"Hold on, dear investors! I'm confident that we can simply steer our ship straight through the middle of the massive iceberg!"
this post was submitted on 12 Jun 2023
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Ironically, had the titanic hit the iceberg straight on it probably would have survived. Swerving at the very last moment was what made it sink.
I just posted it elsewhere, but that's only the beginning. They also announced their intent to turn reddit into an even more ad-infested hellhole than it already is: https://www.redditinc.com/blog/investing-in-what-makes-reddit-unique-introducing-contextual-keyword-targeting-and-product-ads
This is the future of reddit everyone - abandon all hope ye who clicketh here: https://www.redditinc.com/assets/images/site/image2.gif
Unlike some of the 3P [third-party] apps, we are not profitable - Steve Huffman, Reddit CEO
Translation - we don't have control of the 3PA and they are getting in the way of moooore profit, so we want them gone.
What a shitty job at astroturphing there.
"Won't someone think of the corporations! The evil third party apps (that we admitted were less than 10% of our userbase) are (somehow) bankrupting us! They're using so much API (even though our website uses at least 5x the API calls)
[Translation: There's 10% of the people we could shove ads in front of who are getting around it and I want to sell this sucker so I can buy another vacation property]
Note that these are just quotes from the disastrous AMA he held last week, not new comments that have been made.
and here i was, truly believing that they would reconsider. as of right now ~4000 of the planned 6600 subs have gone private, if that isn't enough then oh well
I'm not going back despite reddit sticking with API changes.