Reddit Looks to Investors for Help and Buzz, not Cash

Reddit Front Page

Reddit doesn’t have a cash problem. They had $20 million in the bank when they were given partial independence by Conde Nast two years ago and unless they’re buying solid gold servers and platinum-plated Macs to run the site, they probably have enough to keep going without a hitch for another decade. When Techcrunch reported rumors that the social news giant was looking for investors against a $400 million valuation, many of us wandered why they would risk losing their status as one of the most community-driven websites on the planet by playing into the hands of profit-driven venture capitalists.

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Is Conde Nast Squandering Reddit’s Potential?

Senior Software Engineer Mike “Raldi” Schiraldi

How many software engineers does it take to operate a site that serves over 1 billion pageviews a month? At Reddit, the answer is (hopefully) one, at least for now.

Yesterday Senior Software Engineer Mike “Raldi” Schiraldi resigned to take on his “dream job” at Google, leaving the total headcount of software engines at one. David King left last week to join Reddit co-founder Alexis Ohanian at Hipmunk.

After eclipsing Digg to take the top spot amongst social news sites, Reddit has seen little in the way of “love” from their owners, Conde Nast. Promises have been made to dramatically increase the size of the skeleton crew that keeps the site running, but is that really enough?

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