Call to action - renewed protests starting on July 1st

DeadNinja@lemmy.world to Reddit Migration@kbin.social – 205 points –
reddit.com

The latest from /r/ModCoord.

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Sunk cost is a motherfucker.

My feeling at this point is that spaz really just wants to check out. He knows, or perhaps has realized now that in the process he's going to kill his platform, but that's not an issue to him. Social networks go in cycles and maybe he saw some hint reddit was in the downturn, or maybe he just wants to take his money now while the value is still there.

Spez definitely has "smartest guy in the room" vibes, you know the type, they think they're the smartest person in any given room, regardless of evidence.

He's openly praised Elon Musk'd cost-cutting measures at Twitter.

Spez genuinely seems to think that everything he does is good and right, and that users will come crawling back, because he thinks that his horrible, broken site is the only option for people to spend their time. It seems to be a combination of arrogance and entitlement.

Everyone else got a sweet IPO cash out during covid, now he wants his millions too

He waited too long. Reddit was probably booming then. He should have ridden that high into an IPO and started the process in mid/late-2020 once WFH started taking off.

IIRC they started trying right when IPOs were hot and couldn't finalize the backing before the bubble popped

And he sold reddit when it had 75000 users.

THEN came back not as owner but CEO.

That's the last stage of #enshittification : You've squeezed your "customers"/products and now you squeeze your 3rd parties in order to generate value for shareholders. That 2nd squeeze was booting 3rd party apps and hamstringing moderators. The value for shareholders is the increased ad views and spez reaps that during the IPO.