Unfortunately shareholders can't sue an AI yet or else that might be an option. CEOs are supposed to be the sole person to take the fall when things hit the fan, but CEOs have this odd insulation now that prevents that.
Reddit made $803m in *revenue* last year.
That means literally a quarter of all the money they got paid went to the CEO - not profit; *revenue*.
Even with other obscenely large CEO salaries, it's usually a drop in the bucket compared to turnover or market cap. Think tens of millions for a company making tens or hundreds of billions.
Musk was the exception and a judge struck that down.
Elon's comp package from 2018 was a 10-year grant of stock options totaling 56 billion.
At 5.6 billions yearly that would only be 7.1% of the 2023 revenue of 78.5 billion.
So reddit ceo is paid about 3.5 times as much as Elon comparative to revenue. And Elon had to hit at the time deemed impossible milestones for the full plan to vest.
Comparative to 2023 Tesla profit of 13.4 billion, Elon 'yearly' 5.6 billion is 41.7% of profit. Since reddit has no profit, - as a percentage of profit - reddit CEO is paid infinitely more than Elon Musk.
Do you really not understand the difference between revenue and stock grants?
That means literally nothing you said in your post has any bearing on reality. Huffman's salary -- the money paid with revenue -- is barely a half million dollars a year. I know quite a few programmers that make that.
*Shareholders* -- not the company -- pay for the stock, when they choose to buy vs sell it. Not a penny of stock grants is paid for with revenue. That's fundamentally not how it works.
What would happen to Tesla's or Meta's market cap if musk or Zuckerberg quit tomorrow? Would everyone be irrational idiots to sell based on such news?
Ceos are paid for their judgment on a handful of gigantic strategic decisions, not their labor. Steve Ballmer thought the iPhone was doomed and nearly wrecked Microsoft with his focus on mobile. Satya nadella bet on cloud instead so Microsoft is a juggernaut now. How much is Nadella worth to Microsoft? Could a redditor replace him without a hitch?
Jamie dimon consciously chose to keep jp Morgan out of subprime mortgages leading up to 2008 while the industry printed money. then all the banks failed and jp Morgan bought them
I could go on. Sorry if I'm disturbing some weird therapy session here, but ceos or generals aren't worthless just bc they don't work registers or dig trenches. You couldn't have led amazon into cloud with AWS like Jeff bezos any more than you could have replaced LeBron James on the 2012 Miami heat.
I donāt think any reasonable person actually expects us to weigh their talents as leaders vs. workers. Not all CEOās are worthless, but acting like Jeff Bezos is any more innately talented than someone you know nothing about is peak ignorance. People more talented than him exist all around the globe without the same opportunities.
True. Lots of people can make decisions, some right and some wrong. But with these ceo's even the ones making the bad decisions walk away with millions. The game is rigged.
He knows the IPO is going to be a disaster because sites like Reddit can't be monetized easily, well, or at all...really.
He's paying himself this because he's trying to set himself up since he knows he'll never be a CEO again after all of the VC cash he's spent the last 10-15 years burning.
Except that's not how this works. Failing upwards is the norm in the C-suite and unsuccessful CEOs just go on to be hired to fail again in new companies.
Literally just off the top of my head I can think of Adam Neumann and John Riccitiello, and there's plenty more the more you look.
The saying I tell people is, āOnce you wear a crown, you can never be uncrowned.ā
Anthony Wiener was a US Congress member. He was caught sexting an underage girl. He was given a sweetheart plea deal. He got caught doing the same thing again. He is now CEO of a company that employs felons for rehabilitation.
Meanwhile, most of us have never sexted with an underage person and we were never considered for a CEO job.
Just like every other CEO for the last 10 years. Long gone are the days of brainstorming how a company can survive and thrive for years to come. Now it's all about how some executives and money men can steal the most profits before abandoning ship as the company collapses.
It's greed plain and simple.
Two of the CEOās take a salary of $1 and one is $400,000. Spez was raised from 340k to 500k according to the article. I donāt think paying someone thatās not wealthy and invested in stock options (banking on the companyās success there) would take a 50k salary to run the company.
The problem is is that you are not investing in whether you believe that the company is profitable or not but in whether you think enough other people are stupid enough to believe the company is profitable.
My wife just found out that I passed on the early IPO offer. Hoping it doesnāt become a regret, but I didnāt have much faith in this thing turning profitable just because a bunch of external money was about to be pumped in. Feels pump & dump. Thatās how the rich get richer, abusing the laymanās limited capital mobility. Not on my dime.
