Reddit Joins Twitter In Squeezing Devs With Unreasonable Fees

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Fidelity deepens valuation cut for Reddit and Discord​

Manish Singh@refsrc / 5:12 AM EDT•June 30, 2023
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Reddit logo

Image Credits: Greg Doherty / Variety / Getty Images

Fidelity has further slashed the estimated worth of its holding in the social platform Reddit and the chat app Discord as well as SaaS startup Gupshup, giving a preview into how one of the world’s largest asset managers sees the impact of the ongoing slowdown in the public market on privately-held startups.

Fidelity Blue Chip Growth Fund valued its holdings in Reddit at $15.4 million as of May 31, according to the fund’s monthly disclosure released Friday. That’s down 7.36% from the $16.6 million mark at April’s closure and altogether a slide of 45.4% since its investment in August 2021. The updated share value suggests a $5.5 billion valuation for Reddit.

Fidelity marked down the value of its Discord’s holding to $1.7 million, down 13.4% from a month ago and 47% since the $3.3 million initial investment. (Worth noting that the vast majority of markdown in the value of Reddit and Discord holdings by Fidelity predominantly occurred last year.)


Reddit, which is currently grappling a revolt from moderators of some popular subreddits over API cost changes, was valued at $10 billion when the social media giant attracted funds in August 2021. Discord raised funding in September 2021 at a valuation of $15 billion.

The financial giant also readjusted the value of its holding in Twitter to $6.86 million, up from $6.55 million from a month prior, but still down 65% since the original investment. It slashed its holding in SaaS startup Gupshup to $10.15 million, down from $11 million at April’s closure and 38% since the original investment.
 

bnew

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This magazine (magazines are like subreddits or communities, they are called magazines on kbin) is hosted on kbin. We know this because the address for the magazine is @RedditMigration@kbin.social. The first @ sign is the name of the community, the second @ sign is the address of the instance that community is hosted on.

Your account address is @yesdogishere@kbin.social, so I can see you made your account on kbin.social. So you're probably viewing this from kbin.social as well. Kbin.social is just an instance (a server) that you're using to access the Fediverse.

So the community is on kbin.social, you're on kbin.social, and I also happen to be on kbin.social. But that's mostly just a coincidence. Say if my account were made on lemmy.world, then my account address would be @Helldiver_M@lemmy.world. Because lemmy.world and kbin.social are federated, a lemmy.world user could reply to my comment.

As far as your day-to-day browsing, this isn't super important to know about. But it can be helpful. For instnace, sometimes federated content can take awhile to move from instance to instance. This thread is still pretty new when I'm typing out this comment, so this thread might not have shown up on other instances yet. That's why if you look around this thread right now, it's mostly people with kbin accounts participating. But give it an hour or two, and there might be a few comments from people using different instances in the fediverse.

I know that was a bit of an info dumb, please let me know if there's anything else I can help clarify. I'm still learning this too and find it pretty interesting.
 

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well sync and boost r gone... whats everyone using now?

and also... whats yall twitter app yall using?
 

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Description​

Lemmy Universal Link Switcher, or LULs for short, scans all links on all websites, and if any link points to a Lemmy instance that is not your main/home instance, it rewrites the link so that it instead points to your main instance. Currently only works for community/user links.

You’re currently on lemdit.com and view the whole Lemmy fediverse from there. But I’m on lemm.ee. So let’s say I want to share you a cool thing I made, so I link you to a post I have saved on my end: [UserScript] Lemmy Universal Link Switcher rewrites all links to Lemmy instances everywhere to your home instance! Now rewrites post/comment links! 1.2.0 Release! - lemm.ee

This link ([UserScript] Lemmy Universal Link Switcher rewrites all links to Lemmy instances everywhere to your home instance! Now rewrites post/comment links! 1.2.0 Release! - lemm.ee) is actually the link to this post right here, but viewed by me from my instance. If you click on it without this extension, you will leave lemdit.com and go to lemm.ee, and thus not be logged in anymore and also you can’t comment/save/anything that needs login anymore.

So that’s where this script comes in. I post you the link [UserScript] Lemmy Universal Link Switcher rewrites all links to Lemmy instances everywhere to your home instance! Now rewrites post/comment links! 1.2.0 Release! - lemm.ee, and my script automatically changes that to [UserScript] Lemmy Universal Link Switcher rewrites all links to Lemmy instances everywhere to your home instance! Now rewrites post/comment links! 1.2.0 Release! - lemdit.com.

So now even though we were on separate instances and I posted you a link to my instance, you can view it from your instance and immediately comment/save it/etc.

