Sure, that is pretty crappy. But I liken that to employees who build their budgets and personal financing around bonuses. Nice to have, but not a guarantee and wrong thing to assume you’ll get them. Always assume equity will be zero, IPOs benefit C-levels and investors heavily.
I can’t find much on reddit’s equity offerings for employees but I imagine it’s, at best, a pittance. Their other benefits are top notch though. No wonder they “don’t turn a profit”.
Fidelity dropping reddit’s valuation by ~40% made me go “oh boy that’s bad news” when I saw it at the start of the month.
Imagine thinking you’re cashing out at 10 billion and now you’re only getting 6. The horror.
Don’t forget the 4 AITA subs, a few subs for some fandoms because admins can be trash (Making a Murderer has like 3 itself). It’s fragmented on reddit too.
It’s all coming together now. Elon is his role model and reddit’s light treatment of alt-right nonsense under the guise of “free speech” is because he’s a true believer (most have always suspected this). Not that it’s all that surprising I guess, he is a CEO.
Human accounts and generally the main content creators on top of it. The ones who create posts, the ones who drive discussion and commentary.
The bulk of their ad revenue probably comes from lurkers and consumers, but their platform is built entirely on the aggregation of a small subset of the power users. You need both. He doesn’t seem to really understand that. Sure you can replace mods, maybe they’re better, maybe they’re worse, but you can’t replace content creators and force conversation.
He’s definitely sweating bullets by the way he’s throwing everything at the wall to see what sticks.
I’m thinking that’s why that memo got leaked, there’s already dissension among the ranks. I’m sure he’s absolutely livid like his idol Mr Musk.