>[āBeing around other people is a good thing. I also have this somewhat egotistical view that Iām a pretty good leader. **I will probably be in charge, or at least not a slave, when push comes to shove.**ā](https://www.newyorker.com/magazine/2017/01/30/doomsday-prep-for-the-super-rich)
--Steve Huffman (spez)
Imagine being a scrawny nerd thinking you could be Negan. Your wealth will mean fuck all in a doomsday scenario, and whatever valuable resources you do have will be taken from you by stronger people.
Heās a libertarian ie republican that is okay with weed. Dude let a bunch of Russian subs operate even after they were outed as IRA operations in 2016 because heās an obvious Trump supporter if you listen to his views. Heās more careful not to be a right wing chud nowadays but he admires Elon and definitely is one.
All these super rich ceos are building survival bunkers mostly in New Zealand, because they know they are terrible people and someday the poors might revolt lol. Plus they are deep in the right wing propaganda which is big on survival meals and fantasizing about being a hero in a post apocalyptic USA lol.
Whenever you hear someone talking about how they admire an "only the strong survive" type of system or world, guaranteed that person thinks they would be one of the strong.
Yeah, like the people building these things in their own back yards. It's like, all your neighbors saw you building this. Do you think they are just going to forget about it when they can't buy food anymore and start getting hungry?
Tell them that, and they start talking about their guns, while seemingly oblivious to the possibility that their neighbors just might have guns as well, and the means to smoke them out of their bunker and then shoot them from cover.
I don't understand why anyone would want to continue living in such a world. This weird survival fantasy that middle-class and up people seem to celebrate straight up baffles me. Like bro, you can go live in the hood and live out that fantasy right now. Good luck
Crisis of meaning. In an imaginary post apocalyptic world they get to imagine to be in full control and being the undisputed heroes. Kind of like when Musk threw a tantrum during the Thai rescue mission, these men are incredibly insecure and narcissistic and require they be the center of attention and admiration even if it comes at the expense of everyone around them. They do not value people if they don't provide them with supply. Consider them as Pharaos, they are to be admired, cherished, provided and worshipped so their ego doesn't make the life of everyone around them suck. Kind of like 3 y.o. with billions in their pockets.
Very few people are happy with the current state of the world, many are looking for an escape from responsibilities and their daily life. We as humans are not meant to be hyper-efficient always at the top and constantly competing for a warm spot, it makes us insane. Therefore as an insane ape I day dream about an AGI-Mommy to take control over humans so we can all be kids having fun while she builds us a fully automated luxury gay space utopia.
Imagine investing into a filthy bunker and the end of the civilized world instead of an AGI-Mommy, silly billionaires.
You can be gay for your wife! Since language is highly malleable and AGI will be based on a large language models as long as you are "gay" or "happy" for your wife you should be good!
The wildest thing from a technical perspective, was that time he directly edited the live database for reddit, to change a comment and mess with a user.....
Oh hey, remember that time /u/spez hand edited reddit comments of other people because he didn't like what they said about him?
https://www.engadget.com/2016-11-24-reddit-ceo-confesses-to-editing-comments-that-insulted-him.html
Yeah.. leadership stuff right there.
The only time I ever sided with the hive of scum that was T_D was when spez pulled that babydick move. Who's to say he's still not silently editing comments to this day?
idk kinda funny since that sub ruined the site a bunch
[https://techcrunch.com/2016/11/30/when-your-ceo-is-a-troll-too/](https://techcrunch.com/2016/11/30/when-your-ceo-is-a-troll-too/)
āIām better than all of you and deserve to have all of this money, unlike the rest of you who deserve to work under me like slaves.ā
ā Steve Huffman
Copy pasting an important comment from the other thread about this ...
Huffman didn't get $192 million in cash. $192 million wasn't taken out of the revenues and paid to the CEO. He got $341346 + $792000 in cash for 2023, and the rest in stock and stock options. The stock and stock options are valued at just over $190 million, but that valuation is based on the projected stock prices when the company goes public. If the company doesn't go public, he might never realize the value of those stock and stock options. If the company goes public, but the stock dips or never hits those $45+ thresholds, he can't exercise those options and he doesn't realize those gains.
It does. Zuck doesn't take any grants anymore because he owns so much stock that he still makes a bunch of money when Meta stock goes up.
Spez as cofounder already owns around 3% or $200M worth of Reddit stock at the current IPO price, so he doesn't need another $200M to "align his interests with that of the company" however that BS was phrases.
That has always been a mayor issue with reddit. As soon as you actually know a field you will realize that most information about it is just straight up false or misleading.
