I find it especially bizarre that spez took inspiration and guidance from Musk. I can entertain the possibility of Musk intentionally driving Twitter to the ground (though he sure is taking the scenic route), but Reddit? It just seems like the rich tech bros have collectively lost their minds
He’s rich not because of his salary (what Reddit pays him). He’s rich because of his equity/ownership in Reddit. But he can only monetize that if there are buyers.
For years this wasn’t a problem because private buyers and banks were happy to buy his shares or lend against them as collateral. However that market has been drying up over the past 18 months.
So he desperately needs to get to an IPO so he, and his Board of Directors and other stockholders, can dump their shares on an unsuspecting retail public market that doesn’t realize that the “profitability” was only achieved by destroying the user base, and that what they’ve actually bought is a ticking time bomb.
The problem is that if the IPO bombs, it’s the public investors that will lose money, as fuck u/spez and other shareholders will have dumped their steaming pile of shit shares onto the market from the start to reduce their shareholding and cash in.
It would be the Institucional investors that have the opportunity to buy before the share is open in the market. After that is fair game to anyone stupid enough to buy it.
They never had their minds. They just now have enough money to make that all of our problems… This is why no one deserves billions of dollars. It makes you go megalomaniacle.
I find it especially bizarre that spez took inspiration and guidance from Musk. I can entertain the possibility of Musk intentionally driving Twitter to the ground (though he sure is taking the scenic route), but Reddit? It just seems like the rich tech bros have collectively lost their minds
Is spez rich?
Yes. While he loves to talk about how little reddit makes, he doesn’t mention how much reddit pays him for that.
He’s rich not because of his salary (what Reddit pays him). He’s rich because of his equity/ownership in Reddit. But he can only monetize that if there are buyers.
For years this wasn’t a problem because private buyers and banks were happy to buy his shares or lend against them as collateral. However that market has been drying up over the past 18 months.
So he desperately needs to get to an IPO so he, and his Board of Directors and other stockholders, can dump their shares on an unsuspecting retail public market that doesn’t realize that the “profitability” was only achieved by destroying the user base, and that what they’ve actually bought is a ticking time bomb.
I really hope the IPO bombs just to spite all the people, including Spez, that drove Reddit into the ground.
The problem is that if the IPO bombs, it’s the public investors that will lose money, as fuck u/spez and other shareholders will have dumped their steaming pile of shit shares onto the market from the start to reduce their shareholding and cash in.
When people say that, they don’t mean they hope it bombs after the IPO…
They mean they hope It bombs before the sale so Huffman and the others with a stake don’t make much money
Anyone that buys the stock after the IPO would get a lower price.
It would be the Institucional investors that have the opportunity to buy before the share is open in the market. After that is fair game to anyone stupid enough to buy it.
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Nah I’m pretty sure he got some preferential liquidation a few times and is cash rich.
Thank you for making my point. That’s not salary. That’s equity sold in a secondary.
Short Reddit on IPO. Give him a good farewell.
Compared to musk? No. Not even close tongue same tier. But he’s still a 1%er
Yes, and he would like to graduate into being obscenely rich through a successful IPO.
Already has more money than he should have.
He’s valued over $10mil
You can’t lose something you never had
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I really don’t believe at all that he would intentionally drive it to the ground. I can see him claiming that if he manages to actually kill it tho
They never had their minds. They just now have enough money to make that all of our problems… This is why no one deserves billions of dollars. It makes you go megalomaniacle.
They just don’t want LLMs scrapping their websites