Sometime this month, Reddit will go public at a valuation of $6.5bn. Select Redditors were offered the chance to buy stock at the initial listing price, which it hasn’t announced yet but is expected to be in the range of $31-34 per share. Regardless of the actual price,
I am so tired of this bullshit. Every time I’ve turned around, for the past thirty years now, I’ve seen some variation on this same basic song and dance.
Yet somehow, in spite of supposedly being burdened with so much expense and not given their due by a selfish, ignorant public, these companies still manage to build plush offices on some of the most expensive real estate on the planet and pay eight- or even nine-figure salaries to a raft of executive parasites.
When they start selling assets and cutting executive salaries, or better yet laying them off, then I’ll entertain the possibility that they need more revenue. Until then, fuck 'em.
These companies collect investment money from either investors or other parts of the company that do make money. They give away their product for free to create a user base, and figure out proper monetization later.
When the economy takes a dive and borrowing money costs money again (for years, banks had negative interests for huge loans, which means they paid you to take their money) the funds of venture capitalists suddenly dry up and companies like Netflix and Uber suddenly need to raise prices
Nine figure salaries are nothing compared to how much training AI costs. The same goes for most services, to be honest.
I don’t get where the entitlement comes from, to be honest. Why should companies keep giving away shit for free? They’re neither governments nor charities. These companies are flushing billions down the drain giving away free stuff to get marker share and attract more money they can put into free services, until they can grow no more. That’s unsustainable and impossible to compete with fairly.
It’s good for the internet to cost money. If customers need to pay for the stuff they’re using, we maintain the possibility for fair competition. Without competition, billionaires and hedge funds control the internet. If you demand everything to come for free, you’re only playing into Google’s/Facebook’s/Microsoft’s/Apple’s hands.
What “entitlement?”
I don’t expect anyone to start a web site or service or to give me or anyone else access to it at all, much less for free.
I’m just making the very narrow point that when a company chooses to do all of that, and manages to make enough money to build a plush corporate headquarters on some of the most expensive real estate on the planet and pay its executives millions or even tens or hundreds of millions of dollars, then starts crying about not making enough money, that’s self-evident bullshit.
If anybody’s acting"entitled" in that scenario, it’s the greedy corporate weasels who spend billions on their own privilege, then expect us to cover their asses when they come up short.