this post was submitted on 23 Feb 2024
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191
Reddit Files to Go Public, Reveals That It Paid CEO $193 Million Last Year (www.thedailybeast.com)
submitted 8 months ago by athos77@kbin.social to c/reddit@lemmy.world
13 comments fedilink hide all child comments
 

Sure, spez, tell us again how reddit's just never managed to make a profit ...

top 13 comments
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[–] ReallyActuallyFrankenstein@lemmynsfw.com 40 points 8 months ago (2 children)

$286 million.

Public filings also showed that Huffman and Reddit’s chief operating officer, Jennifer Wong, were paid $286 million in 2023, including stock and option awards (the value accrues over several years, and the current cash value is substantially lower).

Cry some more about how your users are behaving like "landed gentry" while you hook up the milking machines to them. Christ what an asshole.

[–] athos77@kbin.social 22 points 8 months ago

spez got 193 million, Wong got the rest. He now says that they're "in the process of monetizing their users". Fuck spez.

[–] 50gp@kbin.social 8 points 8 months ago

get rid of these types of leeches and you would have a profitable business

[–] kernelle@0d.gs 37 points 8 months ago* (last edited 8 months ago) (1 children)

Insane, why would you ever create value for a platform with as little respect for it's userbase. What an entitled piece of shit.

CEO salaries:

Mind you these are companies making billions a year in profits, while reddit reported a loss of 91 million in 2023 and is reportedly "not profitable yet". These stats make me sick

Imagine being one of 90 people being laid off that year, each could've been paid 1 million a year and it wouldn't even make a dent.

[–] AThing4String@sh.itjust.works 26 points 8 months ago (1 children)

Mind you these are companies making billions a year in profits, while reddit reported a loss of 91 million in 2023

So Reddit made a respectable profit in 2023 of 102 million, but Spez felt he was worth twice the entire margin and 2-4 times what even established tech CEOs typically make. If he was happy with the paltry CEO pay that poor companies like Microsoft offer /s, Reddit would have posted ~ 50 mil in profit?

Listen, I'm not a financial expert, but how is that not some form of fraud?? My company posted a MUCH smaller loss (in one region!) than that and we had auditors crawling through our assholes looking for the why. Every transaction was looked at, every expense had to be justified, people lost their jobs, one is under federal investigation!!, and key leadership got busted back down to frycook - and rightfully so.

You're telling me the board (or ownership??) hired someone at arguably quadruple market rates and double their expected yearly margin to make them profitable and then posted basically a 9 figure loss that could be entirely contained in that one transaction....and that somehow isn't some sort of Trump-NY-Esque business valuation defrauding of their existing investors/tax fraud?

"Oops we made zero money for you guys last year because we actually made sure to pay all of it and more to this one guy, more money pls" right before an IPO?

[–] Nobody@lemmy.world 29 points 8 months ago

Reddit threw together a short deal with Google on pimping out all its users’ data for crumbs a year, and now they’re rolling the dice on the IPO.

The saddest part is that they’ll win and make bank, because at that level failure is rewarded. Make every mistake you can possibly make and still get your golden parachute. Everything would have been better without you, but you get to reap the rewards as a robber baron.

Fuck you, Spez, moderator of r/jailbait

[–] muelltonne@feddit.de 22 points 8 months ago

That really is interesting - all this talk about "Reddit is not profitable, we need to monetize in order to continue business, we need to layoff people" and now we're learning that it is just some greedy assholes stuffing their own pockets

[–] Sarmyth@lemmy.world 15 points 8 months ago (1 children)

Guys.... in the SEC article, it breaks it down. He was paid a little under $400k

The rest is all in stock and options grants. It's not real money yet. It's not money that could have been spent on things or profits that could have been realized.

If the stock tanks like Lemmy users believe it will, it'll be considerably lower compensation. This is typical for a CEO and not scumbaggy on its own. You typically want the CEOs compensation to be heavily impacted by company performance. This is how that's achieved.

[–] Carighan@lemmy.world 9 points 8 months ago (1 children)

Yeah of course, although it should be noted that 400k still puts you in the very upper echolons of income, into what most people would square consider "rich" territory.

[–] Sarmyth@lemmy.world 3 points 8 months ago

Oh yeah, he's compensated well, no doubt, but his pay isn't what keeps the company from being profitable is all I'm saying.

[–] vinylshrapnel@lemmynsfw.com 8 points 8 months ago

Reddit could have paid him $173m and bought Apollo outright.

[–] Hello_there@kbin.social 6 points 8 months ago

It's not too late to short the stock