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Reddit to lay off about 5% of workforce
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this post was submitted on 07 Jun 2023
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Technology
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I saw somewhere (can't remember if it was here or not) that they think Reddit might not be too worried about the 3rd party apps because it makes up such a small user base. So it could potentially be a vocal minority who are actually being affected. Then again what do I know about running a website with millions of daily users, so it could be way off.
If that's true, it's even more asinine. A small number of users make numerous API calls from third-party apps, and in doing so, create all the content that the majority of users are perusing with ads? The quest for short-term gains so often harms long-term viability in corporate America, and I truly just don't understand how we keep hiring C-level people that keep making the same mistakes over and over
Because C-Level people are more about "how can this company make money" and less about "how can this company treat its workers/customers well" (unless the latter leads to the former).
They are told that increasing value for the investors is the thing that matters. If you have to make "tough choices" that abuse the workers or destroy the brand, oh well. It's worth it if that revenue number keeps going up. To them, it's an acceptable loss to keep the board happy.
Every company that has VC, investors, or stock is going to be like this at one point or another. It's just getting more blatant and obvious now. Disney, WB, Netflix, Twitter, Reddit...it's a list that just keeps growing.
Absolutely agree. Also this was just a comment I saw so who knows if it's actually true or not but it's something I could see happening unfortunately.
For sure it's unconfirmed. The only things we really know for sure are:
Which leads be to the conclusion that the thing you've said is quite possible
I'm not American, but isn't it mandated by law over there to do stuff like this, to create the maximum profit for shareholders?
Forgive my ignorance of US laws!
No such laws. The only laws for publicly traded companies are that they must be open and honest with shareholders about the financial status of their organization. You're very much allowed to run a business that stays small forever
@LoreleiSankTheShip @Cube6392 it is thought to be true, but it is not.
I remember seeing someone say that it's possible they want to monetize using their APIs to train AI on user content. Currently it's basically free for someone like OpenAI to do it.