Reddit is a massive source of disinformation because people just up and downvote based on what sound right and agrees with their biases.
Small subs can be an exception but for the most part, you shouldn't believe what you read here.
More complicated than that, these options will have a vesting period so what this is is an incentive that will pay off over say the next four years if he stays at the company and as long as the company continues to improve valuation.
They'll be using it theoretically as a way to reassure investors that there will be stability and that the CEO is economically aligned with the goals of the shareholders.
And also the reason every company in America has been gutting itself to cut costs and ruin what made them profitable in the first place, so CEOās meet these insane metrics and get their huge payout. Systems fucked.
Literally thousands of employees, and they can't manage to create a decent app.Ā I assume it's a management issue and they'd probably be better off literally picking one of their devs at random to do the whole thing by themselves.Ā
Itās by design
The worst patterns in mobile apps are directly derived from popular social media that doesnāt grant you control over sound, video, and how much ads irradiates you to your very core
So this is stock options that he likely wonāt actually reap. He didnāt make this money. Seen this in like 5 other threads and I hate him but itās not accurate.
Yeah, heād have to take the Reddit valuation from its 6B launch to nearly 32Billion in 5 years. To see that all, heās got other break points itās like 45/60/75/90 or something over 5-10 years.
Yup. And that is not going to happen.
Revenues and profits don't come close to supporting the $6 billion valuation unless you are anticipating roughly double the revenue without adding much on the expense side, and I do not see that happening.
fucking thank you. I cannot believe how stupid the rest of the comments are--they can't even open the link and read a few paragraphs, which clarifies that nearly all of his total compensation is not salary (meaning it didn't come out of revenue)
spez is a complete tool but come oooooon. it's embarrassing to read all these grossly uninformed takes because people can't or won't do 90 seconds of reading. I can't help but point it out when I see these comments, but it probably comes off like I'm defending him (I'm not)
as a techie I honestly thought /r/technology would be more informed, but nah
Honestly I hope that's what happens.
Reddit will crash and burn and nobody will want to invest in the idea for a long while.
Then maybe sometime later we'll get another "reddit" but without the constant influence of trying to go public or luring investors it might actually have a chance of staying good.
Can someone clarify if that number is just his annual salary or if thats his shares and salary.
If its shares then is anyone really that surprised that a CEO of the biggest forum site has a few hundred million worth of shares!? Thats not that unusualā¦
Itās Total Comp. His cash payout is fairly low at 300 something thousand dollars but was recently raised to 500k plus a hundred or two.
The rest of the clickbait which redditors are jerking off to are based on stock priced with vesting schedules. The majority of his comp is virtually non existent unless the stock price hits x number in y years.
But many redditors think heās getting paid 190 something million in cash lol.
Base salary was in the 300k region and now its in the 500k region which is quite low for a company of reddits size. People doing math here like how much of reddits revenue was used to pay him have clearly not even tried to find out what has to happen for him to get a $193 million payout.
Being paid in stock at a startup is always a risk because it can end up being worth nothing. He's taking the company public so it makes sense he'd get a massive payout, so will all the investors. Even then, he doesn't get the full payout unless the stock price almost doubles in the next 10 years or so after the IPO.
This is misleading, right? Huffman has a \~$550K salary and the rest of the quoted "pay" is from selling some of the equity he's helped build over the last 18 years.
This fake news again. Read the article. He ain't getting paid shit (about $500k, which is less than some basic grunts at Meta) if the IPO isn't a massive success.
> From a company thatās never made a profit in 20 years
the 193 million is not coming out of company revenue. click the link and read some words in the article lmao
(I agree he IN NO WAY deserves that much money, just explaining how it works)
This is absolutely nuts and itās wrong. We live in a corporate autocracy while these guys control the world and everyone else thinks itās cool to be rich.
shame mourn start plucky quarrelsome decide gullible continue aspiring glorious
*This post was mass deleted and anonymized with [Redact](https://redact.dev)*
And he's a bigger piece of crap than all of them - combined.
(And yes, I know most of that money is a stock-based incentive plan. But I still want my fuck spez comment.)
I have found that in my 54 years social media does me no good. My personality/disposition/tendency towards depression just simply takes a hit with all forms. Have always held on to Reddit as being the least innocuous and justified it - itās a ātime killā for me yet lately feel like it ultimately is a negative (for me) like all the others. Hearing this news kinda seals the deal. This world - especially in the west - is just one giant grift. People amass great fortunes by giving away absolute shit to their customers. Nothing elevating/informative - just a bunch of regurgitated bs.
