- cross-posted to:
- reddit@lemmy.world
- cross-posted to:
- reddit@lemmy.world
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Fuck spez
You gotta be dumb as fuck to work for free at a profit company
The mods are working ‘for their community’. It’s just that that’s happening on a profit companys platform.
Spez is such a fuckin tool
Tim Cook makes 1/3 of that and Apple is worth about 2-300 times what reddit is.
https://appleworld.today/ceo-tim-cook-takes-a-pay-cut-in-apples-latest-fiscal-year/
https://www.reuters.com/technology/global-markets-apple-2023-07-03/
Millions of dollars of pay are always absurd but this really puts it into perspective
The mods who stayed after the API desaster are lost.
Capitalism – in it’s current form, a system where some exploit others in order to make profit.
I think you mean where rich people rigging the system exploit people who have to follow the rules.
That’s also what I meant by capitalism “in it’s current form”. Yes. ^^
He gifted himself a ludicrous $193 million compensation package.
Reddit, a 20-year-old company, has yet to turn a profit. In 2023, the platform lost a whopping $90.8 million.
Can someone explain to me how reddit can make a loss, while he pays himself MORE than the loss? Does that not mean that reddit would have made a 113 Million profit before his $193 million compensation package? What kind of business-algebra-gymnastics is at work here?
Does that not mean that reddit would have made a 113 Million profit before his $193 million compensation package?
No. His normal salary is around 300k a year. This $193 million figure was the presumed valuation of a stock/options package he received ahead of the IPO. It doesn’t cost the company anything to pay him in stock, so it doesn’t affect the profit/loss calculation.
Yes but where is the $300k coming from if they’re losing $90.8m a year? How can they afford to stay in business? Before they went public, who was foolish enough to invest in a company that has never turned a profit? The money doesn’t just come out of thin air. Someone has to be giving it to him.
If I was rich and started a company that lost $90.8m a year, I’d shut down after less than a year before I went broke and homeless. How can a company that never turns a profit make enough money to pay any employee, let alone the CEO?
Reddit has a lot of users that spend a lot of time there, so it is advertising potential, and a lot of Brands pay for ads on Reddit. Investors hope they will eventually make enough ad revenue to turn a profit.
However Twitter was and is in the same boat, it is a big site with many users, but was never profitable.
