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Reddit Files to Go Public, Reveals That It Paid CEO $193 Million Last Year
(www.thedailybeast.com)
this post was submitted on 23 Feb 2024
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$804M in revenue... $286M to CEO and COO pay alone... so just two officers are worth 35% of the company's annual revenue? Not profit, because it isn't profitable, but just base revenue. Not even Elon Musk is paid that high a percentage of revenue.
Even ignoring the fact reddit doesn't pay anyone for moderation, and all their other reliance on community freebies... That's insane.
And they want to go public with that info? They believe that's a financially sound position to be in heading into an IPO? Spez is even more stupid than I thought.
It’s impossible to underestimate Spez’s intelligence.
Yeah I didn’t really have a frame of reference for this but I was shocked to discover that Tim Cook was ‘only’ paid 62million usd last year. (!) Looking at the success of both companies, Huffman’s pay seems wildly out of proportion.
And lost $90M overall. As a certified financial genius, I know how to make Reddit profitable, and it has nothing to do with AI.
99% of the users left there won't care about this. People here obviously do, but those are the ones that left because of the API debacle. I'd hope they start caring but I am pretty certain they won't.
I'm not talking about reddit users. They have no bearing on public investors frankly. Investors don't give a shit about users, just profitability. And an unprofitable company with no end of unprofitability in sight spending 35% of their limited revenue on two executives is ridiculous.
People will just use buy and dump strategy.
His buddies are probably shorting it.
If he weren't so stupid I'd say he's probably shorting it. I'd be shorting it if I had an investment account that could do that sort of thing.
I haven’t been on Reddit in a very long time. I wonder if this story or any like it or getting posted on Reddit and surviving for more than five minutes before they’re pulled.