Bout to lay off 50% of their users on July 1st.
this post was submitted on 07 Jun 2023
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Afaik they are planning on postponing the api changed until they release "better mod tools" on the official app. Though when it comes to the mod tools promise it pretty much means nothing coming from reddit.
I didn't know the mods were paid ... /s
Sounds like they're doing this so that when they go public with their IPO the bean counters will be happy.
Yup thats usually how it works. They look better short term which is all they care about.
If only poor Twitter would die so people stopped taking hints from Phony Stark.
I hope those affected find work quickly.
Indeed. As much as the changes that have been made and will be made to Reddit over the years are appalling, it's not the fault of the workers in the trenches. They get their directions from on high.
That place is a sinking ship, it's not surprising to me to hear this.
Aaand yet another good reason to switch over to the fediverse / lemmy. Is reddit on a greed run or something?
IPO, API for 3rdparty-apps costs millions of $ a year, now laying off 5% of their workforce?
They really do want to tell twitter to "hold my beer", or what's the plan here? Driving away those users who generate acceptable content leaving only right wing, incel and redpill - as seen on twitter?
Do they even realize that without user-generated (!) content and readers interested in said content and the community behind it, reddit will be worth jack? Can't replace those with AI, can you? I just don't get it.
My guess is the venture capitalists are done funding Reddit, and the owners are looking to quickly IPO, cash out, and skedaddle before the company collapses. Then some right-wing political organization with deep pockets will take over what's left of Reddit and use it as a mouthpiece.
And/or, private equity is revving up the bulldozers to strip mine each and every last bit of value out of it before they let it collapse.
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