[stametseater]

> The problem with all of these sites is they start to service the lowest common denominator in the name of next quarters profits. [...] It seems so clear to me that billionaires mean we can't have nice things"

The pressure to increase quarterly profits to the detriment of the long-term emerges from the very nature of short-term investment, particularly as facilitated by stock exchanges. Eliminating billionaires would not eliminate this dynamic.

[lotsofpulp]

Yes, Reddit is not even part of a publicly listed company that has investor pressure to meet quarterly numbers, it is privately owned by the Newhouse family. People just like having more money than less money.

https://en.wikipedia.org/wiki/Advance_Publications

[Aloha]

I think reddit is majority owned by Reddit employees.

[lotsofpulp]

As of Jul 2015, per Wired article:

https://www.wired.com/2015/07/wired-conde-nast-reddit/

>Advance Publications, is Reddit's majority shareholder

[7373737373]

The lack of ownership transparency is an absolute failure. Reddit should not have been for profit anyway