News and Discussions about Reddit
Welcome to !reddit. This is a community for all news and discussions about Reddit.
The rules for posting and commenting, besides the rules defined here for lemmy.world, are as follows:
Rules
Rule 1- No brigading.
**You may not encourage brigading any communities or subreddits in any way. **
YSKs are about self-improvement on how to do things.
Rule 2- No illegal or NSFW or gore content.
**No illegal or NSFW or gore content. **
Rule 3- Do not seek mental, medical and professional help here.
Do not seek mental, medical and professional help here. Breaking this rule will not get you or your post removed, but it will put you at risk, and possibly in danger.
Rule 4- No self promotion or upvote-farming of any kind.
That's it.
Rule 5- No baiting or sealioning or promoting an agenda.
Posts and comments which, instead of being of an innocuous nature, are specifically intended (based on reports and in the opinion of our crack moderation team) to bait users into ideological wars on charged political topics will be removed and the authors warned - or banned - depending on severity.
Rule 6- Regarding META posts.
Provided it is about the community itself, you may post non-Reddit posts using the [META] tag on your post title.
Rule 7- You can't harass or disturb other members.
If you vocally harass or discriminate against any individual member, you will be removed.
Likewise, if you are a member, sympathiser or a resemblant of a movement that is known to largely hate, mock, discriminate against, and/or want to take lives of a group of people, and you were provably vocal about your hate, then you will be banned on sight.
Rule 8- All comments should try to stay relevant to their parent content.
Rule 9- Reposts from other platforms are not allowed.
Let everyone have their own content.
:::spoiler Rule 10- Majority of bots aren't allowed to participate here.
view the rest of the comments
As breathtakingly stupid as what spez has been doing appears to be, I thinkthat the short term plan is a fast cash out, and the long term plan is to coast on the brand name while simultaneously stifling the reddit experience. Coasting, like Tim Horton's, licensing out names and logos like Playboy, Harley Davidson, Schwinn. Sure, the product might be shit, but Facebook seems to be able to retain enough dipshits, so...
Bingo.
spez is acting non-sensical because his investors are done with the company. The era of free money is over, and there's no more waiting for something like Reddit to turn the ship around and become profitable. His hansd are tied: It's just job to see that the board of director's wishes are enacted, and the VCs are pulling the plug, and demanding their money back.
And they want it back several times over. The AI hype has those investors seeing more than just Reddit gold in the company's database. All of our posts and comments from the past 15 years is valuable right now in the light of the LLM buzz, but given the lifespan of recent Silicon Valley fads, they could be in the pile next to NFTs by Christmas. So, they need to sell the company now on the promise of limitless ChatGPT dollars before everyone stops giving a shit.
They acted in a hurry, and they didn't think this API issue would set fire to anything. They thought they could paint Selig as a greedy and entitled nobody who was just trying to piggyback off of their success, but they didn't seem to realize that no one actually likes Reddit: The Company. So, they were caught flat footed. They figured the protests would come and go, as they have before, and then it would be back to business as usual.
But then Selig spoke up, the faithful doubled down, and then the media took notice. Now, they have no plan, I'm sure the investors are getting fed up, and they're just trying to force everything back to normal however they can so they can sell this bridge to some lucky tourists, but nothing's actually working. So, it'll just be an endless stream of nonsense while the engagement and ad numbers continue to slowly shrink, presenting an unpalatable downward trend leading up to their yet-to-be-announced IPO.
In short, they have their marching orders, but their platoon captain doesn't have a fucking clue which way is up, let alone North.
Basically Reddit has been solely been living on VC funds…and now the VC well is dry?
I think you hit the nail on the head. I can understand this position from the investor's perspective. From a lean-startup mentality you toss what doesn't make money, even if you don't want to.
Spez is acting like he has no choice to ignore his marching orders, but he's not a crowd pleaser. He can't execute this strategy.
I'm guessing we'll hear from a new reddit CEO not too long from now, who'll dial things back, calm the seas, and then do the same thing but more quietly.