Reddit CEO Admits "we are not profitable" right before upcoming IPO
Reddit CEO Admits "we are not profitable" right before upcoming IPO
>How do you address the concerns of users who feel that Reddit has become increasingly profit-driven and less focused on community...
How do you address the concerns of users who feel that Reddit has become increasingly profit-driven and less focused on community engagement?
We’ll continue to be profit-driven until profits arrive. Unlike some of the 3P apps, we are not profitable.
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There were 3 things going for Reddit, content wise: memes, news, hobby subs. It was a 50/50 if my Google search included reddit or Wikipedia. If reddit threw up a banner every 6 months and asked for a donation, I'd gladly throw 20 bucks their way. Reddit should have been a non-profit.
Going public was the absolute worse decision they ever made.
Agreed, I don't know why Reddit is pushing to go public. Personally I don't see the value in a business that admits that they aren't profitable, but that raises the question if they aren't making money how as Reddit operated for so long? The upside to them going public is that they'll have to start publishing financial statements and we'll get to just how much money the "unprofitable" business is making.
I think it's probably being pushed by the people who invested in Reddit to make it go public so they can sell shares / cash out. But this is just my opinion
I used to buy a pretty good amount of gold before they let in actual fascists and then downplayed their toxic impact on the community and the internet in general.
These are the steps the current admins are following:
- get VC investors for public IPO
- go public
- watch stock price go up initially
- cash out and move to a country with no extradition treaty with the US
- laugh ass off and wipe ass with $100 bills
Every exec wants money for themselves, even if it comes at the cost of the company they run