Totally a sign of an ultra-successful IPO!
this post was submitted on 07 Jun 2023
273 points (100.0% liked)
Technology
41079 readers
88 users here now
A nice place to discuss rumors, happenings, innovations, and challenges in the technology sphere. We also welcome discussions on the intersections of technology and society. If it’s technological news or discussion of technology, it probably belongs here.
Remember the overriding ethos on Beehaw: Be(e) Nice. Each user you encounter here is a person, and should be treated with kindness (even if they’re wrong, or use a Linux distro you don’t like). Personal attacks will not be tolerated.
Subcommunities on Beehaw:
This community's icon was made by Aaron Schneider, under the CC-BY-NC-SA 4.0 license.
founded 3 years ago
MODERATORS
The fucked up thing is that it kind of is...layoffs of this kind almost always have a positive impact on stock prices, which is why they do them. Gotta love capitalism!
Yeah, upon reflection you are right... this looks to be Reddit saying "notice me, potential shareholders, I'm so efficient!"
Disgusting, this is is why this system needs to die, infinite growth is unsustainable, like a cancer, fucking over people is seen as a good thing for "business", how infuriating.
I'm hopeful that lemmy reaches critical mass because of Reddit's absurd policies.
It's getting there... The Reddit wave should be enough to get us there if the servers hold up semidecently
Even if the servers don't. I'd rather deal with downtime (aka forced detox😅) than the ads, the negative trolls, the dumb UI that constantly pushes their app, and so on. Reddit only works because it has so much fresh content. If that breaks down than so will it.
load more comments
(2 replies)
Some people have been saying a 2-day blackout isn't going to do much. But if they're struggling financially it will most likely really hurt them.
Hopefully if the 2-day blackout is unsuccessful they'll extend it or plan more blackouts.
I'd imagine so... it makes sense to me to start with 2 days, and then go from there, rather than starting with the "nuclear" option.
Does Reddit have the power to un-blackout the subreddits? I.e. Overrule the mods and open things up? I feel like, as in most cases, there are a modest sized group of high caring individuals that will reject/boycott/cancel reddit, but the majority of users, casual and the ones that make reddit their life, will just continue on, only slightly inconvenienced.
Yes Reddit could do that... but mods are extremely valuable, and a lot of subs would stop working without them. Reddit has already been moving to big subs being moderated by Reddit employees, and it generally kills the sub.
Reddit is big enough that it probably won't die quickly (e.g. like Digg did), but my guess is that this kind of policy shows that the best days of Reddit are in the past.
Reddit is big enough that it probably won’t die quickly (e.g. like Digg did), but my guess is that this kind of policy shows that the best days of Reddit are in the past.
i think twitter is a good model for how we might expect this to go: a slow but undeniable decay into a worse, less functional, generally more miserable site to be on. when the decay will end? who knows. but there'll likely be an obvious before and after, and an equally obvious point where the site goes from a vanguard of influence online to a social media backwater.
Agree, although it could happen even slower than Twitter. Musk taking over has been a huge shock to the community, and killing off third party apps is only one of the many changes he's made in a few months. Even if Reddit sticks of their guns on API charges (which they might not), I doubt they'll do anything as drastic again for a while.
load more comments
(1 replies)
in fact a good metric for this might be when reddit stops contributing anywhere near as many productive search results as it currently does. that's undeniably a big use of the site for people so it'd be noteworthy for that to disappear (and despite itself being a symptom of bad things it'd probably be quite bad overall, given the state of online generally right now.)
While i basically never used twitter, i dont see it dying. Some sources post decresing userbase some are saying that after the big hit things started to go back to normal People forgets. Today they protest, tomorrow they bend.
@AnagrammadiCodeina @alyaza what is normal? Bird site lost people even before Musk.
Like they were already loosing users before musk? Do you have a source?
If they hijack the subs and revive them without the mods then they're going to have a very hard time weeding out the troll content that will inevitably flood in from disgruntled users who want to see it burn down. Good luck selling ad space when every second post is 4chan-esque rants about niggerfags.
Hey, I don't think you were trying to be hurtful with this comment, but slurs - even when not directed at a user - don't really have a place in the type of community that we're trying to cultivate here.
