this post was submitted on 28 Feb 2024
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Wait. Why is Reddit losing so much money? (www.businessinsider.com)
submitted 9 months ago* (last edited 9 months ago) by spider@lemmy.nz to c/reddit@lemmy.ml
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Reddit kind of anticipates this critique in its investor docs, and argues that it didn't really start operating as a serious business until 2018 when it finally started "meaningful monetization efforts" — that is, trying to make money for real.

But that's still six years ago. What has Reddit been doing since then?

One big, obvious answer: It has been hiring a lot of engineers and spending a lot of money on their salaries...

...What am I missing? I asked Reddit comms for comment but they declined, citing the company's quiet period before the IPO.

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[–] _haha_oh_wow_@sh.itjust.works 14 points 9 months ago (1 children)

Including one that just got paid 193 million, holy shit!

[–] spider@lemmy.nz 7 points 9 months ago* (last edited 9 months ago)

Most of that includes options that he would have to wait to cash out, which is probably what inspired him to blow things up over the summer.