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Reddit's unpopular changes were inspired by Elon Musk's layoffs & cost-cutting (twitter.com)

submitted 2 years ago by concealmint@lemmy.world to c/lemmyworld@lemmy.world

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[-] slaacaa@lemmy.world 21 points 2 years ago* (last edited 2 years ago)

Step 1 - buy company for billions of dollars

Step 2 - do stupid shit with it

Step 3 - lose billions as valuations drop

Step 4 - ???

Step 5 - profit, apparently

[-] billiam0202@lemmy.world 11 points 2 years ago

AKA "How to MySpace your social media site."

[-] wwaxwork@lemmy.world 14 points 2 years ago

Nah. The MySpace guy sold his company for half a billion, retired and lived happily ever after while the people that bought it off of him had to watch their investment slowly die.

[-] billiam0202@lemmy.world 9 points 2 years ago

Yes. And News Corp, who spent $800 million on MySpace, fucked it up and sold it ten years later for about a tenth of what they paid for it. Which is the incident I was referring to.

[-] wwaxwork@lemmy.world 7 points 2 years ago

But the guy who created it got out fine, which was what I was referring to. Much like the Twitter creators. They understood the limited lifetime these things have and sold them to fools who thought they knew better.