Beyond spez (and the fact that he is a greedy little pig boy), I’m curious about the corporate dynamics that prevent a company like Reddit from being profitable. From an outside perspective, they make hundreds of millions per year via advertising, their product is a relatively simple (compared to industries that need a lot of capital to build their product), and their content is created and moderated for free by users. Could any offer some insights or educated guesses? Additionally, I’m curious how this all ties into the larger culture of Silicon Valley tech companies in the 2010s.
Common problem with IT companies they overgrow themselves under false optimism and the urgent need to innovate to keep up with competition. It doesn’t help when a bro who once had a good idea is tasked with leading the company. If they actually only did minimum like craigslist they might make a lot more profits but might eventually fail. But not worse than now.