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.
Sure but thats the same in every technical industry. Doesn’t have anything to do with pay.
No, it’s not. Other industries have standards. Nobody would try to re-invent bolts for no reason. Software engineers do. All the time.
And it is related to pay. Or better, willingness to pay. VC funded firms are willing to spend a lot of money on hiring “top talent”, but they let them run relatively free. So instead of using a not 100% fitting solution off the shelf, they build a custom solution, that costs obscene work hours and fits a tiny bit better for 3 weeks. That means, a lot of the work of these very capable engineers gets wasted in the sense that it doesn’t create business value. So the business value they do create gets more expensive to produce.
lol that bolt comment is factually wrong
You seem to have a hatred for the tech industry and a very warped view of it vs the work force.
Again, I’m part of it.
That does nothing to change what I’ve said