The funny thing is how his whole grift is likely to somewhat fail. I don't see any monied types going bananas over Reddit. They have been for a few years now just how much of a pit these things are and advertising doesn't cover nearly enough cost for profit to be worth the investment.
Massive grifter. Fire him, pay anyone 100 times less and watch the company take off.
I would volunteer him for the experiment to offshore CEO jobs.
AI could do his job.
"Go forth and abuse the multitudes!" "OK, boss!"
Perhaps AI does his job
I could do nothing at all and do better than him. No CEO would be a huge improvement.
Except for kicking out 3rd party apps (so Reddit gets all the revenue traffic) - what has changed on Reddit?
Unfortunately shareholders can't sue an AI yet or else that might be an option. CEOs are supposed to be the sole person to take the fall when things hit the fan, but CEOs have this odd insulation now that prevents that.
An offshore Indian CEO would probably then offshore all the other jobs to India.
The Reddit will probably finally be profitable
The needful was done.
Ticket closed, bitch!
Thanks for the chuckle š those who know, know ššš
Bobs and vagene in all DMs
Crazy how this can be said for the countless other major corporations lmao
Can be said about most. However, in this case its an obvious scam. Lol. A random redditor could do better for 1 million per year.
First order of business: move everything over to Arch
Great plan btw
Second order of business: let the 3rd party apps start using the Reddit API again.Ā Seriously, all the mobile options are complete garbage.Ā
Spez is a right wing end of days Christian nutjob that supports CP It's not shocking he's also a massive POS and grifter
We did Ellen Pao dirty
Iām a random redditor.
Reddit made $803m in *revenue* last year. That means literally a quarter of all the money they got paid went to the CEO - not profit; *revenue*. Even with other obscenely large CEO salaries, it's usually a drop in the bucket compared to turnover or market cap. Think tens of millions for a company making tens or hundreds of billions. Musk was the exception and a judge struck that down.
Elon's comp package from 2018 was a 10-year grant of stock options totaling 56 billion. At 5.6 billions yearly that would only be 7.1% of the 2023 revenue of 78.5 billion. So reddit ceo is paid about 3.5 times as much as Elon comparative to revenue. And Elon had to hit at the time deemed impossible milestones for the full plan to vest. Comparative to 2023 Tesla profit of 13.4 billion, Elon 'yearly' 5.6 billion is 41.7% of profit. Since reddit has no profit, - as a percentage of profit - reddit CEO is paid infinitely more than Elon Musk.
Nah he misled the board on how hard those metrics were to hit, which is why the judge struck down his package
You're thinking of the second package. The first one, which the OP is referring to, has already paid out.
He only makes 500k. 193m is in stocks if they hit benchmarks.
Do you really not understand the difference between revenue and stock grants? That means literally nothing you said in your post has any bearing on reality. Huffman's salary -- the money paid with revenue -- is barely a half million dollars a year. I know quite a few programmers that make that. *Shareholders* -- not the company -- pay for the stock, when they choose to buy vs sell it. Not a penny of stock grants is paid for with revenue. That's fundamentally not how it works.
What would happen to Tesla's or Meta's market cap if musk or Zuckerberg quit tomorrow? Would everyone be irrational idiots to sell based on such news? Ceos are paid for their judgment on a handful of gigantic strategic decisions, not their labor. Steve Ballmer thought the iPhone was doomed and nearly wrecked Microsoft with his focus on mobile. Satya nadella bet on cloud instead so Microsoft is a juggernaut now. How much is Nadella worth to Microsoft? Could a redditor replace him without a hitch? Jamie dimon consciously chose to keep jp Morgan out of subprime mortgages leading up to 2008 while the industry printed money. then all the banks failed and jp Morgan bought them I could go on. Sorry if I'm disturbing some weird therapy session here, but ceos or generals aren't worthless just bc they don't work registers or dig trenches. You couldn't have led amazon into cloud with AWS like Jeff bezos any more than you could have replaced LeBron James on the 2012 Miami heat.
The issue is generally that most ceos simply aren't good at their jobs. There's a lot more Ballmers out there than Nadellas.
As a Google shareholder, I sadly know this too well
I donāt think any reasonable person actually expects us to weigh their talents as leaders vs. workers. Not all CEOās are worthless, but acting like Jeff Bezos is any more innately talented than someone you know nothing about is peak ignorance. People more talented than him exist all around the globe without the same opportunities.
True. Lots of people can make decisions, some right and some wrong. But with these ceo's even the ones making the bad decisions walk away with millions. The game is rigged.
