this post was submitted on 23 Feb 2024
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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.

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[–] Ghostalmedia@lemmy.world 376 points 1 year ago (7 children)

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.

[–] danc4498@lemmy.world 16 points 1 year ago (1 children)

Another example of why we raise the tax rate for the top tier of earners.

[–] grantly@lemmy.world 6 points 1 year ago (1 children)

Or cap executive pay at a multiple of worker pay. Making 100x the average lifetime earnings in the US in one year is sickening!

[–] danc4498@lemmy.world 5 points 1 year ago

This feels less possible than just making the taxes what they used to be pre Reagan

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[–] FartsWithAnAccent@lemmy.world 244 points 1 year ago (2 children)

No fucking wonder they aren't profitable lol

[–] MindSkipperBro12@lemmy.world 103 points 1 year ago (3 children)

“We need to shut down APIs because they’re exploiting us for free money!”

entire site is moderated by unpaid, unrecognized “employees”

[–] einlander@lemmy.world 19 points 1 year ago

*Content generators for AI training data sets.

[–] ooterness@lemmy.world 19 points 1 year ago

entire site is moderated by unpaid, unrecognized “employees”

Don't you mean "landed gentry"? /s

Fuck Spez.

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[–] ElderberryLow@programming.dev 159 points 1 year ago (2 children)

$193 million to shit on his users and the people who made Reddit what it is.

[–] Aermis@lemmy.world 27 points 1 year ago (1 children)

I mean... There's not a lot of people who wouldn't take $193 million for that.

[–] CurbsTickle@lemmy.world 54 points 1 year ago* (last edited 1 year ago) (1 children)

Unable to delete so editing instead. Leaving Lemmy.world due to privacy concerns.

[–] KingThrillgore@lemmy.ml 12 points 1 year ago (1 children)

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?

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[–] GBU_28@lemm.ee 8 points 1 year ago (1 children)

I do it for far, far less.

The chance to fuck with all redditors at once? Priceless

[–] notannpc@lemmy.world 156 points 1 year ago (2 children)

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…

[–] n3m37h@lemmy.dbzer0.com 19 points 1 year ago

It was def the ~~unpaid~~ moderators, just look how many there are!

[–] RandomVideos@programming.dev 13 points 1 year ago (1 children)

Doesnt he bring negative value?

[–] circasurvivor@lemm.ee 15 points 1 year ago

Wow - really? Did you not read that he's the CEO?! They're the hardest working person in any company! They always deserve to be compensated more than every other freeloading employee combined!

[–] proper@lemmy.world 141 points 1 year ago (3 children)

Aaron Swartz didn't kill himself.

(MIT and the FBI did that)

[–] _number8_@lemmy.world 9 points 1 year ago

so fucking sad. he got rung up on a bullshit technicality. broke my heart when i read about how his lawyers were begging the prosecution to tone down the bombast rhetoric and shock-and-awe proposed sentences because it was severely affecting his mental health. and yeah

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[–] gloss@discuss.tchncs.de 125 points 1 year ago (3 children)

Spez is an idiot who sold reddit to Conde Nast for peanuts, failed in very other start up he tried, and then came crawling back. And they somehow made him CEO. And he is overpaying himself by $193 million a year. Reddit deserves whatever happens to them.

[–] echodot@feddit.uk 27 points 1 year ago (2 children)

I don't get what as CEO he even actually does. When was the last time Reddit had any major update?

[–] Strawberry@lemmy.blahaj.zone 45 points 1 year ago (2 children)

well there was the update that removed the open api, and the update that made half the site require using the app

[–] ahal@lemmy.ca 16 points 1 year ago (1 children)

Don't forget the update to the privacy policy so they can sell more of your data

[–] SomethingBurger@jlai.lu 9 points 1 year ago (1 children)

Also the one time when spez updated someone's comment directly in the database.

[–] Dlayknee@lemmy.world 5 points 1 year ago

Pretty sure that was more than one time

[–] SSUPII@sopuli.xyz 10 points 1 year ago

And they removed awards replacing them with super upvotes

[–] force@lemmy.world 7 points 1 year ago

The CEO just influences PR decisions and says stupid stuff online, they don't actually do anything for the company

[–] bitwaba@lemmy.world 13 points 1 year ago (1 children)

Reddit deserves whatever happens to them.

Unless it's good.

[–] ripcord@lemmy.world 5 points 1 year ago

Like an IPO where they make an absolute shitton?

[–] sunbeam60@lemmy.one 5 points 1 year ago

The board is paying him $193m/year.

[–] rottingleaf@lemmy.zip 48 points 1 year ago (1 children)

A friendly reminder that corporate corruption is still corruption, and a C-person is not an owner.

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[–] FrankTheHealer@lemmy.world 21 points 1 year ago

Fuck that shit heap of a company. And fuck spez that greedy little cunt.

[–] modifier@lemmy.ca 18 points 1 year ago (3 children)

I bet the remaining redditors could figure out a way to salt the proverbial earth for the ai, even as the site dies slowly.

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[–] sploosh@lemmy.world 14 points 1 year ago

So that rich asshole killed a bunch of developers' income streams because he checks notes is paid too much. What a greedly little pissboy the former mod of /r/jailbait is.

[–] skozzii@lemmy.ca 10 points 1 year ago (1 children)

He stole from us, the hard work of all the actual redditors who built that platform. Disgusting.

[–] Robaque@feddit.it 4 points 1 year ago* (last edited 1 year ago)

We're in the age of the technofeudalists

[–] fne8w2ah@lemmy.world 9 points 1 year ago

Fuck spez the hurensohn always and forever.

[–] KingThrillgore@lemmy.ml 7 points 1 year ago

Can they get their money back?

[–] LeroyJenkins@lemmy.world 4 points 1 year ago

fuck /u/spez

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