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Although the Met Gala serves as a branding event for Vogue, it has long accepted sponsorships from the tech giants that have threatened the very survival of legacy media publications. Jeff Bezos, the Amazon founder, appeared as the ball’s honorary chair in 2012. Four years later, when Apple was a Met Gala sponsor, its chief executive, Tim Cook, showed up in tux and tails. And Instagram supplied cash in 2022. In the wake of that political firestorm, Shou Chew, the 41-year-old chief executive of TikTok, is expected to join dozens of celebrity guests at the Metropolitan Museum of Art in Manhattan on Monday evening.

Persons: Jeff Bezos, Apple, Tim Cook, TikTok, goliath, Condé Nast, Biden, Shou Chew Organizations: Vogue, Amazon, Metropolitan Museum of Art Locations: United States, Manhattan

☆ My $500,000 Home Renovation Turned Into a Real-Estate Nightmare
▼ + stars: | 2024-05-01 | by ( Christine Chitnis | ) www.businessinsider.com time to read: +13 min

What was supposed to be a yearlong $140,000 renovation ballooned into three excruciating years that cost us more than $500,000 — and the work is still not finished. But as my husband and I soon discovered, unless you've made a plan, legal protections for homeowners are close to nonexistent. Every time our contractor turned up the temperature, we grimly adjusted to the reality of our demise. Knowing the cardinal rule of home renovation — never pay in full until the job is over and inspected — we grew suspicious. Despite completing several home-improvement and renovation projects with her husband over the years, she lacked the confidence to DIY the renovation of her newly purchased 6,500-square-foot home.

Persons: Arcadis, you've, Christine Chitnis, wasn't, It's, We've, Amanda Jane Jones, Jones, David Jensen, Greenberg Traurig, He'd, Jensen, Lisa DiAntonio, DiAntonio, hadn't, what's, Condé Organizations: Homeowners, Harvard's, for Housing Studies, Department of Business, American Institute of Architects, Vogue, The New York Times Locations: Rhode Island, North America, Northern Michigan, Michigan, Utah, New Jersey, Andover , Massachusetts

☆ I stayed in 2 of Arizona's top hotels, and they couldn't have been more different. Take a look.
▼ + stars: | 2024-04-27 | by ( Joey Hadden | ) www.businessinsider.com time to read: +1 min

The Phoenician and Hermosa Inn are among Arizona's top luxury hotel offerings. I stayed in both and had two completely different experiences. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . This story is available exclusively to Business Insider subscribers.

Persons: —, Condé Organizations: Service, Business Locations: Scottsdale , Arizona, Hermosa, Arizona, Scottsdale, Phoenix

☆ What life is like inside Condé Nast's 'rubber room' for the union members it's trying to lay off: 'Disrespected and undermined'
▼ + stars: | 2024-04-12 | by ( Lucia Moses | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. So in the meantime, the Condé Nast Union members have been assigned in recent weeks to a "centralized team" under Chris DiPresso, VP of content finance and operations. They were given assignments they were told were consistent with their skills, but not given firm deadlines or told what they were meant for. Condé Nast CEO Roger Lynch in November said the company would lay off 5% and shift focus to support short-form video, subscriptions, and e-commerce. Some believe the company is using the "rubber room" move to demoralize people and get them to leave the company on their own.

Persons: —, Chris DiPresso, Slack, Delia Cai, Ina Garten, Cai, Condé, Roger Lynch, Bon, Condé Nast Organizations: Service, Vogue, Condé Nast Union, Business, New York, Washington Post, Disney, Warner Bros Locations: New York City, Hollywood

☆ Bon Appétit plans to cut about 25% of its union staff, and insiders worry it will undermine the rebuilding the brand has done after a racial reckoning
▼ + stars: | 2024-04-11 | by ( Lucia Moses | ) www.businessinsider.com time to read: +10 min

Four years after a racial reckoning roiled Condé Nast's Bon Appétit, insiders worry that planned cuts could undo a fragile rebuilding effort. Included in that figure are 94 members, or 17%, of Condé Nast Union, which covers around 550 people across a dozen titles, including Vanity Fair, Vogue, and GQ. The Test Kitchen also benefited from a home cooking boom in the pandemic. But by August 2020, 10 of 13 members of the Test Kitchen had left. Members of the BA Test Kitchen in February 2020.

