this post was submitted on 19 Jul 2023
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SNOOcalypse - document, discuss, and promote the downfall of Reddit.
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Fire Steve Huffman and install a CEO who is capable of even pretending to care about balancing the needs of users and (potential) shareholders. It’s too late to ask for feedback.
Nobody with the power to fire spez has a problem with what he's doing. This is likely driven by VCs and other investors wanting their money now that the Fed has turned off the cash hose.
Their valuation has dropped by at least 20% this year based on what’s been reported.
They care.
Not if the stock price for IPO can be pumped enough for the investors to dump for a profit. The problem is they don't realize Steve is too dumb to do that for them. They need a Bernie Madoff with grifter skills and no morals, they've got a spez with a chew toy and no sense instead.
The “they” you are talking about are the ones who say it is worth 20% less. article
I think “they” know
From the article you linked:
This was from before the whole shit fiesta actually happened.
Further in the article
That asset manager was also from Fidelity, who are the investors who keep writing off Reddit value.
Yes, we will not see affects from that until their next reporting quarter. But they haven’t just devalued by 7% overall. It’s quarterly reporting. Stay tuned to q3 to see if they think Reddit really screwed up.
Yes, and? That doesn't change the fact the article talks about numbers that came from before any of the protests happened.
Fidelity's devaluation (along with the increased overall desperation in SV venture capital) is a cause of the API changes and heavy handed suppression of the protests, not a result of them. It's an attempt to halt/reverse that slide by asserting control and taking concrete measures to better extract value from Reddit.