[…] a dearth of profit this late into its existence portends the lack of a real business model, suggesting it’s still not ready for public company life.
[…] a dearth of profit this late into its existence portends the lack of a real business model, suggesting it’s still not ready for public company life.
This is actually what I think Huffman’s biggest weakness as a CEO is. CEOs are supposed to be forward-thinking, coming in ahead of or on top of the next new wave. But Huffman sees an exciting new tech trend, waits until it gets big and then tries to cash in on it. He didn’t start reddit crypto until crypto was at it’s peak. He didn’t do reddit NFTs until they were peaking. He didn’t try to do reddit video until after TikTok was huge. He only shut the API door after he’d paid all the bandwidth and infrastructure cost to transfer all of reddit’s valuable user commentary to multiple AI companies, including some of the richest corporations in the world. He absolutely fucking sucks as a CEO.
Everyone knew NFTs were a scam from the beginning, I’m surprised they even attempted it considering it was already so late in the game. It took two things commonly used for money laundering and combined them (art and crypto).
Reddit’s owner(s), Advance Publications, should’ve sacked Huffman years ago; I often wonder why they didn’t.