this post was submitted on 19 Jul 2023
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I'm still trying to figure out how reddit expects to "become profitable" while simultaneously destroying everything that made it valuable.
"Become profitable" is just their stated goal.
I think that their actual goal is to look profitable for the upcoming ipo so that the CEOs can cash a fat check and leave. They likely don't care about what happens after that.
So the "become profitable while simultaneously destroying everything that made it valuable" platitude is more like "they're cutting down the tree for the wood without thinking about the squirrels"
But are investors this stupid? Who invests in an IPO without doing research on the company's activities? If they check the internet and it's countless articles about how their users and moderators are pissed and leaving, why would anyone think it's going to be profitable?
They definitely do, check out WSB and Robinhood subs