Reddit kind of anticipates this critique in its investor docs, and argues that it didn’t really start operating as a serious business until 2018 when it finally started “meaningful monetization efforts” — that is, trying to make money for real.
But that’s still six years ago. What has Reddit been doing since then?
One big, obvious answer: It has been hiring a lot of engineers and spending a lot of money on their salaries…
…What am I missing? I asked Reddit comms for comment but they declined, citing the company’s quiet period before the IPO.
Do you really think an engineer at Reddit or anywhere in the Valley generates as much value to society as a doctor?
I’m not even close to FAANG, and I earn twice as much as a nurse and slightly more than a doctor of my age. That’s great for me, but I’m not worth that much. And tech workers in the USA earn even more relative to regular workers.
People aren’t paid for contributing to society, they’re paid to generate wealth for rich assholes. Doctors don’t earn billionaires as many yachts.
And you just showed your incapability to distinguish between descriptive and normative.
Programmers aren’t overpaid. Doctors are underpaid.