![]() Insider spoke with five current and former Reddit employees, who requested anonymity as they were not authorized to speak to the press or had signed nondisclosure agreements to receive severance. According to an FAQ sheet, Reddit only intends to charge developers who use the API heavily and monetize their apps (Apollo charged its users about $13 a year). As a consequence of new fees, the popular third-party client Apollo was forced to shut down. It argued that it couldn't support third-party apps that use Reddit's content but don't provide any money in return. It recently announced a controversial decision to charge for access to its API, or application programming interface, which enables developers to build tools that connect to Reddit. Reddit is also examining areas of its business where it could squeeze costs. To prepare for the intense scrutiny of the public markets, Reddit is whipping itself into shape managers told employees in product earlier this year that the goal was to do "less but better." Part of the mandate could include slimming down middle management. ![]() Its revenue growth has slowed, The Information reported. Reddit laid off 90 employees in early June as it aims to reach profitability. Since then, demand for tech stocks has dropped. It has also made large investments in artificial intelligence, acquiring the machine-learning startup Spell in June 2022 to help customize ad placements. ![]() It said it surpassed $100 million in advertising revenue in the second quarter of 2021. Reddit filed for an IPO in December 2021, when demand for new tech stocks was at a fever pitch. Staffers were told earlier this year that they'd need to do "less but better."Īs Reddit prepares for an initial public offering that could come by the end of 2023, it's looking to flatten its management structure, and employees say the company has become bloated with executive- and director-level employees.Reddit employees say the company has a bloated leadership structure with too many managers.Reddit is preparing for an IPO amid controversy surrounding changes to its API.Account icon An icon in the shape of a person's head and shoulders. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |