this post was submitted on 28 Feb 2024
135 points (93.5% liked)

Reddit

13624 readers
1 users here now

founded 5 years ago
MODERATORS
norz@lemmy.ml
135
Wait. Why is Reddit losing so much money? (www.businessinsider.com)
submitted 8 months ago* (last edited 8 months ago) by spider@lemmy.nz to c/reddit@lemmy.ml
71 comments fedilink hide all child comments
 

Reddit kind of anticipates this critique in its investor docs, and argues that it didn't really start operating as a serious business until 2018 when it finally started "meaningful monetization efforts" — that is, trying to make money for real.

But that's still six years ago. What has Reddit been doing since then?

One big, obvious answer: It has been hiring a lot of engineers and spending a lot of money on their salaries...

...What am I missing? I asked Reddit comms for comment but they declined, citing the company's quiet period before the IPO.

Internet Archive capture

you are viewing a single comment's thread
view the rest of the comments
[–] _haha_oh_wow_@sh.itjust.works 14 points 8 months ago (1 children)

Including one that just got paid 193 million, holy shit!

[–] spider@lemmy.nz 7 points 8 months ago* (last edited 8 months ago)

Most of that includes options that he would have to wait to cash out, which is probably what inspired him to blow things up over the summer.