Fidelity has further slashed the estimated worth of its holdings in Reddit and Discord as well as SaaS startup Gupshup.

  • TheOneWithTheHair@lemmy.world
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    1 year ago

    I can’t believe Steve Huffman (u/spez) is acting like this before an IPO. An IPO usually means a board of directors. Usually, the CEO reports directly to the board of directors and serves until they decide they need a new CEO. Forget third-party apps for a second, Fidelity has further slashed the estimated worth Reddit. Users are protesting against the site’s leadership. Porn bombing has brands concerned about advertising on Reddit; see https://techstory.in/advertisers-grapple-with-rising-brand-safety-concerns-as-reddit-protests-escalate-into-porn-bombing-campaigns/ He’s tarnished Reddit’s image. The sooner they do an IPO, the better as Huffman will become the artist formerly known as CEO.

    • residentmarchant@lemmy.world
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      1 year ago

      Reddit has (very very likely) had a board ever since their first VC investment round in 2005, the board is backing this otherwise Spez would get voted out in a heartbeat

      • TheOneWithTheHair@lemmy.world
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        1 year ago

        If Reddit has a board, and they let Spez loose to do this crap, then they deserve a $10 BN devaluation. Maybe this will be the wakeup call.