Persons: Bon Appétit, Condé, Roger Lynch, Adam Rapoport, that'll, Claire Saffitz, Brad Leone, Roy Rochlin, Rachel Gurjar, Kendra Vaculin, Dawn Davis, Sonia Chopra, Davis, Monica Schipper, they'd, Jamila Robinson, James Beard, Jeff Schear, Condé Nast, Lynch, Robinson, Slack, Delia Cai, Ina Garten Organizations: Condé, Condé Nast Union, Vogue, Business, YouTube, Labs, James, The New York Times, Philadelphia Inquirer, Union, New York, Employees Locations: Condé Nast, New York City, Caribbean, Seoul, Hollywood

☆ A flight attendant shares the 7 biggest mistakes she sees passengers make when packing carry-on suitcases
▼ + stars: | 2024-04-08 | by ( Monica Humphries | ) www.businessinsider.com time to read: +1 min

CiCi has worked as a flight attendant at a major airline for six years. She shared the biggest mistakes she sees passengers make when packing a carry-on suitcase. AdvertisementAfter working as a flight attendant, CiCi has a newfound love for both the sky and packing suitcases. Prior to being a flight attendant, CiCi told Business Insider that she owned companies and worked in real estate. Here are the common — and avoidable — mistakes CiCi sees.

Persons: CiCi, —, she's, Condé Organizations: Service, CiCi

Warner Bros. Discovery said on Monday that two members of its board of directors, Steven Newhouse and Steven Miron, had stepped down after the company learned about an investigation into whether their presence on the board violated antitrust law. Federal law forbids most corporate officers and board members to simultaneously serve on the boards of their competitors. Mr. Newhouse and Mr. Miron are both executives at Advance, a private, family-held business whose holdings include the Condé Nast glossy magazine empire that publishes titles such as Vogue and The New Yorker.

Persons: Discovery, Steven Newhouse, Steven Miron, Newhouse, Miron Organizations: Warner Bros, Advance, Vogue Locations: Yorker

Unlike Obama and Clinton before him, Biden is running against a candidate only a few years his junior. It was a twist on how Clinton answered a question about Dole's age during the second presidential debate in 1996. There is not much precedent for the event Biden's campaign is putting on Thursday. Obama, Biden and Clinton will inevitably go down memory lane during a discussion moderated by comedian Stephen Colbert. Aside from private conversations, Biden also often directs his top aides to follow up with Obama or Clinton on various topics of conversation.

Persons: Barack Obama, Joe Biden, Bill Clinton, Robert Byrd, George H.W . Bush, Bob Dole, John McCain, —, Biden, Obama, Clinton, Still, Dole, McCain, Seth Meyers, Donald Trump, Sen, Scott Reed, Reed, Mike Pence's, — McCain, Mark Salter, George W, Bush, Hillary Clinton, Salter, McCain's, Mindy Kaling, Jill Biden, Queen Latifah, Lizzo, Ben Platt, Cynthia Erivo, Lea Michele, Annie Leibovitz, Harris, Jeffrey Katzenberg, Rufus Gifford, Chris Korge, Condé, Anna Wintour, Julie Chavez Rodriguez, DJ D, Stephen Colbert, Jeff Zients, Anita Dunn, Steve Ricchetti, Bruce Reed, Jen O'Malley Dillon, Mike Donilon, Ricchetti Organizations: West Virginia State Capitol, NBC, NBC News, Democratic, Radio City Music Hall, Biden, Biden Victory Fund, DJ, Affordable, Trump, he's Locations: Charleston , West Virginia, New York, New Hampshire

