this post was submitted on 24 Feb 2024
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Reddit has never turned a profit in nearly 20 years, but it just filed to go public anyway (edition.cnn.com)
submitted 1 year ago by ZeroCool@slrpnk.net to c/reddit@lemmy.ml
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[–] ClopClopMcFuckwad@lemmy.world 57 points 1 year ago (7 children)

They might have been able to turn a profit, but apparently u/Spez (fucking dipshit) collects over 190million in CEO compensation.

[–] ZeroCool@slrpnk.net 26 points 1 year ago* (last edited 1 year ago) (5 children)

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.

[–] S_204@lemm.ee 17 points 1 year ago (2 children)

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?

[–] ProtonBadger@kbin.social 6 points 1 year ago* (last edited 1 year ago)

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.

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