Reddit kind of anticipates this critique in its investor docs, and argues that it didn’t really start operating as a serious business until 2018 when it finally started “meaningful monetization efforts” — that is, trying to make money for real.
But that’s still six years ago. What has Reddit been doing since then?
One big, obvious answer: It has been hiring a lot of engineers and spending a lot of money on their salaries…
…What am I missing? I asked Reddit comms for comment but they declined, citing the company’s quiet period before the IPO.
400 million? For slightly dusting off an app and somewhat improving some aspects of their site?
Think about, what that means. If we assume a very generous 400k per engineer, that would result in 1000 people working full-time for a year. Just in RnD. And for what exactly?
Actually, 400 million is exactly as much as it takes to pay 10 engineers 100k to write code, and 399 managers 1 million each to do scrum meetings