this post was submitted on 30 Jun 2023
142 points (98.0% liked)
Technology
58303 readers
21 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
I can't believe they gave the job to such a clueless and arrogant leader. At this rate, it's not a matter of if, but when Reddit is going to crash and burn like Digg did.
Most likely reddit is holding out till the IPO. Getting a new CEO beforehand would cause some chaos. Stability is what saves valuation. Reddit's recent instability is what is messing with its worth.
Then reddit can blame everything on their scapegoat: spez. The old CEO gets a nice severance package for acting like the villain reddit needs till all the new changes are in place. Even if the CEO was not the only one making these decisions.
The new CEO will remove a few of the harsh changes reddit recently made; but not all of them. The people then rejoice as the new CEO is "nicer" than spez and the evil villain is gone.
It's not like reddit can ever go back to the way it was; it wasn't making enough money to please it's stakeholders. The preceding sentence is why the fediverse is so important.
I agree. They've already did this once before with Ellen Pao. She came in, played the villain and made changes that people didn't like, and then went away and was replaced with a "nicer" CEO.
I can't believe Steve Huffman (u/spez) is acting like this before an IPO. An IPO usually means a board of directors. Usually, the CEO reports directly to the board of directors and serves until they decide they need a new CEO. Forget third-party apps for a second, Fidelity has further slashed the estimated worth Reddit. Users are protesting against the site's leadership. Porn bombing has brands concerned about advertising on Reddit; see https://techstory.in/advertisers-grapple-with-rising-brand-safety-concerns-as-reddit-protests-escalate-into-porn-bombing-campaigns/ He's tarnished Reddit's image. The sooner they do an IPO, the better as Huffman will become the artist formerly known as CEO.
Reddit has (very very likely) had a board ever since their first VC investment round in 2005, the board is backing this otherwise Spez would get voted out in a heartbeat
If Reddit has a board, and they let Spez loose to do this crap, then they deserve a $10 BN devaluation. Maybe this will be the wakeup call.