Hi Snoos,
Starting last night, about a thousand subreddits have gone private. We do anticipate many of them will come back by Wednesday, as many have said as much. While we knew this was coming, it is a challenge nevertheless and we have our work cut out for us. A number of Snoos have been working around the clock, adapting to infrastructure strains, engaging with communities, and responding to the myriad of issues related to this blackout. Thank you, team.
We have not seen any significant revenue impact so far and we will continue to monitor.
There’s a lot of noise with this one. Among the noisiest we’ve seen. Please know that our teams are on it, and like all blowups on Reddit, this one will pass as well. The most important things we can do right now are stay focused, adapt to challenges, and keep moving forward. We absolutely must ship what we said we would. The only long term solution is improving our product, and in the short term we have a few upcoming critical mod tool launches we need to nail.
While the two biggest third-party apps, Apollo and RIF, along with a couple others, have said they plan to shut down at the end of the month, we are still in conversation with some of the others. And as I mentioned in my post last week, we will exempt accessibility-focused apps and so far have agreements with RedReader and Dystopia.
I am sorry to say this, but please be mindful of wearing Reddit gear in public. Some folks are really upset, and we don’t want you to be the object of their frustrations.
Again, we’ll get through it. Thank you to all of you for helping us do so.
The public offering will be a disaster, hopefully. I don’t see how investors aren’t questioning Spez’s leadership after handling this is the worst way possible. Could of been straight or worked with the third party developers to integrate ads and premium. Instead he jacks up API rates to close apps like a coward instead of just telling it how it is. Mindblowly terrible leadership.
The 'We have not seen any significant revenue impact" might have something to do with investors not questioning anything. Hell for all I know the API change might have been their idea in the form of “Hey Elon started to charge of the api and nothing burned to the ground. Why don’t we try”.
For sure, I also can’t believe reddit has much intrinsic value when it’s botted/astroturfed to oblivion… I think that tech savvy investors are aware of these issues and may just end up shorting the stock. No matter what someone’s making money off of this.