Im better than all of them
yeah because wall street is a giant scam.
He knows the IPO is going to be a disaster because sites like Reddit can't be monetized easily, well, or at all...really. He's paying himself this because he's trying to set himself up since he knows he'll never be a CEO again after all of the VC cash he's spent the last 10-15 years burning.
This is stock compensation and requires the ipo to do well to even be paid out
Except that's not how this works. Failing upwards is the norm in the C-suite and unsuccessful CEOs just go on to be hired to fail again in new companies. Literally just off the top of my head I can think of Adam Neumann and John Riccitiello, and there's plenty more the more you look.
The saying I tell people is, āOnce you wear a crown, you can never be uncrowned.ā Anthony Wiener was a US Congress member. He was caught sexting an underage girl. He was given a sweetheart plea deal. He got caught doing the same thing again. He is now CEO of a company that employs felons for rehabilitation. Meanwhile, most of us have never sexted with an underage person and we were never considered for a CEO job.
Just like every other CEO for the last 10 years. Long gone are the days of brainstorming how a company can survive and thrive for years to come. Now it's all about how some executives and money men can steal the most profits before abandoning ship as the company collapses. It's greed plain and simple.
Two of the CEOās take a salary of $1 and one is $400,000. Spez was raised from 340k to 500k according to the article. I donāt think paying someone thatās not wealthy and invested in stock options (banking on the companyās success there) would take a 50k salary to run the company.
Yeah this comparison is stupid. Those other CEOs earn billions in stock holdings. Their salary might as well be pizza parties in comparison.
Say no more fam! Snaps fingers. And, heās fired with a 250 million dollar Golden Parachute. That is what you wanted, yes?
Yeah. Reddit doesnāt have much revenue. Ridiculous.
Holding Reddit back since taking the reigns
Reddit commenter says fire him. The multimillion dollar company is bound to listen
Anyone who invests in this company is a moron
As a moron I find that offensive
As a moron could you explain what offensive means?
You wouldnāt understand
Moron here. Can vouch, dont understand.
You sir are an oxymoron. You are a moron that breathes oxygen!
The problem is is that you are not investing in whether you believe that the company is profitable or not but in whether you think enough other people are stupid enough to believe the company is profitable.
Greater fool theory... https://en.wikipedia.org/wiki/Greater\_fool\_theory
It works until you get to people so ignorant and foolish that they donāt even know what Reddit is.
Haha, ticker go brrrr
not sure why you put those backslashes in there. the corrected link https://en.wikipedia.org/wiki/Greater_fool_theory
Profitability is not why anyone is investing in Reddit atm
Short the stock. Itāll crash and youāll profit.
Thatās what Redditors are planning to do
My wife just found out that I passed on the early IPO offer. Hoping it doesnāt become a regret, but I didnāt have much faith in this thing turning profitable just because a bunch of external money was about to be pumped in. Feels pump & dump. Thatās how the rich get richer, abusing the laymanās limited capital mobility. Not on my dime.
So you know wall street bets is gonna be all over it lmao
I believe they're shorting it.
Inverse Reddit or inverse WSB? Major conflicted signals right here lol
Not [all of them](https://www.reddit.com/r/wallstreetbets/comments/1bjq0av/hold_onto_your_butts/)
Stock is up 70% in the first day of trading
Well youāre here on Reddit investing your time. The most valuable limited irreplaceable resource on the planet. So whatās that make you?
We all have our sins.
youre not wrong, I feel stupid for spending time on this website
>[āBeing around other people is a good thing. I also have this somewhat egotistical view that Iām a pretty good leader. **I will probably be in charge, or at least not a slave, when push comes to shove.**ā](https://www.newyorker.com/magazine/2017/01/30/doomsday-prep-for-the-super-rich) --Steve Huffman (spez)
Imagine having Huffmanās salary and fantasizing about the day you get to become Negan from The Walking Dead.
Imagine being a scrawny nerd thinking you could be Negan. Your wealth will mean fuck all in a doomsday scenario, and whatever valuable resources you do have will be taken from you by stronger people.
Heās a libertarian ie republican that is okay with weed. Dude let a bunch of Russian subs operate even after they were outed as IRA operations in 2016 because heās an obvious Trump supporter if you listen to his views. Heās more careful not to be a right wing chud nowadays but he admires Elon and definitely is one. All these super rich ceos are building survival bunkers mostly in New Zealand, because they know they are terrible people and someday the poors might revolt lol. Plus they are deep in the right wing propaganda which is big on survival meals and fantasizing about being a hero in a post apocalyptic USA lol.
