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RandomStickman

@RandomStickman@kbin.social

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Pons_Aelius,

Part 1

Reddit could slim down management as moves toward an IPO

Thomas Maxwell

Reddit is preparing for an IPO amid controversy surrounding changes to its API.
Reddit employees say the company has a bloated leadership structure with too many managers.
Staffers were told earlier this year that they'd need to do "less but better."

As Reddit prepares for an initial public offering that could come by the end of 2023, it's looking to flatten its management structure, and employees say the company has become bloated with executive- and director-level employees.

Reddit filed for IPO in December 2021, when demand for new tech stocks was at a fever pitch. It said it surpassed $100 million in advertising revenue in the second quarter of 2021. It has also made large investments in artificial intelligence, acquiring the machine-learning startup Spell in June 2022 to help customize ad placements.

Since then, demand for tech stocks has dropped. Reddit laid off 90 employees in early June as it aims to reach profitability. Its revenue growth has slowed, The Information reported.

To prepare for the intense scrutiny of the public markets, Reddit is whipping itself into shape; managers told employees in product earlier this year that the goal was to do "less but better." Part of the mandate could include slimming down middle management.

Reddit is also examining areas of its business where it could squeeze costs. It recently announced a controversial decision to charge for access to its API, or application programming interface, which enables developers to build tools that connect to Reddit. It argued that it couldn't support third-party apps that use Reddit's content but don't provide any money in return.

Insider spoke with five current and former Reddit employees, who requested anonymity as they were not authorized to speak to the press or had signed nondisclosure agreements to receive severance. They described some leadership moves and road-map changes that caused what one employee described as "thrash."

The 18-year-old social-media company has long had a culture of "trying to do too many things and doing them really poorly and not finishing them at all," the same employee said. Internally, they said, the company would now focus on "having a simplified product plan and sticking to it."

A Reddit representative declined to comment on this story and pointed to a blog post about the company's acquisition of Spell.
A flattening at Reddit

Reddit executives presented a distribution of managers to direct reports during its last quarterly leadership summit in May in New York City. The distribution showed that many managers oversee four to six people. Managers who attended the summit told employees that leadership suggested the company would in the second half of the year consolidate teams with managers overseeing fewer than six employees, two employees said.

Steveanonymous,
@Steveanonymous@lemmy.world avatar

Does it even matter anymore?

skellener,
@skellener@kbin.social avatar

Pass.

man_in_space,
@man_in_space@kbin.social avatar

Reddit has died and its corpse has been fitted over an automaton.

mutant,
@mutant@kbin.social avatar

i guess no one saw that coming

islandmonkeee,
@islandmonkeee@kbin.social avatar

The thing is that it really is no longer about 3rd party apps working or not, rather, the level of disrespect displayed from Reddit towards us, their userbase. That's why I'm not going back.

AlecSadler,

Exactly. Relay user here and it'll continue to function but...

  1. Fuck spez
  2. I don't care to support reddit anymore
  3. Reddit's content for my feed is already turning to garbage. I'm already finding kbin and lemmy better.

Good riddins.

meldroc,

Exactly. Even if spez rolled everything back, I'm not going back.

All trust in Reddit is now destroyed because of Spez.

ObiGynKenobi,

Booooo

HeartyBeast,
@HeartyBeast@kbin.social avatar

The only thing I'll be giving Reddit is my traffic,

Just to bear in mimd that traffic is the metric that they use when selling to advertisers. Not criticising you, just pointing it out.

OtakuAltair,
@OtakuAltair@lemmy.world avatar

It also just generally feels bloated nowadays... I just want to chat

BedSharkPal,

We must go lower!

BarrierWithAshes,
@BarrierWithAshes@kbin.social avatar

We need to bring WSB in this. If anyone can crash those numbers it's them.

Rhaedas,
@Rhaedas@kbin.social avatar

Two tildes (~~) on each side does a strikethrough.

LynnTheChaoticWitch,

Afaik the strike through syntax is tildes like this or using escape charecters

BertitoMio,

test comment please ignore

Criton,
@Criton@feddit.uk avatar

RIP Relay. You served me well.

SCmSTR,

Because people really don't want to lose the time and investment they've put into building these huge communities.

It's like if the king just decides that your really healthy neighborhood and community, that you're a community leader in and are constantly defending against the shittiest companies and groups dumping garbage all over and ruining and harassing the residents (and whatever the equivalent to blocking posters of illegal things is), will suddenly charge you an extreme amount of money to do your volunteer job, and the clubhouse leaders/owners and other businesses an insane amount of money just to use the land (because the king wants that land to put up billboards instead) - because he wasn't making enough money on them before, but only because he wasn't charging them any money. And in reality, the king wants to sell the kingdom to China for several billion dollars and just wants to show how much money can be made from the billboards instead of the businesses and community centers.

Man. Fuck u/spez. Outcast that mofo rather than the platform. I wish somebody would just coup his ass, but everybody in his sort of position just always ruins it. Always. So it's the system, not solely him; it's the goal of... Internet Platforms. It's literally the same problem with government anywhere: if you have a monarchy, eventually, they'll do shitty stuff and eventually try to ruin it.

What's the solution?

bionicjoey,

Thanks, I hate being right.

bionicjoey,

If they had come out of the gate with that being the change, I would probably have paid for Reddit premium. Now though, not a chance.

redcalcium,

Ever since Victoria got sacked, reddit doesn’t seem to have anyone competent enough to run community relation anymore. They probably can’t figure out how to vet new mods if they were to hire some.

WytchStar,
@WytchStar@kbin.social avatar

This is what "to cut off your nose to spite your face" means. To the letter.

Skray, (edited )
@Skray@kbin.social avatar

Yeah I fully expect reddit to replace the moderators but it will take time and effort to select the right people.

If all the mods who protested actually resigned or moved their subs to being unmoderated it would've crippled the site, reddit would not be able to replace them quick enough.

It's unfortunate that the threat alone was enough to get most of them to reopen.

iAmTheTot,
@iAmTheTot@kbin.social avatar

Good lord I don't think I've seen "pr0n" in like a decade.

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