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this post was submitted on 21 Jun 2023
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They increased their staff from around 700 to over 2000 in the last year or so, and their constant drive to turn from a link aggregate to a social media & hosting platform for every reposted image and video imaginable really hasn't helped either. Both of which probably have been done exactly to not be profitable, because then they have to pay taxes, instead the idea is to grow your value as far as it can go while bleeding investor money - last year Reddit was "valued" at 10 fucking billion - and then you sell it to some idiot and cash out. This whole API thing was also part of that plan, to gather everyone to their official site and apps to show advertisers how massive their reach is.
But because Spez is an idiot, he fucked it up.