Breakingviews - Reddit’s golden geese foul up its IPO plans
Breakingviews - Reddit’s golden geese foul up its IPO plans
Reddit is used to brawls between its 57 million daily users. Now its keyboard warriors are directing their ire at its CEO, Steve Huffman. Thousands of moderators overseeing the site’s so-called subreddits are on strike. It’s a wrinkle in Reddit’s plan to go public, and a sign that plan is premature.
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I think one of the most valuable things about this situation is that it lays bare the relationship between users/mods and admins/employees/owners of reddit. I think most users and mods lived in willful delusion that they kind of owned their own data and communities, and admins/employees/owners just sort of maintained infrastructure and made money from ads and unspecified backend data stuff...
It's now forced that ownership question into the open in stark terms: users and mods don't own their data or their communities and their sweat equity, as it were, is not valued by the admin/employee/owner group when it really comes down to it.
That's something I miss about my old bulletin board home; I could never imagine the admin team strong arming users over shit like this. It's antithetical to the very ethos of the place - hell, I still send them $5 / month for old times sake to keep the servers up.
Reddit sold out years ago and it's really just now hitting the fan.