this post was submitted on 09 Jun 2023
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Reddit CEO Admits "we are not profitable" right before upcoming IPO (old.reddit.com)
submitted 1 year ago by Technoguyfication@kbin.social to c/reddit@lemmy.ml
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How do you address the concerns of users who feel that Reddit has become increasingly profit-driven and less focused on community engagement?

We’ll continue to be profit-driven until profits arrive. Unlike some of the 3P apps, we are not profitable.

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[–] CletusVanDamme@kbin.social 20 points 1 year ago (7 children)

All spez wants it to keep things going until the IPO where he gets paid big. He's doing these changes to appeal to IPO purchasers and "maximize" the value.

[–] Korgen@lemmy.korgen.xyz 15 points 1 year ago (1 children)

He just publicly admitted Reddit is not profitable and he’s mad that third party apps are. That IPO is not going to go well lol.

[–] dogmuffins@lemmy.ml 9 points 1 year ago

They would have to show their books as part of an IPO anyway, and everyone already knows its not profitable. It's not like he accidentally dropped a big secret here.

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