☆ Why Nora Turato is taking on the wellness industry
▼ + stars: | 2024-03-26 | by ( Victoria Woodcock | ) edition.cnn.com time to read: +6 min

stop lying!” — a solo show at Sprüth Magers’ Los Angeles gallery, and a riposte to the wellness industry. Robert Wedemeyer/Courtesy Sprüth MagersAt the latter in 2022, she performed her one-woman “pool 5” monologue live more than 20 times over a two-week period. Born in Zagreb, Turato refers to her home country as “very in-between — not really eastern Europe; not really west,” she said. Robert Wedemeyer/Courtesy Sprüth MagersFor Sprüth Magers co-founder Philomene Magers, “Nora’s work puts people in front of a mirror,” she said. Tellingly, Turato’s self-optimization journey has ended in digital detox.

Persons: Nora Turato, “, ”, Zoom, Robert Wedemeyer, Barbara Kruger, —, Magers, Philomene Magers, it’s, haha, Turato, Julie Adams, It’s, — “, You’ve, “ I’ve Organizations: CNN, YouTube, Museum of Modern Art, Hollywood, Systems, “ Locations: Croatian, Los Angeles, Amsterdam, New York, Zagreb, Croatia, Arnhem, Netherlands, Turato, Europe, ”, LA

☆ Reddit investors shrug off hold rating, bid up stock another 15% as post-IPO rally continues
▼ + stars: | 2024-03-26 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +5 min

Reddit's post-IPO rally continues, despite the company receiving a hold rating from a prominent analyst. Investors continue to rally behind Reddit despite New Street Research issuing a neutral rating on the company "after the stock goes to the moon," analysts wrote in a note that was published Tuesday. Investors expect such a deal "to be added soon," considering OpenAI CEO Sam Altman maintains a 9% stake in Reddit. It also recently entered into an expanded partnership with Google, allowing the search giant to access more Reddit data to train its AI models. Meanwhile, some Reddit users took to the company's various finance-related subreddits on Tuesday to discuss the company's rising shares since its IPO.

Persons: Steve Huffman, Sam Altman, Altman, Condé Nast, Reddit, Reddit's, I've, I'd, Dash Organizations: New York Stock Exchange, New, Research, Investors, Advance Magazine Publishers, Google, Federal Trade Commission, FTC, GameStop, Nasdaq, Trump Media & Technology Group Locations: New York City, Reddit's, Reddit, pontificating

☆ Reddit pops 48% in NYSE debut after selling shares at top of range
▼ + stars: | 2024-03-21 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +5 min

Reddit shares jumped 48% in their debut on Thursday in the first initial public offering for a major social media company since Pinterest hit the market in 2019. Reddit and selling shareholders raised about $750 million from the offering, with the company collecting about $519 million. This year, Reddit said it plans to recognize roughly $66.4 million in revenue as part of its data licensing deals. Google has also entered into an expanded partnership with Reddit, allowing the search giant to obtain more access to Reddit data to train AI models and improve its products. "I hope they believe in Reddit and support Reddit," Huffman told CNBC in an interview on Thursday.

Persons: Steve Huffman, Lynn Martin, Reddit, Pinterest, Klaviyo, Pinterest's, it's, Alexis Ohanian, Huffman, Redditors, Sam Altman, Condé Nast, Altman's, Altman Organizations: New York Stock Exchange, Astera Labs, Nasdaq, Meta, Google, Reddit, Federal Trade Commission, FTC, Companies, CNBC, GameStop, Tencent, Advance Magazine Publishers Locations: New York, It's, Reddit

Reddit went public on Thursday after raising $748 million in its IPO. CEO Steve Huffman and Sam Altman and his network of investment firms are some who profited the most. Reddit is the most recent tech company to debut in the public markets as Wall Street watches to gauge the dormant IPO market. The company, founded in 2005 by Steve Huffman and Alexis Ohanian, had been rumored to go public over the past several years. However, the market has been shaky for the past two years, causing several companies to put off pursuing IPOs because of less-than-desirable macro conditions.