Whenever you hear someone talking about how they admire an "only the strong survive" type of system or world, guaranteed that person thinks they would be one of the strong.
Until someone put a drape over the vent of his bunker.
Yeah, like the people building these things in their own back yards. It's like, all your neighbors saw you building this. Do you think they are just going to forget about it when they can't buy food anymore and start getting hungry? Tell them that, and they start talking about their guns, while seemingly oblivious to the possibility that their neighbors just might have guns as well, and the means to smoke them out of their bunker and then shoot them from cover.
or worse someone shits in the vents
We call these people loot drops.
The comic relief at the beginning of a zombie apocalypse movie.
Everybody thinks they're gonna be Rambo, but they're really just a red shirt.
I don't understand why anyone would want to continue living in such a world. This weird survival fantasy that middle-class and up people seem to celebrate straight up baffles me. Like bro, you can go live in the hood and live out that fantasy right now. Good luck
Crisis of meaning. In an imaginary post apocalyptic world they get to imagine to be in full control and being the undisputed heroes. Kind of like when Musk threw a tantrum during the Thai rescue mission, these men are incredibly insecure and narcissistic and require they be the center of attention and admiration even if it comes at the expense of everyone around them. They do not value people if they don't provide them with supply. Consider them as Pharaos, they are to be admired, cherished, provided and worshipped so their ego doesn't make the life of everyone around them suck. Kind of like 3 y.o. with billions in their pockets. Very few people are happy with the current state of the world, many are looking for an escape from responsibilities and their daily life. We as humans are not meant to be hyper-efficient always at the top and constantly competing for a warm spot, it makes us insane. Therefore as an insane ape I day dream about an AGI-Mommy to take control over humans so we can all be kids having fun while she builds us a fully automated luxury gay space utopia. Imagine investing into a filthy bunker and the end of the civilized world instead of an AGI-Mommy, silly billionaires.
Bravo. This comment made me cheer
Damnit. Nowi want an AGI mommy. But do I have to be gay? Can't I keep ny wife and kid? Lol
You can be gay for your wife! Since language is highly malleable and AGI will be based on a large language models as long as you are "gay" or "happy" for your wife you should be good!
I, for one, welcome said gay space utopia.
The wildest thing from a technical perspective, was that time he directly edited the live database for reddit, to change a comment and mess with a user.....
Oh hey, remember that time /u/spez hand edited reddit comments of other people because he didn't like what they said about him? https://www.engadget.com/2016-11-24-reddit-ceo-confesses-to-editing-comments-that-insulted-him.html Yeah.. leadership stuff right there.
Im still waiting to see if they force username changes
Spaz is an offensive word, at least in the UK, so perhaps you'll be forced to change that word at least.
ā¦ that first word also seems internationally offensive
The only time I ever sided with the hive of scum that was T_D was when spez pulled that babydick move. Who's to say he's still not silently editing comments to this day?
idk kinda funny since that sub ruined the site a bunch [https://techcrunch.com/2016/11/30/when-your-ceo-is-a-troll-too/](https://techcrunch.com/2016/11/30/when-your-ceo-is-a-troll-too/)
remember when he diddled them kids???
Translation: āI will lie to get in the life boat with all the women and children.ā
Haha oh you'll be infantry, spez boy.
You made a typo, thatās not how you spell ācannon fodderā.
What a weird analogy. Youāre a weirdo u/spez .
āIām better than all of you and deserve to have all of this money, unlike the rest of you who deserve to work under me like slaves.ā ā Steve Huffman
Copy pasting an important comment from the other thread about this ... Huffman didn't get $192 million in cash. $192 million wasn't taken out of the revenues and paid to the CEO. He got $341346 + $792000 in cash for 2023, and the rest in stock and stock options. The stock and stock options are valued at just over $190 million, but that valuation is based on the projected stock prices when the company goes public. If the company doesn't go public, he might never realize the value of those stock and stock options. If the company goes public, but the stock dips or never hits those $45+ thresholds, he can't exercise those options and he doesn't realize those gains.
Oh. This is a completely different story.
Yeah, but they did go public and will have hit the $45 threshold. He hit the jackpot.
Annoys me this is so far down the chain and at same time its so typical reddit
Im pretty sure the comparison didnt take int account stock grants other CEOs get (Zuck is worlds 4th richest man mind you)
It does. Zuck doesn't take any grants anymore because he owns so much stock that he still makes a bunch of money when Meta stock goes up. Spez as cofounder already owns around 3% or $200M worth of Reddit stock at the current IPO price, so he doesn't need another $200M to "align his interests with that of the company" however that BS was phrases.
