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The Reddit Protests Continue, but the Company Has a Much Bigger ProblemThere's a disconnect between how Reddit sees itself and its real value to the world (www.inc.com)

submitted 1 year ago by Sp00ky94@lemmy.fmhy.ml to c/tech@lemmy.fmhy.ml

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[–] TWeaK@lemm.ee 20 points 1 year ago (2 children)

In the same way that Twitter was never actually worth the $44 billion that Elon Musk paid

Musk paid $26bn. $5bn was from outside inverstors. The remaining $13bn is a loan that Twitter took out to buy itself on Musk's behalf. This $13bn was essentially a death sentence (like most leveraged buyouts are - see: Toys R Us) as Twitter could barely afford to pay the interest on that loan, even before Musk ruined its income.

Musk paid $26bn to kill Twitter. Most of that $26bn was underwritten by stocks in Tesla (not SpaceX) which have since plummeted in value.

Now, after a few friendly chats between Steve Huffman and Musk, they are killing reddit, too.

[–] pattmayne@sh.itjust.works 23 points 1 year ago

It's amazing that spez saw what Musk did and thought, "I should do that to Reddit."

[–] WheeGeetheCat@sh.itjust.works 11 points 1 year ago

They will continue to let their egos run wild. I hope it drives people to spaces which organize against them. These billionaires are a damn menace.