Persons: Reddit, Steve Huffman, Sam Altman, Alexis Ohanian Organizations: Business

☆ Why the big winner in the Reddit IPO is ... a magazine publisher
▼ + stars: | 2024-03-18 | by ( Peter Kafka | ) www.businessinsider.com time to read: +4 min

AdvertisementIt's easy to write gloomy stories about the state of the media business. The media business is often pretty gloomy! This one is about a very Old World Media Company that has struck gold in digital media — one of the very few times that has ever happened. (While we're in disclosure mode, I should note that Business Insider itself is a digital media company acquired by German media conglomerate Axel Springer in 2015. AdvertisementMaybe a worthwhile playbook the next time — and there will be a next time — a big media company opens its wallet for a digital upstart again.

Persons: Condé Nast, —, Reddit, Time Warner, Axel Springer Organizations: Advance, Service, World Media Company, Vogue, Yorker, Big Media, News Corp, MySpace, Penguin, YouTube, Maker Studios, Disney, Fox, Time, Comcast, NBC, Vox Media Locations: Reddit

☆ OpenAI strikes deals with more major news publishers, posing a threat to Google's dominance
▼ + stars: | 2024-03-16 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +6 min

The ChatGPT maker announced this week it had struck partnerships with two major European media organizations: France's Le Monde and Spain's Prisa Media. This story is available exclusively to Business Insider subscribers. This is a "threat" to GooglePublishers who've signed agreements with OpenAI say they hope the partnerships will bring new life to their business. By wooing users with a better interface, OpenAI could threaten Google's dominance over online search, Zaman said. OpenAI did not immediately respond to a request for comment from Business Insider.

Persons: —, OpenAI, Brad Lightcap, Axel Springer, Roger Lynch, Condé Nast, Google Publishers who've, Le Monde, Tauhid Zaman, Zaman, Hugh Martin Organizations: Service, Prisa, Business, Politico, CNN, Fox Corp, Bloomberg, ChatGPT, Yorker, Wired, The New York Times, Microsoft, Google Publishers, Google, Facebook, Media, Yale School of Management, Publishers, Scripps School of Journalism, Ohio University Locations: OpenAI

☆ Deadspin’s entire staff has been laid off after the sports site was sold to a startup
▼ + stars: | 2024-03-11 | by ( Liam Reilly | ) edition.cnn.com time to read: +3 min

CNN —Deadspin, the irreverent sports and news site best known for its commentary and analysis, laid off all of its staff on Monday after the outlet was sold to a startup firm. A G/O Media spokesperson confirmed that 11 Deadspin staffers were impacted by the move on Monday. Last year, G/O Media also sold Jezebel to Paste Magazine after briefly shutting down the publication and laying off its entire staff. The slashing of Deadspin’s staff is the latest in what so far has been a tumultuous year for the news media. TIME also laid off 15% of its unionized editorial staff and The Los Angeles Times cut over 20% of its newsroom staff.

Persons: CNN — Deadspin, Jim Spanfeller —, —, Spanfeller, ” Spanfeller, “, Deadspin’s, ”, Condé Nast, Forbes Organizations: CNN, Publishing, Media, O Media, Magazine, Vice Media, TIME, Los Angeles Times, Condé, The New York Daily News Locations: newsrooms

☆ Reddit to raise nearly $750 million in upcoming IPO
▼ + stars: | 2024-03-11 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +2 min

Reddit aims to raise up to $748 million as part of its upcoming IPO, in which the social media company is seeking a valuation of about to $6.5 billion. The company plans to sell about 22 million shares between a range of $31 to $34 per share, according to a corporate filing released Monday. Investors are closely watching Reddit's upcoming IPO, which will be this year's first major tech stock launch and the first social media IPO since Pinterest went public in 2019. Reddit's annual sales in 2023 were $804 million, which was a 20% year-over-year increase from $666.7 million, according to the company's S-1 filing. It also recorded a net loss of $90.8 million for 2023, which was narrower than the $158.6 million net loss it logged in 2022.

