This always comes down to the fact that labor is competitive. Why pay someone $200k/yeae when someone will do the job for $80k/year? Competition drives the prices of labor down. Maybe there needs to be better regulation for labor competition like corporations enjoy.
What I don't understand is why does competition matter for workers but somehow not for CEOs? I kind of understand and agree in the free market to an extent - if you're fine with hiring a dev for $100 instead of another dev for $1000, and you're okay with the difference in quality / time / etc. then go for it. But where is all this competition happening for CEOs?
Surely someone must be as qualified as Bitchai and willing to do the same job for a measly 100 million a year instead of his 200 million.
Ceo pay is advertised and used against each other to get top dollar. Lowers like us have out pay hidden so companies can low ball without us knowing. That's what needs to change. It should be law to be advertised pay rate so the lowballers get exposed and no one applies, forcing pay to go up.
What I'm perplexed at is - what if I went to the board and said "I have a guaranteed way to increase profit by 150 million - just pay me 50 million a year and fire Bitchai". I would legit do my best to make great decisions for 50 million.
Why doesn't the board care about cutting costs by cutting CEO pay? I can't imagine any difference that would really justify Bitchai 's pay difference.
I also cannot imagine they are all part of some secret conspiracy where they all know each other and like each other so much that they just want to pay him that money because they're buddies.
Wouldn't $150 million be more than enough justification to hire someone else?
This assumes that they aren't hiring the CEO to be the fall guy. Someone who's job is largely (as things stand now) meant to take on the risk that if the company does not increase profits or make shareholders happy, they will blame and fire that person and hire someone else.
Snce a lot of CEOs kind of bet on this they take ridiculous chances (like getting paid in stock options that only mature at a certain point with the knowledge that they need to make stock options valuable so they can cash out(.
Valuable doesn't have to be long term. It just has to last long enough for the person in question to cash out.
Reddit: Hey we lost $140 million dollars and gained literally millions of bots
Everyone: What? HOORAY! That's nowhere near as bad as we thought
IDK why, but a lot of super-successful tech platforms in their early days were made up of a super capable passionate tech dude and a total sociopath weirdo who for some reason attracted money. Reddit was unusual in that the tech guy died and they were left with only the weirdo.
That works for a lot of companies. Founding a company and making it successful is insanely hard (experience). Pulling it off alone is near herculean and a lot of folks I met who had partners were coopted by them later. Its as if the drive and the knowledge required for it usually dont exist in one person.
I still don't understand how Reddit manages to lose so much money.
But yeah, that's how stocks evaluation is. It often increases after bad news and decreases after good news, because people thought it was worse/better.
Their hosting costs I'm sure are astronomical; my guess is that honestly that's most of it.
They're also, if my very limited experience with them is any guide, phenomenally incompetent with their advertising in a way that I'm sure kneecaps what should be a goldmine of ad revenue. You know those brain damaged ads like "Megathread: Why you should move all your money to Schwab" or otherwise trying to imitate Reddit terminology in the least convincing way possible? That's because Reddit tells their advertisers to do that. For real, it's worth looking over Reddit's ad materials sometime, because they are pants-on-head mentally disabled in a way that's honestly a little hard to believe if you haven't checked them out for yourself.
I remember someone doing some kind of calculation at some point trying to assess the cost of Reddit's hosting, and it being all the money in the world, but now that they're public we don't have to guess. I looked it up, and you're right.
This is a little bit of a guess, but my first interpretation of that is that hosting goes under "Cost of revenue" and most of "Research and development" and "General and administrative" is salaries. I.e. that they pay spez's friends something concordant with the $139m that they paid spez personally last year.
Yeah. On page 11 it says they paid out $577m in "stock-based compensation". I don't know exactly what that means but it kind of looks like all that whining Spez was doing to the Apollo devs about how Reddit can't turn a profit with them out there charging $3 for their app or whatever, just meant "MORE, MORE FOR ME, I WANT MORE, IT'S NOT ENOUGH IT'S NEVER ENOUGH."
God damn dude, I should start a social media company.
That R&D budget means reddit has thousands of people working on software engineering. That's some 1/10 of the headcount of the likes of Microsoft and Google.
Even the sales and marketing line, although it should be the largest one by a huge margin, I fail to see where reddit is spending it. Have you ever seen a reddit ad?
thousands of people working on software engineering
Doing fucking what?
