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.
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