392
Reddit Files to Go Public, Reveals That It Paid CEO $193 Million Last Year
(www.thedailybeast.com)
this post was submitted on 23 Feb 2024
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Absolutely insane. Considering how shitty their UI is as well as them not paying their mods. This an incredibly naked theft of labour. This is many times more appalling than the 3rd party app debacle.
I went on the reddit post for this article. There is a lot of resignation from the people there, not anger like before. Most of them don't seem to know about the fediverse but I can tell they are truly seeing the death of Reddit and are not sure what to do. As much as I would like to I refuse to make an account to spread the word.
Anyway, I think this is an indication that we will be seeing further growth here on Lemmy.
Even if they paid the kid only, I dunno, $100 million, how many community mods could have been paid with the remaining $93 million?
How anyone can believe that it is possible for any single person to do something so meaningful in the same 24 hours we each share every day that they deserve payment so drastically disproportionate, so...disgustingly obscene, really, is beyond me.
Math time!
Let's use nice round numbers to make this easy. We're going to pay community mods a salary of US$100,000.00.
Now, keep in mind that the cost of labor to a business is much more than just salary. Employees need technology, 401K matching, health insurance subsidies, an HR department, management, company stock programs, training - all sorts of things. Again, to make this easy, we'll say that each community mod costs the business another US$100,000.00, at least in the first year. (I would expect that kind of cost to diminish as an employee gains tenure, even if it never vanishes.)
This means that for every US$1M Reddit decides to spend on human capital instead of a CEO whose job appears to be largely centered around cuntery, you get five community mods. Since we are referring to diverting US$93M, that would give us 465 community mods.
This doesn't work perfectly, since employees generally like to be paid in cash, while executives (who already have all the cash they'll ever need) are much more willing to be compensated with stock options and other similar non-cash strategies. Huffman certainly got some kind of pre-IPO stock grants and/or options that make this IPO very personally rewarding for him, and which cost Reddit US$0.00. (One of the drivers of inflation is how public companies get to essentially print money by issuing stocks.)
All that said, you can keep that kind of math in your back pocket whenever you become aware of any executive salary. Every million dollars one dick swinger gets would employ five well-paid workers (or ten who can live independently with some level of comfort). That executive who gets $200M a year? Half of that would put 500 people to work, and not impact the quality of life of the executive at all.
When I once in a while visit Reddit for one of those particularly tailored adult subreddits, I still use old.reddit.com. It is amazing how they managed to screw up UI and still did not fix it.