Reddit's cofounder said that at first the company felt like 'a homework assignment that got out of hand' rather than a business
www.businessinsider.com
Reddit's cofounder Steve Huffman said in its early days he filled up most of the site with content using different accounts until it got more users.

Now the social media platform is aiming for an IPO in the first quarter of 2024 with a valuation of $15 billion, and has been in talks with potential investors like Goldman Sachs and and Morgan Stanley, per Bloomberg.

  • athos77@kbin.social
    723·
    11 months ago

    Rexxit had over $500,000,000 in revenue in 2022. It wasn’t profitable because spez spent money paying for all the infrastructure and bandwidth for multiple AI companies to harvest all of rexxit’s data, and because he’s constantly distracted by trying to incorporate the latest tech-bro trends into rexxit - rexxit crypto, rexxit NFTs, now he’s trying to figure out rexxit AI. He’s a breathtakingly incompetent CEO.

    • AwkwardLookMonkeyPuppet@lemmy.world
      11·
      11 months ago

      It’s amazing to me that these internet billionaires have really cool, popular, useful websites that are unique, and used for their uniqueness. Then they spend all their time and money trying to make the site into a clone of some other popular site because they view them as competitors. What they actually end up doing is destroying what made their website special to begin with, and then we the users end up with a few sites that are desperately trying to clone each other, that don’t actually work well for anything anymore.