this post was submitted on 28 Feb 2024
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I work in financial reporting, so I have a decent idea of what makes up things like operating profit/loss and Adjusted EBITDA.
This does not look good for Reddit and if the company only managed a $90.8m loss after jacking up API costs, nuking virtually every third-party client, backstabbing every power mod, giving alternatives like Lemmy and Kbin an actual user base and selling off user data to Google, then I fully expect things to get a lot worse on the site.
One would imagine the chief asshole would reduce his 190m payday by 100m to make the balance beautiful before an IPO.
Nah, he wants the money for his doomsday bunker. I'm sure he considers the $93m for the COO to be fair game, though ...
Probably thinks $93k for the COO to be fair game, honestly.
He doesn't care about the ipo, or reddit, its employees, its "partners", or anyone who uses the site. He wants money now, and like a house fly he's not capable of learning.
That’s the first time I’ve heard that analogy and I love it
Why do that when he can golden parachute instead?
Profitable businesses have to pay taxes