Hey everyone. If you want to post links or discuss the Reddit blackout, please localize it to this thread in order to keep things tidy!
Hey everyone. If you want to post links or discuss the Reddit blackout, please localize it to this thread in order to keep things tidy!
Disturbingly, there is really no way to know who actually owns a private company like Reddit. Once it goes public, then the owners will be the shareholders (and in reality, the owners are the major shareholders who have a controlling stake).
The only clue to the current ownership is whatever management wishes to disclose. Spez wrote a blog post in 2021 indicating that they issued $250M in “series E funding” to existing and new investors.
If there are any finance bros around here, they may be able to dig up some sort of disclosures from bond auctions to try and see who bought it.
The only confirmed investor I know about is Tencent. They invested in 2019. Its possible they were also some of the “existing investors” Spez referred to in 2021.
Bottom line: nobody knows who owns Reddit. But apparently the owners think this guy Spez is a good fit to run their company, somehow.
He’s exactly what they want. A complete straw man with a hateable face, a genuine Nimrod that thinks he’s the smartest guy in any room he’s ever been in. Sprinkle in being a privelaged yes man and he’s the perfect face for an ownership group that wants to remain anonymous. He’s literally Tom from Succession, might even be who that character is based on IRL.
Yikes, I had no idea Tencent is a Reddit investor. That’s another big reason for me to steer clear of Reddit!