this post was submitted on 10 Jun 2023
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Technology
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Admitting that “Unlike some of the 3P apps, we are not profitable.” just shows to the world, that they don't know how to run a business. This should be warning shot for every investor.
When i read that i was honestly astonished how they expected anyone to invest in reddit at all
Exactly! I’m not a rich investor person, but nobody with a brain would invest in a company bleeding money, and that was such a terrible move to admit. If their PR isn’t a half-working AI after firing all those people, they should’ve been horrified between that and the Christian Selig/Apollo comments.
You also can’t count on Reddit becoming a meme stock, especially with absolutely zero regard for the users who make these meme stocks happen.
This whole thing is all about trying to monetize user-generated content by selling it at a high premium to large AI companies. If they allow a lower pricing tier for 3pa’s, other companies/individuals will find a way to use that lower tier for training models, and this is the only thing spez sees as a viable profit model for reddit.