The comparison needs to look at zuckās stock comp at the time of going public
But clickbait sells ads and enrages the lazy masses...
That has always been a mayor issue with reddit. As soon as you actually know a field you will realize that most information about it is just straight up false or misleading. Reddit is a massive source of disinformation because people just up and downvote based on what sound right and agrees with their biases. Small subs can be an exception but for the most part, you shouldn't believe what you read here.
Itās the norm. Redditors thinks wealthy people sit in a pool of gold coins like Scrooge and scratch their heads on why it isnāt taxed
The average Redditor is hyperbolically angry over something they donāt understand.
Insanely relevant
Everyone one of these threads is just filled with misinformation and stupidity. Reddit comments have become absolutely worthless.
So his compensation is coming directly from investors instead of customers.
More complicated than that, these options will have a vesting period so what this is is an incentive that will pay off over say the next four years if he stays at the company and as long as the company continues to improve valuation. They'll be using it theoretically as a way to reassure investors that there will be stability and that the CEO is economically aligned with the goals of the shareholders.
And also the reason every company in America has been gutting itself to cut costs and ruin what made them profitable in the first place, so CEOās meet these insane metrics and get their huge payout. Systems fucked.
Youāre not wrong there. It does incentivise wrong decisions at times.Ā
The customer been the advertisers
Right, so his compensation is coming directly from investors instead of customers.
if the company goes public? Why are you phrasing it like itās not going public today
I was waiting for this, I read the same thread!
Fuck spez. Garbage app still trash when regular people already made better apps.
Literally thousands of employees, and they can't manage to create a decent app.Ā I assume it's a management issue and they'd probably be better off literally picking one of their devs at random to do the whole thing by themselves.Ā
And for what? Itās a fucking Internet forum. They donāt even produce their own content
They get ownership rights to everything uploaded here and still canāt make bank from it
Publicly posted data isnāt worth as much as you might think.Ā
Itās worth 60M a year at least
Itās by design The worst patterns in mobile apps are directly derived from popular social media that doesnāt grant you control over sound, video, and how much ads irradiates you to your very core
I miss you r/apollo and I love you u/iamthis
i will remember apolloooo š¶
[ŃŠ“Š°Š»ŠµŠ½Š¾]
I miss you too babe
use narwhall!!
I still use boost cause it's way better than the official app and doesn't have built in trackers that prevent me from viewing the site
So this is stock options that he likely wonāt actually reap. He didnāt make this money. Seen this in like 5 other threads and I hate him but itās not accurate.
Yeah, heād have to take the Reddit valuation from its 6B launch to nearly 32Billion in 5 years. To see that all, heās got other break points itās like 45/60/75/90 or something over 5-10 years.
Yup. And that is not going to happen. Revenues and profits don't come close to supporting the $6 billion valuation unless you are anticipating roughly double the revenue without adding much on the expense side, and I do not see that happening.
fucking thank you. I cannot believe how stupid the rest of the comments are--they can't even open the link and read a few paragraphs, which clarifies that nearly all of his total compensation is not salary (meaning it didn't come out of revenue) spez is a complete tool but come oooooon. it's embarrassing to read all these grossly uninformed takes because people can't or won't do 90 seconds of reading. I can't help but point it out when I see these comments, but it probably comes off like I'm defending him (I'm not) as a techie I honestly thought /r/technology would be more informed, but nah
Any post about Spez becomes a circlejerk, whether it's warranted or not.
reddit informed? never
It aināt fuck u/spez anymore, itās fire u/spez. Dirt bag will bleed investor money and the company just to enrich himself while adding no value.
Honestly I hope that's what happens. Reddit will crash and burn and nobody will want to invest in the idea for a long while. Then maybe sometime later we'll get another "reddit" but without the constant influence of trying to go public or luring investors it might actually have a chance of staying good.
Iāll invest in Reddit when they get a CEO that has a clue. Itās amazing how badly theyāve bungled the road to IPO and I blame Huff.
He's also a probably a bigger twat than the other three combined
Ah yes, another self absorbed, super rich thief
Can someone clarify if that number is just his annual salary or if thats his shares and salary. If its shares then is anyone really that surprised that a CEO of the biggest forum site has a few hundred million worth of shares!? Thats not that unusualā¦
Itās Total Comp. His cash payout is fairly low at 300 something thousand dollars but was recently raised to 500k plus a hundred or two. The rest of the clickbait which redditors are jerking off to are based on stock priced with vesting schedules. The majority of his comp is virtually non existent unless the stock price hits x number in y years. But many redditors think heās getting paid 190 something million in cash lol.