Persons: Reddit, Redditors, Pinterest, Sam Altman Organizations: New York Stock Exchange, Securities and Exchange Commission, Tencent, Advance Magazine Publishers Locations: Los Angeles , California

☆ See inside Karl Lagerfeld’s many glamorous homes
▼ + stars: | 2024-03-06 | by ( Suyin Haynes | ) edition.cnn.com time to read: +10 min

CNN —Fashion writer Patrick Mauriès first met Karl Lagerfeld in 1981, after he quoted the fashion designer in a short book he had written about contemporary fashion and culture. As Lagerfeld became more of a public figure in the 1990s and 2000s, he increasingly sought homes that could act as retreats, said Mauriès. Fotex/Shutterstock/Courtesy Thames & HudsonIn keeping with Lagerfeld’s constant need for change, there is little left of the homes and interiors featured in the book. Georges Kelaïditès/Roger-Viollet/TopFoto/Courtesy Thames & HudsonAlso in his Rue de l’Université residence, Lagerfeld poses in his sitting room for a photo spread published in a German magazine, circa 1972. Horst P Horst/Condé Nast/Shutterstock/Courtesy Thames & HudsonHere, the designer poses for a photo at the work desk in his office space.

Persons: Patrick Mauriès, Karl Lagerfeld, Lagerfeld, Chanel, Mauriès, ”, “ Karl Lagerfeld, Marie Kalt, Lagerfeld’s, l’Université, Pozzo, Borgo, Monte, Ettore Sottsass, Vila Jako, Jacques de Bascher, Swedish Grace, Jacques Schumacher “, “, ” Lagerfeld, Kalt, Michael Graves, Rue de l’Université, Georges Kelaïditès, Roger, Max Scheler, Germain, Horst P Horst, Condé Nast, Hudson Lagerfeld, Villa La Vigie, Schorr, Jacques Schumacher, Jeff Koons, Joana Vasconcelas, François Coquerel, Jerome Galland, Villa Louveciennes Organizations: CNN, Hudson Each, Deco, Memphis Group, ancien, Hudson, Monaco, Rue de Lille, Rue de, de, & Hudson, Saint, Villa La, Hudson Lagerfeld's, Rue des Saints Pères Locations: Europe, Paris, Monte Carlo, Rome, Hamburg, Italian, Swedish, Monte, Sotheby’s, American, Rue, Roquebrune, France, Voisins

☆ For years, I dreamed of overwater bungalows in destinations like the Maldives and Tahiti. Then, I found one just a 6-hour flight away in Belize.
▼ + stars: | 2024-03-05 | by ( Monica Humphries | ) www.businessinsider.com time to read: +7 min

I dreamed of overwater bungalows in places like the Maldives but dreaded the long flight there. And I believed the best place to create that experience would be in an overwater bungalow — the epitome of a luxury tropical vacation. Levente Bodo/Getty ImagesThere's a reason overwater bungalows aren't as popular in the CaribbeanOverwater bungalow resorts are more than 55 years old. And Ra'iātea's calm waters made it the ideal place for an overwater bungalow, Kelley said. My first overwater bungalow stay reminded me I don't need to hop on an all-day flight to experience the accommodation.

Persons: —, Levente Bodo, — Jay Carlisle, Hugh Kelley, Donald McCallum —, Hugh Kelley's, Vaihiria Kelley, Kelley, Condé, hasn't, Monica Humphries Organizations: Service, Levente, Muy'Ono Locations: Maldives, Central America, Caribbean, Belize, Tahiti, Polynesia, Moorea, Bali, Ra'iātea, South Pacific, Montego Bay, Jamaica, Aruba, Panama, Antigua, Mexico, St, Lucia, Vincent, Turks, Caicos, Denver , Colorado

☆ $100K photos, Colbert and a fashion doyenne: Details of the Biden fundraiser with three presidents
▼ + stars: | 2024-03-05 | by ( Natasha Korecki | ) www.cnbc.com time to read: +6 min

The cost for a chance to pose in a photo with all three Democratic presidents at once? It's also the only time that three [Democratic] presidents have done a [campaign] fundraiser together." Democratic National Committee Chair Jaime Harrison, Biden campaign fundraisers Michael Pratt and Colleen Coffey and Biden campaign finance chair Rufus Gifford have all been instrumental, he said. "For people who are involved in politics, for people who love politics, the opportunity to be with the last three Democratic presidents … is something that's unique. "It's no surprise the three Democrat stooges who have brought untold destruction to America are united by that misery," Trump campaign spokesman Steven Cheung said.

