He gifted himself a ludicrous $193 million compensation package.
Reddit, a 20-year-old company, has yet to turn a profit. In 2023, the platform lost a whopping $90.8 million.
Can someone explain to me how reddit can make a loss, while he pays himself MORE than the loss?
Does that not mean that reddit would have made a 113 Million profit before his $193 million compensation package?
What kind of business-algebra-gymnastics is at work here?
Can someone explain to me how reddit can make a loss, while he pays himself MORE than the loss? Does that not mean that reddit would have made a 113 Million profit before his $193 million compensation package? What kind of business-algebra-gymnastics is at work here?
It’s a calculation popularized by fintech bro’s in the late oughties.
It’s called pulling an FYGM, a fuck you got mine, colloquially known as a rug pull.