Have you ever seen a reddit ad?
All the time (possible you don't see them because of ad blockers etc). I just opened the front page and the fourth result was:
"Hey Reddit, there are r/nostupidquestions, so we want to know: What’s your decision making process before entering a trade? Walk us through your method in the comments. (tastylive.com)"
I honestly can't make sense of it and I don't want to know.
Yeah, $124m for marketing doesn't strike me as instantly unreasonable, if they're managing to bring in $242m in ad revenue from ads that I literally have never once wanted to click on that are so poorly presented that my brain literally filters them out
Research and development and admin, on the other hand, I would have some questions about, if I'd spent money on the stock and was supposed to be receiving a return on my investment
Reddit migrated to cloud providers and it's a major part of how they serve videos. They don't self host or cache and peer that stuff. Their bills are astronomical, like vimoe. It was a dumb move in my opinion and I don't see how they'll ever reach profitability because of it.
And how much content are they hosting?
Some months ago, I did a search for reply formatting tips - and got an entry from 14 years ago.
Do they really have the whole of Reddit available like that, or have they put Some of it in cold storage?
Hell if I know, I'm sure most of their R&D budget is focused on figuring out just how to dig themselves out of the cloud pit before it gets deeper. I doubt the storage is the most expensive part of things. It's paying for serving everyone internationally with all the interconnect that's getting them.
Musk banning Apple devices with how popular iPhones are to use twitter would hurt Musk more than it would hurt either Apple or OpenAI so it just sounds like a win win.
Lemmy seems to hate any new technology, I've noticed.
Personally I've found GPT to be extremely useful as a search engine replacement, especially the implementations that cite their sources. That way you can actually fact check instead of wondering if it's a hallucination. It helps me rely on reddit a lot less to find answers. I love that it's being integrated with Windows. Makes finding files a lot easier, even easier than using Everything search.
Lemmy also hates crypto. They call it a scam, despite the fact that it's now being traded on the stock market (BTC and soon to be ETH). I turned $12k into $36k, just by buying small amounts of BTC every paycheck since COVID started. I buy everything with crypto; there are Visa debit cards you can use to spend it. Crypto gave me enough financial wiggle room that I no longer worry about losing my job. Yet it's a "scam". Give me a fucking break.
Lemmy hates HDR. Every time I mention the reason why I haven't switched to Linux yet is because of poor HDR support in KDE, I get ridiculed. "Why would you want your monitor brighter and more colorful? Mine's bright and colorful enough", failing to realize just how much more realistic "brighter and more colorful" makes an image appear. With a proper 1000 nit OLED display, it feels more like looking out of a window than staring at a monitor. Like going from a black and white to color TV. One of those things that you can't go back on once you get used to it.
And although not a new technology, per se don't even get me started on how much Lemmy hates cars. But I feel like I've ranted on long enough so I'm just going to stop talking here before my inbox blows up.
GPT: Yes it is very usefull, but it got that usefull by being trained on data that user's would not accept if they knew about it.
Crypto is a scam, the only reason it hold any value is because other people belive it holds the value. The data that is mined is absolutely useless, it is litteraly a stribg of numbers in a very particular order that serves no other fuction other than to represent itself. Crypto is insanely power inefficient and is slow to transfer money.
HDR is comming, it takes time, yes, in the mean time, HDR is a nice to have, it is not a critical peice of technology, stop bragplaining about your nice monitor and just ignore the threads about why you have not switched yet.
Hating cars is not Lemmy specific, but a growing sentiment of younger generations fewling hopeless for their future when pollution doesn't stop, and public transport is a feaver dream for the younger generations in the US. Just block the fuck cars community and move on.
Is it a move to save money or a move to weaken the position of all those employees who objected to the questionable contracts with many intelligence agencies?
I can bet that they will ensure that the new employees will be selected among those who have no qualms.
He was technically a founding member, but left the company. Literally all of this is because he's jealous he can't pull a Tesla and claim all the credit for another tech company.
Wait... that's hilarious. He was part of openai? What kind of fucking idiot leaves that so early? I mean, maybe leaving this year for moral reasons... Sure. But he did this previously? What a fucking moron.
There was some internal dispute and he also claimed it was a conflict of interest with Tesla developing AI stuff. But I can't imagine how any conflict that may have existed with OpenAI doesn't exist with xAI
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