Reddit is going public via the IPO route. Last year, the CEO got $193 million, but moderators are not paid and expected to work free past IPO. Only some moderators and active users in the USA can apply for Reddit's initial public offering to buy stock at a special price. Most Reddit users are motivated by fake karma points and likes. Also, they banned all unofficial Reddit mobile clients. Meanwhile, the CEO profits while everyone provides free labor.
You can't browse NSFW subreddits without logging into your account. On Reddit, users share their adult content for free, while the CEO and management team benefit from the platform. This is why federated social media is important. One corporation should not have too much power to dictate how and what we are allowed to view without an account.
@nixCraft
Reddit would still be a pile of ball-bags even if it were federated, because it's closed, with single authors. Federation alone doesn't solve for much.
Until last year, Reddit used to encourage many users to guilt-tripping them to buy their gold coins. Now we know who got paid with those gold coins. It was for the CEO's exorbitant salary. Lmao. I even brought some coins out of that guilt trip. I feel like such sucker. You can't trust anything or anyone these days.
@nixCraft
Joke’s on Reddit. Never registered for an account. Use old.Reddit on desktop, use lurkur app on smart phone.
Hide flair, coins, and all that nonsense BS.
It’s the last throes of Reddit anyway, owners last gasp at cashing out.
Obligatory fuck u/spez.
@nixCraft
I quit birdsite when Elmo and SA bought it. After 12+ years on Reddit including moderating, I’ll quit when they go public. (And no one will care.)
@nixCraft wait it gets better. They operated at a loss of about $70mil last year. Reduce the CEOs pay to under 5mil (still enormous) and they would've made a very good profit instead....
@nixCraft #reddit to most mods: we’ll pay you in karma for that invaluable addictive #dopamine hit you so desperately need.
Mods: yeah we takes it, better than nothing.
@nixCraft I’m very glad I left Reddit after they killed Apollo. It’s quite unfortunate, since there is really some good information on Reddit that can be really helpful.
@nixCraft In contrast, it costs 15 million dollars a year to run #Signal on a global scale! Reddit is not about the users anymore, hasn't been for a while. Users are nothing but a depersonalized recource, not customers. It joins Facebook in the corner of the slowly diying capital-infested rotting pile of broken platforms.
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