Huffman, who faced backlash from users over his $193 million pay package, defended his compensation earlier this week.
Steve Huffman, CEO of Reddit attends Variety & Reddit An Evening With Future Makers at Wynn Las Vegas on January 05, 2023 in Las Vegas, Nevada. (Photo by Greg Doherty/Variety via Getty Images / Getty Images)
“I’m glad this question was asked because there’s been a lot of commentary on this topic,” Huffman said in a Q&A video on the platform ahead of the IPO. “So broadly, the way my compensation works is it has salary and stock. The board evaluates my performance and sets my compensation.” He also explained an extensive vesting schedule and performance-tied awards.
The company has lost money each year since its launch and has struggled to match the commercial success of rivals, which include the world’s top tech giants.
“Google, Meta (including Facebook, Instagram, Threads, and WhatsApp), YouTube, Wikipedia, Snap, X, Pinterest, TikTok, Roblox, Discord, and Twitch” are all rivals, as noted in its prospectus filed with the Securities and Exchange Commission.
REDDIT’S PUBLIC DEBUT COULD MEAN BIG BUCKS FOR OPENAI CEO SAM ALTMAN
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GOOGL | ALPHABET INC. | 147.60 | -1.14 | -0.77% |
| META | META PLATFORMS INC. | 507.76 | +2.24 | +0.44% |
| SNAP | SNAP INC. | 11.15 | -0.04 | -0.36% |
| PINS | PINTEREST INC. | 34.33 | +0.04 | +0.12% |
| RBLX | ROBLOX CORP. | 37.69 | -0.13 | -0.34% |
Some advertisers have balked at many Reddit users’ focus on niche content and the platform’s approach to content moderation. The platform relies on users who volunteer to moderate the content posted on Reddit forums.
FOX Business’ Eric Revell and Breck Dumas contributed to this report.
