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Comment by gkoberger | Hacker News Reader

I don't know how much sway Conde Nast has. Reddit spun out in 2011, and since then has raised about $1.25bn (!!) dollars.

So I doubt Conde Nast has much say, if any, at this point.... and while I dislike everything spez is doing, I imagine he has the full backing of investors looking to IPO soon.

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Whoever invested the $1.25B has the say now. Hence this drama.

But do these people realize what is actually happening?

And to think it all started because of API pricing increase...

Has the WSJ reported on it yet?

Manager of an investment fund is told to invest in social media, so they do so. Put a bit of money into each one.

Market's aren't rational.

Maybe they just want to burn it to the ground.

They are probably realizing that it's not the cash cow they wanted.

Ars Technica still puts this blurb at the end of their Reddit-related articles:

> "Advance Publications, which owns Ars Technica parent Condé Nast, is the largest shareholder in Reddit."

https://arstechnica.com/gadgets/2023/06/the-reddit-protests-...

(That article is a day old now, and I still don't think it includes everything that's happened late this week.)

Largest, but not controlling. They have one Board member. The others are J.D. Power (David Habiger), Joy (Porter Gale) and Y Combinator (Mike Seibel), among others. They can't "step in and stop the madness."

$300 million of that was raised against a $3 billion valuation, and another $700 million against a $10 billion valuation. All in all fairly little dilution for Conde Nast / Advance Publications.

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