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What is Reddit’s CEO Steve Huffman doing?
(www.theverge.com)
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this post was submitted on 21 Jul 2023
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The horrifying thought of this whole ordeal is that, no matter how well or how poorly Reddit's IPO goes, Spez still walks away from this thing as a millionaire. Golden parachutes and all.
I think it's unlikely that the IPO will happen any time soon. Nobody wants to IPO while public sentiment is bad.
I think it's possible Huffman will get booted before the IPO. I also think a lot of his bonuses are contingent on the IPO.
Like, he's going to make bank no matter what... But if it's any consolation, he's probably going to fuck himself out of a significant amount of the potential total.
I honestly don't think that he's going to be forced out. To be blunt, the people who could force him out are likely the people who pushed for these changes in the first place. They wanted 3rd party apps to die so they could minimize costs caused by API usage, and force more users to the official app so they could put more eyeballs in front of ads while scraping more PII from users to sell. That mission has been fully accomplished. Literally all of the fallout--the protests, the decrease in content moderation due to less mods/worse mod tools, the decrease in content quality from power users leaving, the flood of "fuck /u/spez" on every comment thread, the stream of negative articles on the tech press, all of it--were literally not accounted for because they were considered to be externalities. Just as a chemical company doesn't consider the effects of dumping waste into a nearby river, Reddit didn't consider the effects of alienating the majority of the userbase that were responsible for making reddit what it was.