One of the weirder phenomena of the low interest rate era in tech was a tendency to see companies primarily as investments. The goal was not to have a functional business, but an exit, often via IPO or acquisition. I have begun to wonder if that explains what Reddit CEO Steve Huffman has been up to lately.
Before the Sturm und Drang of the Reddit protests, Huffman had been feeling some heat. Fidelity, an investor that led Reddit’s 2021 funding round valuing the company at $10 billion,
