this post was submitted on 01 Jul 2023
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Reddit Migration
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If you're waiting for spez to admit how wrong he was and blah blah, don't. All he cares about is his payday when the site goes public. He'll never admit his decision was wrong because he'll get booted as CEO
Their valuation went from 15bil to 5bil and I fully expect it will be halved again before they, if ever, actually IPO. Reddit already wasn't worth what Spez thought it was and this whole situation is just showing investors it's worth even less if the user base can revolt in the way that it has.
I don’t think they can ipo until a lot of the current staff has been replaced, Huffman included. Some of these dudes been around the company for too long and been involved in too many of reddits old scandals. Only so many pedos and child sex traffickers can come through your offices before the shit begins to get residue everywhere
If the public took a closer look at Reddit leadership I think it would only fuck their ipo.
https://nypost.com/2020/07/08/ex-reddit-ceo-ellen-pao-knew-ghislaine-maxwell-allegations/amp/