This is a rant post and I apologize but I had to talk about this. Most subs are coming back online and not saying ANYTHING about the next steps. Only a handful of subs are going indefinite. I checked the front page for the first time today after leaving the a couple hours before the day of the blackout and what do I see? Subs are up, and comments and upvotes are up to the general average before the blackout.
I checked r/gaming to see their recent post (WHICH HAS OVER 68k UPVOTES), and I see a comment with over 500 upvotes saying in a nutshell, “You guys need to calm down, they’re a company and need to make money”.
Along with a couple other comments saying similar things. Are you fucking serious? You can’t even have the fucking balls to say, “This is a company that has consistently screwed over its users and I need to take a stand and quit my addiction”? You’re just gonna sit and do nothing? Fuck you. You’re no fucking better than u/spez. You’re all a bunch of fucking hypocritical liars for shitting on spez and the admins while talking about how you’re “done” with Reddit and you won’t support this.
Go touch grass you fucking addicted cowards. I’m glad I made the switch to Lemmy if it means I don’t have to interact with dumbfucks like you.
Ya know given how Spez has dealt with shit I even have my doubts about if any of those bootlickers are real or even their vote counts are. Think it this way who’s gonna tell them to not generate that false sense of security to be able to sell well in the IPO? Who’s gonna stop it? The asshole did it before for clout now would he do it for millions?
Looking at that guys post history, he looks pretty real. He’s liberal in both choices of groups and what he says on the groups. He seem to be protective of people and he’s defended game companies actions saying they need to make money.
The thing is, he’s not wrong as such. I’m sure Reddit IS in trouble. They’ve historically not done everything they could to make money. I think you could successfully make the argument that they’ve hardly tried. They’ve grown substantially in size on the backs of the investors without any clear path to financial stability. I suspect the investors are calling in their bets now. They want to see an IPO. All the employees there with RSO want to see an IPO. An IPO doesn’t solve a companies problems, it makes them harder to deal with. All the IPO really does is pay back the investors. Reddit would not be doing this for the payout at the moment, more like to save their own bacon.
Just some conjecture, but having gone through a couple of IPOs and companies getting groomed for sales, They just cut about 10-15% of the workforce, I suspect the investors probably want them to can half the staff, reduce the operating costs and pull every trick they can to get as much money as they can on the books to push that stock price.
I’m thinking they gave them a number they need to reach through workforce reduction/revenue and they’re trying to squeeze every penny they can before the terminate more people. What’s not said is they will can more people either way. They will not leave that money on the table, even if Apollo cuts them a big fat ongoing agreement check.
The real fault I have here is in how Spez handled the AMA, hell how he’s handling all of this. He’s placing a bet right now that the collateral damage he’s doing to the community is less than the amount of cash he intends to put on the books. He’ll release the voting system to install new mods, turn back on all those dark subs in days. He has backups of everything and can just put anything destroyed back to where it was in day. He’s intending on telling Wall Street, no biggie guys, we still have all those user accounts and all that juicy data, and he’s expecting the IPO to at least break his angels even. But Wall Street, they’re looking even now, they’re not going to forget. After they do the next 25-50% layoff and crunch all the numbers, there’s only maybe 50:50 they actually decide to go through with the IPO. They angels will have to decide how much they’re willing to lose. Do they just take the lesser payout and walk away or do they kick him out and finish the restructure, trim the company in a way that doesn’t piss off the community so bad and sell it to someone that is willing to pay?
Thanks for checking, I guess I stand corrected tho it wouldn’t surprise me we find some bogus redditor around. Regarding the IPO they are committed to it they’re totally gonna do it. Remains to see if it explodes on their face completely. I mean it started exploding already now how much gonna left afterwards is the interesting question.
In hindsight I think we should had expected this when they said they’re going public. Giving your company to Wall Street is like sacrificing your chids to the vulture gods or something they want only the profit.
Oh God yes, the amount of simping going on has to be a mix of employees, pr bots, investors and some diligent trolls.
If you look at how many people are still rooting for musk ever after all his crap, humans are frickin weird man.
Yeah I never understood simping all together it’s friking nonsense.