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this post was submitted on 20 Oct 2023
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I just had to check, reddit isn't publicly traded yet. My best explanation was that spez had a strawman short 200x the amount of reddit stocks and then run the site so hard into the ground that even Musk would go whoa and Malagassy geophysicists would be getting strange readings on their seismographs.
Now? No, they're not actively trying to kill reddit. It's the classic case of someone who got lucky with a startup and didn't hand it off before crashing it.
They should have IPOd in 2020, like everyone else did, but they didn't. Why is anyone's guess. Greed, skeletons in the closet, or whatever, doesn't really matter, they missed the boat
He did hand it off. Then he clawed his way back in amid the Ellen Pao stuff and it's generally been going downhill the whole time.