Spez is such a fuckin tool
The moderator culture in America and probably abroad relies on unemployed people living in their relatives house who get paid nothing but lame perks here and there. That is the bulk of it.
Some people moderate 5+ chat rooms daily without pay.
They are digital slaves. Make no mistake about it. And they somehow have been conditioned to believe it will pay off when it rarely does.
Spez is a shitbag who never did anything but be in the same room with actual important people.
Lol slavery
At the end of the day, the reddit mods had all the opportunities to once again, protest their working conditions and leave reddit today. But I see no evidence that an organized effort took place.
It’s unfair, and spez isn’t thinking any further than the moment he can sell his comp and move on. But they have all the stakes in this matter and nothing is happening. I know there are efforts on reddit’s part to squelch the moderators, but at some point they have to make clear this isn’t going to work the way it is.
I genuinely don’t understand how we, as a society, reached a point where delusional businessmen like this exist. What can he possible do, to justify earning this much money, while his company is literally failing in real time
Unfettered capitalism.
Time to tax the corporations and the wealthy for their fair share again.
Want to solve almost all our problems? Redistribute wealth from the 1% who spend it on yachts to the rest of us to spend on healthcare, wages, etc.
Small business owner making 6 figures a year? I am not talking about you.
Spez, making 9 figures? That is who I am talking about and where the problem lies.
He gifted himself a ludicrous $193 million compensation package.
Reddit, a 20-year-old company, has yet to turn a profit. In 2023, the platform lost a whopping $90.8 million.
Can someone explain to me how reddit can make a loss, while he pays himself MORE than the loss? Does that not mean that reddit would have made a 113 Million profit before his $193 million compensation package? What kind of business-algebra-gymnastics is at work here?
It’s a calculation popularized by fintech bro’s in the late oughties.
It’s called pulling an FYGM, a fuck you got mine, colloquially known as a rug pull.
Does that not mean that reddit would have made a 113 Million profit before his $193 million compensation package?
No. His normal salary is around 300k a year. This $193 million figure was the presumed valuation of a stock/options package he received ahead of the IPO. It doesn’t cost the company anything to pay him in stock, so it doesn’t affect the profit/loss calculation.
Gotta love that monopoly money
Surely it costs $193 million to pay him in stock. That stock would otherwise have been sold for that amount to other people, and he’s getting it for nothing.
Because you’re exchanging stock worth $193 million for an equivalent amount of dollars, there’s technically no profit or loss involved in the transaction. In the same manner, when paying stock as a compensation, you secure services valued at $193 million for an amount of shares worth the same: the transaction is entirely equal. So you don’t make or lose any money by paying in stock.
Of course, the trick is that the value of the CEO’s work for one year can be whatever he says. If your claim is that they could have gotten more value out of the stock had they sold it in the IPO, I think you are absolutely correct in that regard.
I think he’s the real reason the punchablefaces subreddit got neutered, because he’s sure got one.
Fuck spez
I mean, credit where it’s due. If not for him, I’d probably be browsing Reddit right now instead of Lemmy. So, there’s that.
It just got so bad. I can’t imagine how terrible it is now. I would love to see post pandemic stats.
The mods who stayed after the API desaster are lost.