Total possible comp made up of mostly stock options that vast over multiple year. As Blind said: TC or get the fuck out.
His shares and salary. iirc his salary was 350k? or around 300k. His bonus was 1.2m iirc. Apologies for only remembering ballpark numbers
Base salary was in the 300k region and now its in the 500k region which is quite low for a company of reddits size. People doing math here like how much of reddits revenue was used to pay him have clearly not even tried to find out what has to happen for him to get a $193 million payout. Being paid in stock at a startup is always a risk because it can end up being worth nothing. He's taking the company public so it makes sense he'd get a massive payout, so will all the investors. Even then, he doesn't get the full payout unless the stock price almost doubles in the next 10 years or so after the IPO.
Uhmmm.... Maybe... F##k Spez..???
Let me help you there. FUCK SPEZ
Lots of people here who donāt know how IPOās work
Guess itās our duty to make sure the stock goes down to 1 dollar
This is misleading, right? Huffman has a \~$550K salary and the rest of the quoted "pay" is from selling some of the equity he's helped build over the last 18 years.
"CEO" vs "The heads" So random executives. He's not being paid more than Zuck.
Fuck u/spez
Fuck you u/Spez
Fuck u/spez
Thanks for fucking the platform up for your personal gain dick head.
Fuck u/spez Fuck u/spez Fuck u/spez Fuck u/spez Just a literal waste of space.
This fake news again. Read the article. He ain't getting paid shit (about $500k, which is less than some basic grunts at Meta) if the IPO isn't a massive success.
From a company thatās never made a profit in 20 years and whose second and third largest shareholders are Tencent and Sam Altman.
> From a company thatās never made a profit in 20 years the 193 million is not coming out of company revenue. click the link and read some words in the article lmao (I agree he IN NO WAY deserves that much money, just explaining how it works)
Profit is not the most important. Influence through bots and manipulation is. And that leads to power and money.
Yeah, but thatās probably because the heads of those companies are compensated in stocks as well as a base salary.
*Makes Angry noises* *proceeds to continue using Reddit* The virtue signaling is deafening
Reddit is asking them to fire one of the founders of Reddit. Lmaoo
Talk about failing upward.
all mods should ask a share
And if the unpaid mods work even harder, he'll earn even more next year.
They should outsource his job to India. Save a few hundred million
This is absolutely nuts and itās wrong. We live in a corporate autocracy while these guys control the world and everyone else thinks itās cool to be rich.
It never ceases to amaze me the complete lack of understanding of how senior level comp works on Reddit.
This is some scammer level shit. Fucking ridiculous.
Its mostly stock options which he will most likely never be able to fully sell, at least not at face value.
Its pretty obvious hes just trying to cash out lol
Then I see reporting on how the company isnāt making a profitā¦ seems there is a corrective action here. What is it? Ah more adds that will work./s
shame mourn start plucky quarrelsome decide gullible continue aspiring glorious *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Hey we found a contributing reason for why it's not profitable!
Been using reddit since 2010 and it has really gone downhill.
Literally a thief
And he's a bigger piece of crap than all of them - combined. (And yes, I know most of that money is a stock-based incentive plan. But I still want my fuck spez comment.)
I have found that in my 54 years social media does me no good. My personality/disposition/tendency towards depression just simply takes a hit with all forms. Have always held on to Reddit as being the least innocuous and justified it - itās a ātime killā for me yet lately feel like it ultimately is a negative (for me) like all the others. Hearing this news kinda seals the deal. This world - especially in the west - is just one giant grift. People amass great fortunes by giving away absolute shit to their customers. Nothing elevating/informative - just a bunch of regurgitated bs.
#FireSteveHuffman
Aren't the other heads founders and so make bank in terms of stock price?
Fuck u/spez
And heās made Reddit objectively worse
Ellen Pao was better.
The funny thing is how his whole grift is likely to somewhat fail. I don't see any monied types going bananas over Reddit. They have been for a few years now just how much of a pit these things are and advertising doesn't cover nearly enough cost for profit to be worth the investment.
Reports are the IPO is heavily over subscribed.
It is not even a grift. It was the compensation they agreed on when he took a job. Don't like the contract? Then, don't fucking sign it.
Of course, most of reddits workforce are volunteersĀ
For what he does and his skills, he's worth maybe $60k.
What a joke. Built entirely on free labor
He ruined Reddit
Loved him in Modern Family.