I saw somewhere (can't remember if it was here or not) that they think Reddit might not be too worried about the 3rd party apps because it makes up such a small user base. So it could potentially be a vocal minority who are actually being affected. Then again what do I know about running a website with millions of daily users, so it could be way off.
If that's true, it's even more asinine. A small number of users make numerous API calls from third-party apps, and in doing so, create all the content that the majority of users are perusing with ads? The quest for short-term gains so often harms long-term viability in corporate America, and I truly just don't understand how we keep hiring C-level people that keep making the same mistakes over and over
Absolutely agree. Also this was just a comment I saw so who knows if it's actually true or not but it's something I could see happening unfortunately.
For sure it's unconfirmed. The only things we really know for sure are:
- Reddit wants money for API calls
- Their monetization structure is unreasonable
- The only possible outcome of their monetization structure is the death of third party apps
- Reddit is an American company and conducts itself with the same grace and farsightedness as most of them
Which leads be to the conclusion that the thing you've said is quite possible
I'm not American, but isn't it mandated by law over there to do stuff like this, to create the maximum profit for shareholders?
Forgive my ignorance of US laws!
No such laws. The only laws for publicly traded companies are that they must be open and honest with shareholders about the financial status of their organization. You're very much allowed to run a business that stays small forever
I remember seeing someone say that it's possible they want to monetize using their APIs to train AI on user content. Currently it's basically free for someone like OpenAI to do it.
Because C-Level people are more about "how can this company make money" and less about "how can this company treat its workers/customers well" (unless the latter leads to the former).
They are told that increasing value for the investors is the thing that matters. If you have to make "tough choices" that abuse the workers or destroy the brand, oh well. It's worth it if that revenue number keeps going up. To them, it's an acceptable loss to keep the board happy.
Every company that has VC, investors, or stock is going to be like this at one point or another. It's just getting more blatant and obvious now. Disney, WB, Netflix, Twitter, Reddit...it's a list that just keeps growing.
They're not doing this because they are struggling. Its a common tactic for shitty corporations to do so it looks like they made a shit ton more money and can claim losses on their taxes
Ah yes pre-IPO wallstreet pleasing. If I remember correctly wework also pulled this, and so did a few others.
Boy, things are going GREAT over there huh
Yeah things are going soooo well
Ahh here it comes. Expect more - IPO layoffs (from personal experience) are definitely a thing
May I ask what the whole "IPO" thing is?
Initial Public Offer. Basically, the company going public on the stock market. They tend to try and look "shiny" before going public to make them attractive to buyers who want to make money from investing into the company.
In my experience (from working a place that has done this) they will do some waves of layoffs and make some operational budget cuts, as well as sometimes freeze some capex spending so the books look juicier. This includes things that may cause long-term harm, for short ish (under a year) gain.
Script is pretty similar with most companies that do this in tech, with predictable results.
The only thing I ask myself right now is: Do they get rid of porn subs before IPO or shortly after?
Probably restrict them more before IPO would be my guess
load more comments
(1 replies)
Firstly I want to really thank you for taking time to write up this response.
Anyways it definitely makes sense what reddit it doing, although it's no excuse for being such a little bitch. So in other words, let them burn lol
To be fair, most tech companies had layoffs in the last six months and it seems that most were bigger cuts. Also, my best guess is that Reddit has been unprofitable/burning cash from the beginning (~18 years) - that can't and won't last forever.
load more comments
(2 replies)
load more comments
(2 replies)
Rise and shine my friends.
The way things are going, they will be laying off many more soon.
It feels weird to want history to repeat itself, but I'm really hoping Reddit has to deal with the ironic situation of users migrating from the platform en masse due to awful management decisions.
load more comments
(19 replies)
Really looking very "investor focused" 🤢
Alexis Ohanian, founder of rival site Reddit, said in an open letter to Rose (of Digg):
this new version of digg reeks of VC meddling. It's cobbling together features from more popular sites and departing from the core of digg, which was to "give the power back to the people."
load more comments
(10 replies)
Go go capitalism!
They really want that IPO money
view more: next ›