this post was submitted on 28 Feb 2024
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Wait. Why is Reddit losing so much money? (www.businessinsider.com)
submitted 10 months ago* (last edited 10 months ago) by spider@lemmy.nz to c/reddit@lemmy.ml
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Reddit kind of anticipates this critique in its investor docs, and argues that it didn't really start operating as a serious business until 2018 when it finally started "meaningful monetization efforts" — that is, trying to make money for real.

But that's still six years ago. What has Reddit been doing since then?

One big, obvious answer: It has been hiring a lot of engineers and spending a lot of money on their salaries...

...What am I missing? I asked Reddit comms for comment but they declined, citing the company's quiet period before the IPO.

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[–] _haha_oh_wow_@sh.itjust.works 14 points 10 months ago (1 children)

Including one that just got paid 193 million, holy shit!

[–] spider@lemmy.nz 7 points 10 months ago* (last edited 10 months ago)

Most of that includes options that he would have to wait to cash out, which is probably what inspired him to blow things up over the summer.