this post was submitted on 15 Jul 2023
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Reddit enrages users again by ditching thank-you coins and awards (www.businessinsider.com)
submitted 1 year ago by L4s@lemmy.world to c/technology@lemmy.world
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Reddit enrages users again by ditching thank-you coins and awards::Reddit, which is still dealing with the fallout from its last controversial decision, said it plans to phase out coins and awards.

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[–] TWeaK@lemm.ee 5 points 1 year ago (1 children)

I prefer to think that it's all coordinated by real life Bond villain (and Musk's old business partner) Peter Thiel. He failed at setting up competing Twitter platforms, so he got Musk to buy and tank it. After seeing how effective that was they roped in reddit's owners to undermine that as well.

[–] axtualdave@lemmy.world 6 points 1 year ago (1 children)

Let's not forget the Saudi royal family. They really hate social media.

[–] TWeaK@lemm.ee 5 points 1 year ago* (last edited 1 year ago) (1 children)

Definitely not. Here's the breakdown of the $44 bn purchase:

  • $5 bn from other investors, including a Saudi prince
  • $26 bn from Elon, underwritten by stocks in Tesla (which significantly dropped in value after the purchase)
  • $13 bn in a loan that Twitter took out to buy itself on Musk's behalf.

Twitter could hardly pay the interest on that $13 bn, even before Musk tanked the company's revenue. Either Twitter steps into line and gets more investment from right wing control freaks, or it dies - both could be seen as a win in the eyes of Peter Thiel or the Saudis.

[–] vimdiesel@lemmy.world 2 points 1 year ago (1 children)

don't you mean billion?

[–] TWeaK@lemm.ee 1 points 1 year ago

I did, thought I'd edited out all the "mil"s hah. Thanks, fixed now.