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Why did it take 20 years for Reddit to turn a profit? Looking at another heavily moderated forum in the past Twitter! How often did it turn a profit? Why did these companies keep on getting funding at ridiculous valuations? Maybe it is a way of doing sentiment engineering at scale through various behavior modification tricks with Likes, upvotes, retweets. Maybe that was the purpose? Not turn a profit but to modify behavior to do social engineering, maybe that is more valuable to the owners?
TBH I'm kind of inclined to dout that the reddit board as an organism is "smart" enough to do that, except in the broadest sense. Like, with as much data and control as a social media site has, I'm pretty sure I could be way more effective at pushing my own ideosyncratic policies than any existing social media site actually does. Reddit at it's most ruthless just sort of vaguely boosts leftism in the exact same way that tumblr and pre-elon twitter did. Probably because if anyone in particular starts trying to press a view hard, there's too much disagreement on the specifics to get very far. Just imagine a world where, for example, the entire board of higher-ups at facebook were monarchists, including Zuck. They definitely have the power to make monarchism a credible political subcurrent in america... but I think they would sincerely fail to advance the cause of a particular monarch. Zuck would want himself, of course, but members of his board might be crypto-orleanists, or avowed bonapartists. In the process of promoting monarchism more generally, they'd have plenty of latitude to advance their own causes, in the end causing self-interference and averaging out.
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Reddit’s financial history is pretty interesting. Yes, it lost money for 20 years, but Condé Nast (or rather AP, the parent company) kept selling off small pieces to VC firms and other investors, which meant that both (a) they didn’t lose any money on it and (b) the book value of their stake kept increasing.
When the company webt public in 2024 they made $2bn from the IPO; they still own about 25% of the company. And throughout their 18 year ownership, even though Reddit didn’t make money, Condé Nast’s losses on it were minimal as they slowly sold the company off piecemeal.
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Controlling the minds of normies is extremely valuable. Elon Musk didn’t buy Twitter for the money. He bought it to use it as a mouthpiece and more importantly to keep it from being used against him
This 1000 times is why I despise social media. Nobody is getting real conversation on social media because it’s curated to funnel your mind down a path leading to the pre-approved opinion. I mean propaganda is so pervasive in the modern west that I think we’re as bad or worse in terms of propaganda and psychological manipulation than the worst totalitarian regimes of the last century. Stalin put out propaganda, sure, but it wasn’t nearly as pervasive as what we have. He had radio, newspapers, and posters. He couldn’t steer private conversations, he couldn’t delete crime-think from social consciousness. He could chill things by arresting obvious and loud dissenters, but that is much more limited than what social media does via AI and deletion. Our propaganda machine hides and people are lead to believe that they are having neutral conversations.
I think this is an least partly overselling our AI panopticon overlords. This might be true in online spaces, but those aren't everything, and even then offshoots of sites challenging moderation policies are common (Bluesky, Truth Social). And they have almost no power over IRL discussions and actions -- despite attempts made a decade ago, seem to have overreached and receded. To hear Reddit tell it, there basically aren't any Republicans anywhere in the US, and nobody shops at Hobby Lobby. And there are people that cloister themselves to the extent they believe this, but as it turns out the levers of political power aren't particularly beholden to Reddit
dog walkersmods.It’s not just social media, but regular media, education and control mechanisms like the ability for you to be fired for saying something online, or convincing others to shun friends and even family who say things that the regime doesn’t like. Americans are saturated in propaganda and unless you’re paying attention you probably don’t even notice it.
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