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Reddit CEO Defends His Absurdly High Pay While Not Paying Mods (futurism.com)

submitted 8 months ago by catculation@lemmy.zip to c/technology@lemmy.world

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[–] AnAngryAlpaca@feddit.de 76 points 8 months ago (15 children)

He gifted himself a ludicrous $193 million compensation package.

Reddit, a 20-year-old company, has yet to turn a profit. In 2023, the platform lost a whopping $90.8 million.

Can someone explain to me how reddit can make a loss, while he pays himself MORE than the loss? Does that not mean that reddit would have made a 113 Million profit before his $193 million compensation package? What kind of business-algebra-gymnastics is at work here?

[–] sushibowl@feddit.nl 64 points 8 months ago (12 children)

Does that not mean that reddit would have made a 113 Million profit before his $193 million compensation package?

No. His normal salary is around 300k a year. This $193 million figure was the presumed valuation of a stock/options package he received ahead of the IPO. It doesn't cost the company anything to pay him in stock, so it doesn't affect the profit/loss calculation.

[–] Traister101@lemmy.today 22 points 8 months ago

Gotta love that monopoly money

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