this post was submitted on 28 Feb 2024
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submitted 9 months ago* (last edited 9 months ago) by spider@lemmy.nz to c/reddit@lemmy.ml
 

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.

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[–] agressivelyPassive@feddit.de 5 points 9 months ago (2 children)

Do you really think an engineer at Reddit or anywhere in the Valley generates as much value to society as a doctor?

I'm not even close to FAANG, and I earn twice as much as a nurse and slightly more than a doctor of my age. That's great for me, but I'm not worth that much. And tech workers in the USA earn even more relative to regular workers.

[–] zurohki@aussie.zone 25 points 9 months ago (1 children)

People aren't paid for contributing to society, they're paid to generate wealth for rich assholes. Doctors don't earn billionaires as many yachts.

[–] exocrinous@lemm.ee 6 points 9 months ago

Programmers aren't overpaid. Doctors are underpaid.