Reddit failing to support third-party apps could hurt business, IPO filing says

Losing third-party tools "could harm our moderators’ ability to review content..."

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[fixate]

Last year, it laid off 5% of its workforce. And "Huffman owns 3.1% of the company’s outstanding shares and Reddit COO Jen Wong holds 1.5%, per the filing. Huffman’s compensation package for 2023 was worth $193.2 million, which included salary of $341,346, stock awards worth $98.3 million and stock options valued at $93.8 million. Wong’s total comp of $92.5 million included a base salary of $583,820, stock awards of $45.7 million and stock options worth $45.7 million."

It's absolutely insane that the CEO of a company that has never been profitable, gets a package worth $193 million dollars.

There really needs to be laws for how much a CEO can be compensated compared to their lowest compensated worker, and lets add on some additional tax for any redundancies they make in that same year.

I can now see why these ass hats are pushing so hard for this IPO.

 

[fixate]

I think this really puts the argument in its proper perspective.

I don't really care about a cap on CEO compensation, but it says something when a company is not profitable, and here they are trying to scrounge for loose change under couch cushions (terminating support for third party reddit clients because they were supposedly costing them a minuscule amount of ad revenue), when the real drain on finances was CEO pay. Heck, the recent AI training deal with Google doesn't even cover a third of the pay of 1 person!

The thing is, it kind of isn’t a drain on a companies finances. The majority of that package is in company shares. If think Spez was only paid around 300k that year. Paying a C-suite exec in shares doesn’t actually take money out of the bank.

Hence why I think there should be some kind of ratio on their whole package, and not just salary.

Thats also why there have been so many redundancies recently. It pumps the stock, makes the CEO a shit load richer because they have been given a ton of company stock, and keeps their board director friends happy too. CEOs are incentivized to layoff large swaths of their workforce. Welcome to capitalism.