This should be added to Lemmy itself, and it probably will eventually. But! What if you find a Lemmy link on DuckDuckGo/Google? Then you need something like a user script or browser addon, because Lemmy obviously can’t add code to DuckDuckGo/Google pages.
 

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Reddit says new accessibility tools for moderators are coming. Mods are skeptical​

July 1, 20236:00 AM ET

Emma Bowman
ap23062730925502_custom-b3c4c4bcef9577fec33bb652afc55f915e7345f5-s1100-c50.jpg


Reddit's updates will include access to moderation tools, messaging, and control settings for user approval and bans. The Reddit app icon is pictured on a smartphone.
Matt Slocum/AP

Reddit users staged a mass boycott last month over the social media company's move to charge fees to third-party developers. Some of the most vocal protesters complained of losing the accessibility resources that disabled communities use.

They're accusing the company of killing off third-party apps that allow them to access the site.

Now, Reddit is trying to appease those protesters.

The company, which has about 57 million daily users, announced new "accessibility improvements" to its moderation tools on its website and mobile apps. It said the changes will be rolled out starting Saturday.

Moderators, also known as "mods," are volunteers tasked with keeping Reddit's online communities running smoothly, ensuring their respective forum users stay on topic and stick to the rules.

A person identified as a Reddit director of product, under the username joyventure, notified moderators of the upcoming changes in a post on June 23: "We've been talking with moderators who use assistive tech and/or moderate accessibility communities to hear their feedback and concerns about the tooling needs of mods and users."

The changes, which will arrive in stages through August, include access to moderation tools, messaging, and control settings for user approval and bans.

Protests darkened much of Reddit​

The announcement comes nearly two weeks after nearly 9,000 subreddits went dark. They were protesting the company's decision to charge third-party developers to access the site using data from Reddit's application programming interface, or API.

Reddit CEO Steve Huffman said the mass protest did not change the company's plans to start charging for data. "It's a small group that's very upset, and there's no way around that. We made a business decision that upset them," he told NPR in an interview. "But I think the greater Reddit community just wants to participate with their fellow community members."

Reddit answered the protest with a warning: It said moderators would lose their mod status if they kept their communities "private" in protest, The Verge reported. More than a quarter of the site's subreddits remain dark, according to Reddark, a site tracking the boycott.

For years, Reddit didn't have its own app. Third-party apps arrived to fill the void for users on mobile devices — and remained popular after Reddit put out its official app in 2016. Yet the official Reddit website and app lack basic accessibility features, according to people who are visually impaired or have other disabilities.

They have come to rely on third-party apps to browse the site. Some popular third-party developers such as Apollo have said the exorbitant new fees mean they will have to shut down their apps. Apollo said the monetized API would end up costing the developer $20 million a year to continue running its app, The Verge reported.

Moderators call Reddit's accessibility approach flawed​

Following the news of the accessibility changes, moderators expressed skepticism. They say these changes are a hurried, short-sighted attempt to placate communities with disabilities.

"They have created their own problem," said Noah Carver, a moderator for r/blind. "They are creating a situation where the developers have to crunch to create an accessibility fix for moderation" and "putting disabled users in a position where they're not going to be able to use the accessibility client that is most accessible to them."

Huffman has expressed a firm commitment to improving accessibility on the company's platforms. In an Ask-Me-Anything chat, he responded to criticism about Reddit's approach to accessibility, saying, "for our own apps, there is no excuse. We will do better."

But moderators for the r/blind subreddit say their recent experiences communicating with Reddit to improve accessibility features do not give them confidence that the company can commit to its promises for the long term.

"We applaud Reddit for prioritizing these features, but would prefer a top-down corporate response that gives the product time enough time and addresses the broader community's concerns," the moderators said.

When NPR reached out to Reddit for comment, a spokesperson for the company pointed to the "Accessibility," section on its blog page explaining the API changes; the section notes what the company says it's doing to improve accessibility, including its partnership with developers of three apps that address accessibility needs.

These updates are insufficient, says Carver, adding that they were shared with the r/blind community moderators during a meeting that left them with "serious concerns."

"These three apps are perfectly adequate if you're just a reader of Reddit," Carver said. "But for people to moderate a community ... none of them have the full functionality we need."

For example, when the thousands of subreddits first went on strike, Carver said the r/blind subreddit moderators required the assist of a sighted person to turn the forum to private in order to join the boycott.

According to the r/blind team, Reddit invited the moderators to test the accessibility improvements a few hours before they were announced.

"What they're asking [us] to do is essentially something that you would contract someone to do this work," Carver said. "It's not the community's responsibility to make things accessible. It's not a well-intentioned developer's responsibility to do that. That is Reddit's responsibility."
 
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