Reddit’s CEO says he wants it to “grow up.” As the social media site matures, its users and moderators have made their displeasure about corporate changes known, putting the company into a bind.
A Reddit logo statue in the social media company’s office in New York on May 23, 2023.
But the changes made it so expensive for some third-party developers that a handful who build tools for Reddit’s moderators had to shut down or significantly alter their apps. In protest, Bucky and other moderators closed down hundreds of forums on the site, effectively making Reddit unusable for many of its 57 million daily visitors. At one point, the site went offline entirely.
But this month’s uprising at Reddit stands out because it shows the outsize power of the site’s community. The day after moderators closed down hundreds of Reddit forums, users spent 16% less time on the site, according to estimates from Similarweb, an analytics company. Huffman and Alexis Ohanian founded Reddit in 2005 as a site with a countercultural attitude toward the internet and its advertising-based economy. Reddit espoused free speech at any cost, zero ads and an insular culture that laid a foundation for Web 2.0’s meme culture.
But when interest rates soared and the stock market wobbled last year, Huffman put Reddit’s IPO plans on hiatus. Since then, he has systematically worked to improve the site, grow the number of users and bolster the company’s bottom line. Many Redditors were deeply upset that Huffman had appeared to kill off a beloved app in service of building its business. Old-timers were also angry that the heady days of Reddit’s anti-capitalist roots seemed to be officially over.
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