Reddit isn’t profitable, despite having more than 50 million daily active users. In preparation for an IPO, CEO Steve Huffman put the platform’s API
Hoffman’s reaction
Care to share a link if you have it readily available? Otherwise I can hunt around for it :)
Christian is not talking to Huffman there.
Also, fuck spez, but Christian looks pretty bad in that sound bite. The $10 million thing really looked like a threat, and Christian tried to back pedal only after he got called out.
I always interpreted it along the lines of
“Apollo is losing you 20m per year. Buy me out for 10m. You save 10m the first year, and 20m the following years. I make a one-off 10m, which is 50% of what you value my app to be worth per year.”
But I agree that whole exchange doesn’t go great.
Easy to misunderstand without hindsight!
However, it is quickly clarified and agreed upon (from both sides) that it’s not a threat.
So, spez takes part of that conversation massively out for context and said Christian threatened Reddit. Which isn’t in good faith
