You think Reddit has BEEN bad? Wait until theres shareholders expecting a ROI.
this post was submitted on 24 Feb 2024
172 points (98.3% liked)
13624 readers
1 users here now
founded 5 years ago
MODERATORS
They might have been able to turn a profit, but apparently u/Spez (fucking dipshit) collects over 190million in CEO compensation.
Yeah, I saw that article too but it's misleading. According to the S1 filed with the SEC, spez's current base pay is $450,000; in 2023 he received about $792,000 in performance-based cash bonus. The rest of that 193 million is options. It's not the reason reddit isn't profitable.
That motherfucker for 800k for THAT performance last year? I've never seen a blow up like he oversaw...how the fuck does that get you a bonus?
There was no blowup, Reddit both received more funding and their advertising earnings increased. A 21% revenue growth in 2023, I'd say also active user growth but I'm not entirely sure.
He's paid to be the face that everyone blames.
Could you elaborate on that for someone who has no clue about stock market stuff?
He's mostly being paid in something that has potential value that he won't be allowed to sell in large enough quantities to have any real value.
Paying the world’s biggest pissbaby almost 200 million surely instills confidence in investors
Honestly its probably not going to go well.
Ah it's one of these things that they probably could be profitable, and certainly their almost billion in sales per year is healthy
It's worth remembering that corps pay no taxes if they spend more than they earn. VCs will often be happy to cover that shortfall with the idea of a big sale later. So nobody pays taxes and then eventually they sell or IPO for big bucks and roll that into more investments. The economy keeps on pumping
it's the old kamikaze wager, either it works or