Reddit Files to Go Public, Reveals That It Paid CEO $193 Million Last Year::Nineteen years since its founding, the social media site is finally going public.
So… the asshole who used reddits “unprofitability” as a fig leaf for hamstringing their user base with a garbage API policy just so happens to be the same guy that got paid 25% of the entire company revenue for the last year?
What a Fucking chode.
Who’s bullshit earned him more money then either of us, put together, could ever hope to make in our entire lives.
In. One. Year.
I’m in a comfortable position in my life right now, so I’m fortunate. That said I don’t know if I would sell myself out for that money. The money would be no good after I off’d myself from the guilt of being such a piece of shit. I’d probably be awesome for a while, but I’d either turn into the unempathetic monsters I hate, or it would catch up to me. Not worth it.
Really I’d probably take it… I’m human.
Reddit gave more than 1/3rd of its revenue to 2 people, plus options. Holy fuck.
Apple doesn’t even pay it executives close to what Reddit is dishing out, even if you consider the stock they get.
Do NOT invest in this company. Now that we can see the books, it’s clear how poorly things are actually run.
Tim Cook of apple got paid $92 million in 2022 - a massive degree of overcompensation in my opinion, and an amount he got sued for.
If he got paid at a comparable percentage of revenue to spez last year that would have been (amusingly) a 92 Billion dollar paycheck - 1000x as much.
Regardless of how much I dislike the guy personally investors should be running away screaming from this IPO.
Another example of why we raise the tax rate for the top tier of earners.
Or cap executive pay at a multiple of worker pay. Making 100x the average lifetime earnings in the US in one year is sickening!
What they do on several Reddit subs is market manipulation. I really wonder what keeps FED/FTC away from seeing this fact. They are allowing a service serving to market manipulation by criminals to have a IPO. So let’s say your post to wall Street bets is clearly illegal but it serves to Reddit. Will they hurry removing it or even removing the sub? The crypto gangs there are even worse, don’t mess with them. These guys are very well connected in real life, you know guns etc.
Looking it up, almost all of it is from stocks. Not sure how it works exactly, is that new stock he got or was it from his existing stock?
If the company is going public it doesn’t really matter, they can just sell the stock.
Employees usually can’t just sell their stock whenever they want, especially at the C level. They have scheduled sales because they always have material knowledge about the company that would lead to insider trading.
Regular employees will have long vesting schedules (often backdated to their start date if they worked there while it was private), and often can’t sell in certain blackout periods.
No fucking wonder they aren’t profitable lol
It’s always so sad watching companies complain about not making enough money while execs are paid ludicrous amounts of money.
“We need to shut down APIs because they’re exploiting us for free money!”
entire site is moderated by unpaid, unrecognized “employees”
$193 million to shit on his users and the people who made Reddit what it is.
I mean… There’s not a lot of people who wouldn’t take $193 million for that.
Unable to delete so editing instead. Leaving Lemmy.world due to privacy concerns.
Shit I’d take home 9.3 million to do that.
And then move out of town and change my name because have you seen how nuts some redditors are?
I do it for far, far less.
The chance to fuck with all redditors at once? Priceless
Remember when pigboy spez tried to say that the API pricing was, at least partially, because reddit still wasn’t turning a profit?
I wonder if paying some fucking moron who brings effectively no value to the company $193 million has anything to do with it…
