He lives in a bubble and he’s certain that following Musk’s example will make him richer. But what he fails to understand is that, while reddit is massive and people are addicted to or reliant on it, if it stops producing high-quality content, it’s going to eventually be replaced by something else. Hopefully, by the fediverse.

He’s been quoted saying it was a mistake to only get $15 mil when they sold reddit the first time. I bet he has a ton of stock options tied up in this and just wanted to cash out as much as he could now and be done. His greed (and mouth) probably got the better of him and it’ll end up costing him. He’ll still get richer from the IPO, reddit will be around for years and is valuable to advertisers, but he had a shot at being a billionaire if he played his cards right, that’s pretty unlikely now.

Twitter and Reddit have really thrown the idea that the “elite” are somehow smarter or more competent into disrepute. They are literally just ideologues.