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> How is that even possible? Incompetence. Pure and simple. It was clear before Huffman really decided to go full-Elon and it's crystal clear now. He has no bu

> How is that even possible? Incompetence. Pure and simple. It was clear before Huffman really decided to go full-Elon and it's crystal clear now. He has no business running a company. The revenue that Reddit brough it in 2021 ($350M) should be able to cover the staff and servers for Reddit easily. Of course they got VC money which means you overhire and spend like no tomorrow which is partly to blame (bad leadership being the other). Reddit is just not that complicated and they only things they've put time/resources into in the last few years are gimmicks that no one uses (Chat) and/or gross cash grabs (NFTs) that also lie abandoned all while ignoring what users were asking for until it directly affected them (things like being able to wrest control of a sub from a mod). Also "better mod tools" is pretty much the same as "infrastructure week" to the last US administration. But yeah, I have zero doubt they could be profitable but they can't be profitable-enough for investors so instead we get this shit.

hersko 3y ago
> Huffman really decided to go full-Elon I bet investors wish he went full Elon.
- slama 3y ago
  Considering twitter's worth a third of what he paid for it, probably not https://www.bloomberg.com/news/articles/2023-05-30/twitter-is-worth-33-of-musk-s-purchase-price-fidelity-says https://www.bloomberg.com/news/articles/2023-05-30/twitter-i...
  - tourmalinetaco 3y ago
    Keep in mind the $44B number was a joke offer he was forced to pay out. He knew it wasn’t worth as much, but he fucked around and found out. According to NASDAQ, pre-purchase it was around $13B. And Elon claims it’s at $20B. So supposedly he has improved the net worth, but yes obviously he’s still $20B in the hole. https://www.nasdaq.com/articles/what-is-twitters-net-worth https://www.nasdaq.com/articles/what-is-twitters-net-worth
  - dbg3386 3y ago
    …And Fidelity deepened its valuation cut in Reddit again, today. https://techcrunch.com/2023/06/30/fidelity-deepens-valuation-cut-for-reddit-and-discord/ https://techcrunch.com/2023/06/30/fidelity-deepens-valuation...
    - E39M5S62 3y ago
      That's the article that the comments are all about, yes.
  - FormerBandmate 3y ago
    Tesla is a wildly different story because they're quickly becoming the Apple of cars. They've convinced all the American automakers to use the Tesla charger, they're setting themselves up to basically own road charging
onetokeoverthe 3y ago
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hersko 3y ago

> Huffman really decided to go full-Elon I bet investors wish he went full Elon.

slama 3y ago
Considering twitter's worth a third of what he paid for it, probably not https://www.bloomberg.com/news/articles/2023-05-30/twitter-is-worth-33-of-musk-s-purchase-price-fidelity-says https://www.bloomberg.com/news/articles/2023-05-30/twitter-i...
- tourmalinetaco 3y ago
  Keep in mind the $44B number was a joke offer he was forced to pay out. He knew it wasn’t worth as much, but he fucked around and found out. According to NASDAQ, pre-purchase it was around $13B. And Elon claims it’s at $20B. So supposedly he has improved the net worth, but yes obviously he’s still $20B in the hole. https://www.nasdaq.com/articles/what-is-twitters-net-worth https://www.nasdaq.com/articles/what-is-twitters-net-worth
- dbg3386 3y ago
  …And Fidelity deepened its valuation cut in Reddit again, today. https://techcrunch.com/2023/06/30/fidelity-deepens-valuation-cut-for-reddit-and-discord/ https://techcrunch.com/2023/06/30/fidelity-deepens-valuation...
  - E39M5S62 3y ago
    That's the article that the comments are all about, yes.
- FormerBandmate 3y ago
  Tesla is a wildly different story because they're quickly becoming the Apple of cars. They've convinced all the American automakers to use the Tesla charger, they're setting themselves up to basically own road charging

onetokeoverthe 3y ago

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