NEW YORK, Feb 7 (Reuters Breakingviews) - Social media platform Reddit, which helps its users “dive into anything,” may finally plunge into the public markets. The 19-year-old company made over $800 million in sales last year, at least 20% more than in 2022, according to Bloomberg. But a dearth of profit this late into its existence portends the lack of a real business model, suggesting it’s still not ready for public company life.
https://www.reuters.com/breakingviews/investors-will-say-ok-boomer-aging-reddit-2024-02-07/
Original link: https://www.reuters.com/breakingviews/investors-will-say-ok-boomer-aging-reddit-2024-02-07/
Steve Huffman’s firm lost some $69 million last year
Nice
But somehow he still managed to pay himself $193 million - it boggles the mind, does it not, how he can pay himself >3x the amount that he LOST!?
Exactly! So how does that not make it fraud, as in an attempt to spike the perceived valuation of his company’s stock? Ianal, so my only guess is that it is different rules for a private vs. publicly-owned company. It being stock options is what made it possible, but I question whether it is legal? And either way, it seems unethical.
