé Nast is a subsidiary of).
by qbasic_forever 3y ago
The board and shareholders don't matter one bit, Reddit is an entirely private company now owned by Advance Publications (which Condé Nast is a subsidiary of). AP could defund and dissolve the board entirely and decide only people with a birthday ending in 1 and who live in blue houses control Reddit--they're private and have complete control over the company, nothing else matters. Hitting them where their money is made (CN) will have an impact. Going after board members is wasting time or just a diversion to make people not go after the money.
- Macha 3y agoNo, Advance Publications entirely owned Reddit in 2017, and have since sold shares in it in a number of investment waves, and as such no longer have the 51% of shares required to take actions unilaterally.
- JumpCrisscross 3y ago> they're private and have complete control over the company, nothing else matters Not sure where you're getting your information. This is incorrect. Private company shareholders, particularly when they collectively own a majority of the company, have significant rights. In Reddit's case, these are shareholders with preferred shares, Board seats and votes. > AP could defund and dissolve the board If you sell a company to someone else, you don't get to dissolve its Board because you once controlled it. > where their money is made (CN) Again, Condé Naste's entire leverage is their one Board vote. Nothing more. Reddit is a Delaware corporation with a publicly-filed COI.