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I don't know how much sway Conde Nast has. Reddit spun out in 2011, and since then has raised about $1.25bn (!!) dollars. So I doubt Conde Nast has much say, i
by gkoberger 3y ago
I don't know how much sway Conde Nast has. Reddit spun out in 2011, and since then has raised about $1.25bn (!!) dollars.
So I doubt Conde Nast has much say, if any, at this point.... and while I dislike everything spez is doing, I imagine he has the full backing of investors looking to IPO soon.
- jonny_eh 3y agoWhoever invested the $1.25B has the say now. Hence this drama.
- hdjjhhvvhga 3y agoBut do these people realize what is actually happening? And to think it all started because of API pricing increase...
- jonny_eh 3y agoHas the WSJ reported on it yet?
- mymythisisthis 3y agoManager of an investment fund is told to invest in social media, so they do so. Put a bit of money into each one. Market's aren't rational.
- 6510 3y agoMaybe they just want to burn it to the ground.
- vlunkr 3y agoThey are probably realizing that it's not the cash cow they wanted.
- funciton 3y ago$300 million of that was raised against a $3 billion valuation, and another $700 million against a $10 billion valuation. All in all fairly little dilution for Conde Nast / Advance Publications.
- isomorphic 3y agoArs Technica still puts this blurb at the end of their Reddit-related articles: > "Advance Publications, which owns Ars Technica parent Condé Nast, is the largest shareholder in Reddit." https://arstechnica.com/gadgets/2023/06/the-reddit-protests-are-winding-down-so-whats-next/ https://arstechnica.com/gadgets/2023/06/the-reddit-protests-... (That article is a day old now, and I still don't think it includes everything that's happened late this week.)
- JumpCrisscross 3y agoLargest, but not controlling. They have one Board member. The others are J.D. Power (David Habiger), Joy (Porter Gale) and Y Combinator (Mike Seibel), among others. They can't "step in and stop the madness."