Remember when Spez said it was “It’s time we grow up and behave like an adult company”? Apparently, that means paying himself $193 million and single-handedly tanking Reddit’s profitability right b…::undefined

  • AutoTL;DR@lemmings.worldBEnglish
    0·
    9 months ago

    This is the best summary I could come up with:

    Reddit is used by some 57 million people every day to discuss all sorts of things, like news developments; share memes and favorite recipes; swap stock market tips; and chronicle public photos of bread stapled to trees.

    Four of the most popular mobile Reddit apps, including Apollo, have announced they will be going out of business because of the new costly fees for accessing what is called the application programming interface (API), which allows different pieces of software to communicate with each other.

    Some subreddits, still upset that Huffman has not rolled back any of the announced changes or lowered the cost for accessing Reddit data, have extended the blackout beyond the initial 48-hour period.

    In their last update, organizers of the boycott wrote that “our core concerns still aren’t satisfied,” adding that “Reddit has been silent since it began, and internal memos indicate that they think they can wait us out.”

    In 2021, Reddit filed paperwork for an eventual initial public offering but shelved those plans when technology stocks plummeted shortly afterward.

    It, along with peer social media platforms Facebook, Instagram, Snap, YouTube and others, has been dealing with a slowdown in digital ad spending, which has pressured the companies to find new ways to generate revenue.

    The original article contains 1,022 words, the summary contains 208 words. Saved 80%. I’m a bot and I’m open source!