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Reddit is a lemon. "Some invitees say they’re worried about the company’s financial situation. Reddit recorded a net loss of $90.8 million last year, an improv
by downrightmike 3y ago
Reddit is a lemon.
"Some invitees say they’re worried about the company’s financial situation. Reddit recorded a net loss of $90.8 million last year, an improvement from 2022, when its deficit came it at $158.6 million. The company said in its prospectus that it’s racked up a cumulative loss of $716.6 million."
Reddit's CEO and COO made $193M and $93M in 2023 but their CFO "only" made $6.6M
So if you eliminate the CEO and COO, they have a profitable business. Given those two have tried to kill the community over and again, why keep them?
- EA-3167 3y agoI think it's also just a bit too obvious, even for the slower members of the pack, that this is nothing more or less than an attempted exit with a big payday. I suspect that Reddit has no real answer to the problems of how to be ad-friendly with a hostile user-base. I suspect that Reddit is aware it has no profitability in its future, and with the rising number of bots and bad actors dominating the place, it may not even have a future. Calling it a lemon is right on the nose, and no one is more aware of what a barely-polished turd Reddit has become than its power users.
- downrightmike 3y agoExactly, the founders/investors are trying to bleed it dry. Just like We Work, hopefully reddit gets slapped just as hard, they deserve it.