this post was submitted on 13 Jun 2023
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Reddit Migration

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Spez, and Reddit as a whole is basically counting on most subreddits opening back up tomorrow after the 48-hour period.

Really hope that mods can hold out for longer, make them really panic.

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[–] SmolderingSauna@kbin.social 1 points 1 year ago (14 children)

This just in from forbes.com:

"Investors are fed up. Fidelity, which led Reddit’s $700 million funding round in 2021 with a $10 billion valuation, has cut its Reddit company valuation by 41% since it invested. This could scupper Reddit’s plans to eventually go public with a reported valuation of $15 billion."

https://www.forbes.com/sites/qai/2023/06/13/redditors-go-to-war-with-the-company-as-it-enforces-eye-watering-prices-for-reddit-api/

Who actually loses a game of chicken of this magnitude?!? u/spez, you listening?!?

[–] Beluuuuuuga@kbin.social 0 points 1 year ago (2 children)

I’m not surprised that Fidelity is losing faith in Reddit. The way Steve completely alienated the whole community, well he's basically shooting himself in the foot.

[–] trekkie1701c@kbin.social 0 points 1 year ago (1 children)

Also he admitted they don't make money and said they need to be profit driven til they do.

To me that says he's not sure this will actually make Reddit profitable; so looking at it from a detached, "I just care about the money" perspective I'd be really nervous about investing in Reddit. Feels like Spez would just light it all on fire.

They really need someone competent at the helm.

[–] Spaceman2901@kbin.social 0 points 1 year ago

Competence runs a distant second to “trustable” at this point. Spez has shown he can’t be trusted.

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