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This is what gets me. Christian Selig pointed out in a number of interviews that Reddit could have easily made this work without alienating a huge segment of their user base. I get this vague feeling lately like CEOs are intentionally trying to tank their products, because no one so well paid could actually act so dumb.
It's people like Spez and Elon who would be the first to die off in a post-apocalyptic scenario. Their "Smarts" won't do shit if they don't know how to survive. Not to mention high profile people will likely be the first on the chopping blocks.
Also being "smart" in an apocalypse likely means building allies and connections. Which can only happen if people can trust your word and don't think you're a dick. Something that describes neither of them.
I think he was blinded by the thought of money. When the media reported that ChatGPT trained it’s models using Reddit comments, he flipped out and rushed to slam the gates shut immediately, while telling investors he had potentially billions of dollars worth of data to sell. When he found out that Apollo app and others sell subscriptions, it’s clear from his comments that he got angry and called them all parasites. He wants to be the gatekeeper of Reddit and become a billionaire with it, but his actions fundamentally misunderstand Reddit and will trigger a mass exodus. The content creators are leaving, and while Reddit will still get traffic the content will become stale and it will be another 9gag.
Like, I'm nowhere near this stupid. I'll run your company better for half what he's paid
I'm absolutely convinced I could do a better job. He's a fool
Agreed. I just can't figure out the reason(s) they're doing it though.
Borrowing money isn’t cheap any more. The venture capital’s that have been propping up these platforms have decided the risk is now too high, and they’re trying to extract as much of their investment as they can, by any means necessary. I think the venture capitalists see a major recession in or near future, and our battening down the hatches.
Truth is CEOs do dumb shit all the time because most of them are not the "genius" worth all that pay everyone seems to think.
Of course there are many that are worth the pallets of cash they make but it drives all the mid tier to junk CEO compensation up.