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The CEO is doing the board's bidding. Reddit just raised $50 million. The board is controlled by investors. They don't see the current state of Reddit as a good
by onewaystreet 11y ago
The CEO is doing the board's bidding. Reddit just raised $50 million. The board is controlled by investors. They don't see the current state of Reddit as a good (profitable) thing.
- curiousjorge 11y agoMaybe reddit or social networks are inherently hostile against any corporate sponsorship or making money because it brings censorship and lowers trust of the content.
- morgante 11y ago> Maybe reddit or social networks are inherently hostile against any corporate sponsorship or making money because it brings censorship and lowers trust of the content. Other social networks are certainly profitable (ex. Facebook).
- nness 11y agoFor reference, Reddit raised $50m in Series B funding in Sept 2014. They also provided $40m in Series A funding to Imgur.
- gfreeman 11y agoI'm not doubting you but can you please tell me how you know this? Also, is there a canonical source of info about reddit's finances and BoD details? The only info I seem to find is in random reddit and HN comments with no links to back it up. What I'm most interested in is whether reddit has finally managed to get in the black and who's on the board.
- nness 11y agoIt's all documented on Crunchbase: https://www.crunchbase.com/organization/reddit https://www.crunchbase.com/organization/reddit Reddit isn't publicly traded, so they have no obligation to discuss their financials or leadership makeup, which is why nothing but their funding is public.