this post was submitted on 09 Jun 2023
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Technology
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Reddit was dead from the day Conde Nast bought it. Every day since then was a roll of the dice as to whether they'd attempt to seize more profits and ruin it, or not. This happens to essentially every public or aspiring public company eventually. The need for perpetual growth warps decisions and guts the original mission in the end.
We call it "autosarcophagy" or "self-cannibalism."
As I understand it, Reddit also took on a lot of external capital investment, which only makes the pressure to perform financially even greater. I can't fault them for making the decisions they have to make to keep their jobs, keep their executive salaries, and so on.
Long live the sustainable, community-driven, community-funded future! Nobody can screw this up for us if we are the ones footing the bill.
I wouldn't fault them as much if they hadn't dumped the capital into absurdly dumb things to try and become facebook. If they'd invested it into better reliability and reducing costs to operate, I'd have a ton of sympathy.