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Reddit CEO Admits "we are not profitable" right before upcoming IPO
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this post was submitted on 09 Jun 2023
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All spez wants it to keep things going until the IPO where he gets paid big. He's doing these changes to appeal to IPO purchasers and "maximize" the value.
He just publicly admitted Reddit is not profitable and he’s mad that third party apps are. That IPO is not going to go well lol.
They would have to show their books as part of an IPO anyway, and everyone already knows its not profitable. It's not like he accidentally dropped a big secret here.
I keep reading this and I'm not 100% he is maximizing IPO value. I think he's ultimately doing more harm than good.
Yeah, honestly I can't see how good this can look from an investor perspective.
This will ultimately increase the number of users who can be advertised to.
For every person who is engaged about this there are a dozen that don't understand what an API is and will happily switch over to another app from the app store if it has cat gifs.
True, there will be enough users that doesn't care about all of this, but there's still a non negligible part of user (and those are probably the best contributors), and more importantly moderators that will leave Reddit. It will probably disrupt the site, without all of the leaving moderators, Reddit will quickly become the wild west, and it would be really difficult for them to moderate the site themselves, there's probably users that would want to replace the leaving moderators, but not enough.
Honestly I won't care that much when it comes, because the "new" Reddit will not be the same Reddit that I loved.
I hope they'll reap what they sow tho.
How much does he own?