All it takes is people going elsewhere and they are worth nothing. Reddit isn’t like Twitter, where it’s all about you. I came here, have the same conversations, and haven’t even noticed I’m not on Reddit any longer.
Most people I think see through this, they’re just trying to bring in some bag holders to inflate the share price while they cash out.
Yeah I don’t think mods and “power users” that stayed after last year are necessarily against reddit succeeding, just not willing to buy in at a 6.5bil valuation for a company that can’t turn a profit and lost 90+ mil last year and 700+ cumulative. The CEO got 193 mil last year it’s clear where their priorities are. And after the bad will they gained last year burning mods and third party apps it’s not a big surprise many are watching with a big ol’ bucket of popcorn.
for a company that can’t turn a profit and lost 90+ mil last year and 700+ cumulative. The CEO got 193 mil last year
A private company doesn’t really need to turn a profit…
Even publicly traded companies just need to do it because it effects shareholder price.
With tax shenanigans, it’s often better for a private company to never turn a profit.
If profit was important, they could have just paid the CEO 100 million and turned a 3 million profit.
Reddit doesn’t function like a real business (i.e. most of the work is unpaid volunteers, users and especially mods). There’s no genuine site-wide code of ethics beyond what will actually get them criminal charges. The written rules don’t matter - many moderators are unpaid bullies who permaban if their feelings are hurt and ignore questionable content they agree with. That system of banning users based on opinion kills discussion of “unapproved” views and sorts people into forums where their favorite opinions (and often outright hatreds) are popular. Loathe a particular race/gender/political ideology etc? Just find a subreddit where the mods agree and you’ll be fine saying some truly terrible stuff. Read the bloodthirsty posts on r/worldnews and tell me if the site-wide rules on not promoting violence or racism apply. For these reasons and more I don’t think anyone should be buying into their IPO because they aren’t a reliable business.
I don’t know if Lemmy is different because I’ve been here for less than a month, but at least here it feels like you can have different opinions and the worst that happens is you eat downvotes. Plus a lot of the really unethical takes are usually checked pretty hard in my (limited) experience by the users, which doesn’t happen when the only other voices are basically guaranteed to agree with you (a la most of Reddit).
The rest of this is just my Reddit survivor tale so if you don’t care stop here. I got invited to the IPO on the same week I got a 3-day site-wide ban after appealing a subreddit permaban for a fairly popular comment that the US should stop funding Israel and give the money to Ukraine (on a post about how the US is having trouble finding money for Ukraine). In those words, no hate speech or racism etc. When I asked why I was banned I got a 4-word insult as the only communication back. I’m not usually a conspiracy theorist, but it sure felt like I was being deliberately censored/punished for high-ish profile “dangerous” anti-Israeli opinion. May not be the case, but it was my first site-wide ban ever for a comment that broke no written rules.
My Reddit account is 13 years old and in 2023 I think I made about 100k karma, primarily with comments about history, education, and in one case a post about how awesome sperm whales are. My experience mirrors what I’ve read happens to others enough that Reddit has lost my participation (I’ve only posted 2x in the last 3 months, down from a few times daily) and my faith. I only go back to check on specialist communities (video game tips etc) and almost never participate anymore. Frankly I hope it either changes to allow for discussion or dies.
I was targeted by someone pathetic whose feelings were hurt (knowing me, it was a remark about how MAGA folks are idiotic hypocrites). They dug through my post history, and reported a comment I’d made months before about how someone needed a slap in the head. They reported it, and I was banned for “promoting violence”.
It wasn’t a permaban, but as far as I was concerned, it may as well have been. My account had been active for years, and I’d never been banned before. I felt let down that the mods had been fooled by such a stupid, obvious trick. Fortunately, a few weeks later, spez pissed everyone off and a lot of people left anyway.
Plus, I have the knowledge that I annoyed some troll SO MUCH that they read through months of my comments looking for something to report. Heh heh heh.
You know there are sites that let you search user posts right?
