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
I don't expect anything positive to come out of Reddit after the direction they chose to go. Spez has proven who he is and what's important to him and that won't change. I was just curious as to what effect no 3rd party apps was having on the user experience, since they kept saying it's only 10% and that they didn't care and wouldn't be noticed.
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.
If you read that article, they said that most of the valuation loss came before the protests were even a thing.
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/
I disagree with this a little bit. Reddit as a whole had huge value from its content by the users, otherwise it wouldn't be found at the top of Google searches, used for AI training, and have investors and advertisers interested in the traffic. It had a lot of crap too over time, and the bot and other infiltration didn't help things. Was it worth 15b, I don't know, but the simple act of blacking out even a few major subs certainly did make some ripples for having small value.
That is why when Apollo stopped working, I logged in one last time to grab all my “content”, edit everything to say “this content has been deleted by the user in protest for Reddit’s API price changes.” Then deleted everything and left.
Just one user but it was content I created so I get to bring it with me.
Any way, Hi everyone and thank you for this cool place!
I find it strange that today is the first day I haven't seen any links to articles about Reddit, maybe online news sites are taking the day off haha.maybe they're just waiting to have actual data before reporting, again surprising if true.
Beatings will continue until morale improves.
i think he will, except it’ll be in some backhanded way where he frames himself as a victim. He can’t help himself when it comes to the victimization stuff like how he criticized third party apps for being more profitable than actual Reddit which is just pathetic from an investing standpoint
I think Huffman is very weak as a CEO and consistently misses the mark so he’ll be whining again sooner or later for sure