this post was submitted on 24 Feb 2024
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Technology
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How can something exist if they haven't made money in 20 years?
How.much debt does the company have that shareholders will be buying into.
Because they have. A ton - they paid Spez almost $200 million last year. But when you invest, spend, or pay out all of the money you get, on your tax sheet it says you didn't make any profit, because you don't have any excess money.
They didn’t pay him that. It was $450,000 and $800,000 the year before with bonuses.
The $193M figure are his share options.
They didn't make any profit, meaning they did not make more money than it costs. It's not like they wouldn't make money (the advertisements in example), but its not enough to make a profit out of the business. But given the millions the CEO gets (if its true), then no wonder they can't make a profit, if CEO eats it all.
It is owned by companies that can afford for it to not be profitable, but with raising interest rates financing is more expensive so everyone is tightening purse strings. Not surprised they are doing the IPO now.
Because the Spez era has been marked by cutting off every avenue of revenue. Secret Santa? Gone. Ads? Not maturing enough. Mod tools? Never happened and created a boiling pot of user hostility that culminated in the API Pricing.