this post was submitted on 28 Feb 2024
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I work in financial reporting, so I have a decent idea of what makes up things like operating profit/loss and Adjusted EBITDA.
This does not look good for Reddit and if the company only managed a $90.8m loss after jacking up API costs, nuking virtually every third-party client, backstabbing every power mod, giving alternatives like Lemmy and Kbin an actual user base and selling off user data to Google, then I fully expect things to get a lot worse on the site.
You know the very credible sounding theory that Musk bought Twitter to drown it. He used Middle Eastern funds etc. and those people owning these gigantic funds had nightmares because Twitter made it so easy to organise mass unrest. I want to believe this crazy sounding theory since other option would be someone having such a capital, know how and influence is that dumb.
What if this is just a plot to kill Reddit? While crypto bros polluted it a lot, it was very similar with Twitter. Freedom of speech, diversity. It may have bugged people.