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This is exactly correct. This is almost entirely a "management / PR debacle". A very easily avoidable debacle, I'm fairly sure, if they had simply brought in the right people or person (even) to help them through the process. A number of Huffman's statements, seemingly tinged with bitterness / resentment and broadcasting a sense of "unfairness" (i.e., that third party apps have been profitable but Reddit itself has not), have been laughably unprofessional. And I'm not even writing about the tit-for-tat potentially libelous completely lacking in understanding of relevant LAWS crap. This is not remotely 'C-suite' 'level' messaging / behavior. Particularly for a company that put in a target of $15 billion valuation back in 2021. Honestly, I will say, I feel a little bad for Huffman, at this point. He's clearly out of his depth. I suspect there is some pressure that has shown up / backstory that created a sense of serious urgency starting some months ago, and the management team at Reddit figured they could handle this process &/ want(ed) to demonstrate competence. So, they have been forging ahead w/ trying to line everything up. Some have cited "ChatGPT", and, of course, there's always the rising interest rates being a potential issue ... nevertheless, they've created substantial bad sentiment among some of the most important users & devs at a particularly BAD time. Of course, this may well not derail an IPO, the site too much, etc., in the short run. But, it's ludicrously bad management - examples more likely by the day to show up in future business courses. A SOCIAL MEDIA site bungling MESSAGING, possibly catastrophically, and pissing off some of the people MOST WILLING to contribute to financial health (almost certainly) and MOST INTERESTED in the site continuing to be viable! They really ought to consider, if they haven't done so already, getting some small team of 'crisis PR' or 'management advisors' or something in, with expertise in the various areas they are clearly having massive issues with right now. Simply doing that, and having Huffman indicate (externally) a degree of 'stepping aside' so that things can be righted, could defuse some of the serious negative sentiment they have now generated. |