this post was submitted on 19 Jul 2023
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Piracy: ꜱᴀɪʟ ᴛʜᴇ ʜɪɢʜ ꜱᴇᴀꜱ
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"Become profitable" is just their stated goal.
I think that their actual goal is to look profitable for the upcoming ipo so that the CEOs can cash a fat check and leave. They likely don't care about what happens after that.
So the "become profitable while simultaneously destroying everything that made it valuable" platitude is more like "they're cutting down the tree for the wood without thinking about the squirrels"
But are investors this stupid? Who invests in an IPO without doing research on the company's activities? If they check the internet and it's countless articles about how their users and moderators are pissed and leaving, why would anyone think it's going to be profitable?
Investors aren't great at seeing what makes or breaks a community. They just want to see how Reddit plans on profiting from the community.
Not necessarily, companies like Twitter make consistent losses with no real path to change that, yet its deemed to have value by investors.