Persons: Barack Obama, Joe Biden, Bill Clinton, Robert Byrd, Chris Korge, Stephen Colbert, Hillary Clinton's, It's, Korge, Condé, Anna Wintour, Jaime Harrison, Biden, Michael Pratt, Colleen Coffey, Rufus Gifford, Marc Lasry, Alex, Alex Lasry, Obama, Donald Trump, Kamala Harris, …, Harrison, Nikki Haley, Ronna McDaniel, George W ., it's, Trump, Steven Cheung, Crooked Joe Biden Organizations: West Virginia State Capitol, Biden Victory Fund, Radio City Music Hall, Democratic, CBS, Democratic Party, Biden, Milwaukee Bucks, Senate, Trump, RNC, Democrats, Republican National Committee, Democratic National Committee, GOP, Republican, Democrat, Republicans Locations: Charleston , West Virginia, New York, U.S, Wisconsin, Clinton, Asia, Milwaukee, Michigan, Israel, Gaza, America

☆ Jim Cramer: Why a successful Reddit IPO would be bad news for this bull market
▼ + stars: | 2024-03-03 | by ( Jim Cramer | ) www.cnbc.com time to read: +14 min

There's nothing like a moribund IPO market to create a pleasant backdrop for a bull run. Hot on the heels of the Reddit deal is the expiration of the IPO lockup period for Arm Holdings on March 12. I thought it might occur after the successful Arm deal, but like so many nascent attempts to revive the IPO market there was nothing worth following up with until the Reddit deal. This brings me back to the IPO market. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: We've, It's, Reddit, Sam Altman, Conde Nast, Rene Haas, Steve Huffman, Reddit's, —, isn't, Morgan Stanley, Goldman Sachs, Uber, Jim Cramer's, Jim Cramer, Jim, Mateusz Slodkowski Organizations: Advance Magazine Publishers, Arm Holdings, Company, Nvidia, Employees, GameStop, Supply, Amazon, Walmart, Securities and Exchange Commission, Investors, Fidelity, ICE, Costco, Rite Aid, Tech, Microsoft, Meta, Federal Trade Commission, White House, Jim Cramer's Charitable, CNBC, Getty Locations: British, TheStreet.com, Reddit, POLAND

Reddit is seeking a valuation of up to $6.5 billion in its upcoming IPO, according to a person familiar with the matter. The Wall Street Journal was first to report on the expected range and valuation. Employees will be allowed to sell Reddit stock during the offering, the source added. Reddit had a private market valuation of $10 billion when it last raised a funding round of $1.3 billion in 2021, according to PitchBook. Reddit's IPO will represent the first major tech offering of the year and the first social media IPO since Pinterest's Wall Street debut in 2019.

Persons: Reddit, Sam Altman's, he'd, Altman, Condé Nast, Alexis Ohanian, Steve Huffman, Airbnb, OpenAI's, John Tuttle Organizations: New York Stock Exchange, Tencent, Advance Magazine Publishers, Securities and Exchange Commission, Google, Reddit Locations: Los Angeles , California, Reddit

☆ Inside The New York Times' big plans for its Cooking app
▼ + stars: | 2024-02-29 | by ( Lucia Moses | ) www.businessinsider.com time to read: +9 min

She joined the Times in 2007 as a web producer and later helped launch the Cooking app in 2014. Rachel Vanni via The New York TimesWhile many media companies have struggled recently, The New York Times has been a big digital success story. The Cooking app, along with Games, The Athletic, and Wirecutter, have bolstered the company's subscription business by providing different entry points. The "All Access" bundle strategy also lets the Times leverage upticks in demand for different types of content depending on the time of year (such as the winter holidays, which are peak cooking times) or news cycles. Cooking has learned that newer users perceive Times recipes as taking longer than they say.

