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"It’s always bothered me that users create so much of the value of sites like reddit but don’t own any of it. So, the Series B Investors are giving 10% of our
by gatsby 12y ago
"It’s always bothered me that users create so much of the value of sites like reddit but don’t own any of it. So, the Series B Investors are giving 10% of our shares in this round to the people in the reddit community, and I hope we increase community ownership over time. We have some creative thoughts about the mechanics of this, but it’ll take us awhile to sort through all the issues. If it works as we hope, it’s going to be really cool and hopefully a new way to think about community ownership."
This is awesome. Curious to see how this plays out. What's the approximate timing for announcing if reddit is able to do this or not?
- not_that_noob 12y agoI hope this works out - nice move Sam. This and ceding voting control. Setting the benchmark by which others will be measured.
- deleted 12y ago[deleted]
- johnyzee 12y agoVery cool. It's like turning reddit into a bit of a communal property.
- buckbova 12y agoProbably all shares go to r/gonewild.
- AndrewKemendo 12y agoLooks like it is going to be a cryptocurrency: https://news.ycombinator.com/item?id=8390136 https://news.ycombinator.com/item?id=8390136
- elwell 12y agoWith a monetary incentive, how will this affect behavior?
- ufmace 12y agoI don't understand this. How does "the reddit community" own shares in a company? What does that even mean? Are board votes going to be held on reddit posts or something?
- benmathes 12y agolikely some kind of cryptocurrency. Given YC's involvement in Stripe, nonzero chance it will be done with Stellar.