Persons: foodies, Emily Weinstein, weren't, Rachel Vanni, Camilla Velasquez, Cooking's, Weinstein, Eric Kim, Melissa Clark, Clark, Matthew Tom, Wolverton, Adam Nagourney, Meredith Levien, Los Angeles Times haven't, they're, It's, Wirecutter, Condé, Bon Appétit, Carla Lalli, Molly Baz, Alison Roman, David Lebovitz's Organizations: The New York Times, Times, Business, New York Times, Games, The Athletic, Food, NYT, YouTube, longtime, Journalism, Athletic, Washington Post, Los Angeles Times Locations: America, TikTok

☆ Wait. Why is Reddit losing so much money?
▼ + stars: | 2024-02-27 | by ( Peter Kafka | ) www.businessinsider.com time to read: +4 min

Last year, according to Reddit's newly filed IPO documents, the company generated $804 million in revenue and lost nearly $91 million. But it's still a lot of money to lose selling a free product. AdvertisementOne big, obvious answer: It has been hiring a lot of engineers and spending a lot of money on their salaries. (Note: There are some dumb stories floating out there about Reddit CEO Steve Huffman getting paid $193 million last year. The best argument I can make in their defense is that Reddit is still adding a lot of users and that more users equals more ad money.

Persons: —, it's, Condé Nast, that's, Steve, Greg Doherty, Steve Huffman, Elon Musk, Reddit, they're, Alex Heath Organizations: Service, Facebook, Business, Twitter, Google

☆ Margaret Zhang, Australian-born editor of Vogue China to step down
▼ + stars: | 2024-02-27 | by ( Christy Choi | ) edition.cnn.com time to read: +3 min

CNN —Vogue China editorial director Margaret Zhang has announced that she is stepping down just three years after becoming the youngest person to lead any of the fashion bible’s 28 editions. Zhang’s appointment as Vogue China’s editorial director in 2021 came as something of a surprise. But she also won praise for modernizing Vogue China and championing diversity at the title. In her resignation announcement, Zhang said the publication had enjoyed “record growth in video” and the “highest engagement events in the history of Vogue China” during her editorship. The Ghanaian-born fashion editor unexpectedly stepped down last June after more than six years at the helm.

Persons: Margaret Zhang, ”, Zhang, —, Condé, — Anna Wintour, ” Zhang, Ik, “, Anna Sui, Edward Enninful, Condé Nast, Roger Lynch Organizations: CNN — Vogue China, Vogue, Vogue China, US, Milan, Condé Locations: China, Australian, Sydney —, Mulberry, Vogue China, Ghanaian

☆ Reddit has never turned a profit in nearly 20 years, but it just filed to go public anyway
▼ + stars: | 2024-02-23 | by ( Clare Duffy | John Towfighi | ) edition.cnn.com time to read: +6 min

The move would make Reddit the first major social media company to go public since Snapchat in 2017. In its 18 years as an online social hub, Reddit has seen enormous growth, occasional controversy and even market-shifting stunts. Reddit users often post anonymously in these forums, discussing everything from memes to major news events. 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. Still, the incident helped draw attention to the power of Reddit communities.

Persons: New York CNN — Reddit, Reddit, ”, Steve Huffman, ” Huffman, Condé Nast, Alexis Ohanian, Huffman, Sam Altman, Ohanian, TheFacebook, Greg Doherty, ” Reddit Organizations: New, New York CNN, San Francisco, New York Stock Exchange, Securities and Exchange Commission, Advance, University of Virginia, Facebook, YouTube, Twitter, Wynn Las, Variety, GameStop, Google Locations: New York, San, Wynn Las Vegas, Las Vegas , Nevada

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