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☆ Popular Reddit client Apollo will shut down after talks over new developer fees got 'ugly,' with allegations of blackmail
▼ + stars: | 2023-06-08 | by ( Thomas Maxwell | ) www.businessinsider.com time to read: +4 min

Apollo, a popular third-party app for accessing Reddit, announced it will shut down June 30. The creator of Apollo said the new pricing policy would cost his app $20 million a year. The Apollo app has been swept up in this battle, which technically revolves around access to Reddit's application programming interface. Elon Musk has cracked down on API access, tooReddit is not the only company that's had enough of this. Twitter began clamping down on API access after Elon Musk acquired the company for $44 billion.

Persons: Reddit, Apollo, Steve Huffman, Christian Selig, Selig, Huffman, Elon Musk, that's Organizations: The New York Times, Google, Street, Twitter, Elon, Microsoft, Apollo

☆ Reddit to lay off about 5% of its workforce
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +1 min

June 6 (Reuters) - Reddit said on Tuesday it is laying off about 5% of its workforce, or 90 employees, joining a list of technology companies that have been cutting jobs across corporate America. Tech companies including Meta Platforms (META.O) have been slashing jobs after aggressively hiring during the pandemic, as the industry braces for an economic downturn. The Wall Street Journal first reported Reddit's move on Tuesday, citing an email sent to employees from Chief Executive Steve Huffman. In December 2021, Reddit had confidentially filed for an initial public offering with the U.S. securities regulator after the company's message boards became the go-to destination for day traders during a meme stock frenzy. Reporting by Bhanvi Satija and Samrhitha Arunasalam in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Reddit, Conde Nast, Steve Huffman, Huffman, Bhanvi Satija, Maju Samuel Organizations: America . Tech, Meta, Facebook, Street Journal, Thomson Locations: Bengaluru

☆ As Reddit battles OpenAI and sees its pre-IPO valuation fall, I can't help quoting Taylor Swift: Karma's gonna track you down
▼ + stars: | 2023-06-05 | by ( Julie Bort | ) www.businessinsider.com time to read: +5 min

Fidelity marked down the value of Reddit shares, a developer revealed details about new fees. Insider previously reported that Fidelity's Growth Company Fund had already marked down its Reddit stock in January disclosures. OpenAI disclosed in research that Reddit was among its massive number of sources used to train the underlying AI models. I asked ChatGPT if it is going to pay for Reddit dataI asked ChatGPT if it is going to pay for Reddit data. With its new battle against OpenAI, it's clear that Reddit feels similarly about misuse of online content.

Persons: Reddit's, Reddit, didn't, Harold Klaje, OpenAI, hasn't, Steve Huffman, Christian Selig, He's, We've, Taylor Swift Organizations: Fidelity, Techcrunch, Growth, Fund, Bloomberg

☆ AI hypocrisy: OpenAI, Google and Anthropic won't let their data be used to train other AI models, but they use everyone else's content
▼ + stars: | 2023-06-02 | by ( Alistair Barr | ) www.businessinsider.com time to read: +4 min

Microsoft-backed OpenAI, Google and Anthropic ban the use of their content to train other AI models. Microsoft-backed OpenAI, along with Google, and Google-backed Anthropic have for years been using online content created by companies to train their generative AI models. However, these big tech companies won't let their own content be used to train other AI models. In April, Elon Musk accused Microsoft, the main backer of OpenAI, of illegally using Twitter's data to train AI models. The current way AI models are trained 'breaks' the webOne former Microsoft executive believes something is wrong here.

Persons: Claude, Anthropic's, OpenAI, Steve Huffman, Elon Musk, Sam Altman, Steven Sinofsky, couldn't Organizations: Microsoft, Google, Services, . Publishers, News Corp

☆ Reddit sparks outrage after a popular app developer said it wants him to pay $20 million a year for data access
▼ + stars: | 2023-06-01 | by ( Brian Fung | ) edition.cnn.com time to read: +4 min

Now, a similar revolt against Reddit may be gaining steam after a popular app developer said Wednesday the social media company wants to charge him $20 million a year to continue offering software that lets Reddit users view and interact with the platform. Reddit’s API is what allows Reddit content to be displayed to the Apollo app’s 900,000 daily active users. Reddit’s initial announcement had been light on pricing details, leaving many to speculate about the future of third-party access to Reddit. According to Selig’s post Wednesday, Reddit intends to charge $12,000 for every 50 million attempts to access the company’s data. Selig isn’t the only app developer crying foul.

Persons: ”, Christian Selig, Reddit, “, Tim Rathschmidt, Selig, Selig’s, Rebecca Wright, CNN “, ” Selig, Wednesdsay, Selig didn’t, Selig isn’t, Steve Huffman Organizations: Washington CNN, Twitter, CNN, New York Times

☆ Reddit cofounder says the US government is not equipped to regulate AI and must get 'up to speed quickly'
▼ + stars: | 2023-05-18 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Reddit's cofounder Alexis Ohanian said the US government is not equipped to deal with AI. Vice President Kamala Harris recently invited tech leaders to the White House to discuss AI safety. Alexis Ohanian, a cofounder of Reddit alongside Steve Huffman and Aaron Swartz, spoke with CNN's Chris Wallace in an interview about AI. Wallace played a montage of clips showing senators interrogating tech leaders about the technology they develop with little information or education about how it works. He added: "I give credit to the White House for convening all of these AI leaders to get them in the loop.

☆ Data-hungry AI models could help Reddit valuation
▼ + stars: | 2023-04-21 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +4 min

Reddit’s data, as it benefits AI models, may be just the catalyst that it needs. Reddit plans to introduce a new revenue stream to supplement what it already earns from advertising. While Alphabet, say, won’t want to sell data to Microsoft, Reddit is going to be willing to create a competitive market. And on that basis, it would need to get just 40 customers to nearly double the $350 million revenue it made in 2021. It would take some mind-bending when Reddit tries sell shares to public investors.

The tech company will begin its latest round of layoffs today, in its Facebook, WhatsApp, Instagram and Reality Labs units, according to Vox, with up to 4,000 positions possibly set to go. Disney will cut thousands of jobs next week, as part of the C.E.O. Commentators and investors said the moves were a long-awaited recognition that Goldman should focus on its strengths. The online chatboard company told The Times that it would start making others pay to use its application programming interface, the method that allows outside entities to download its vast offering of user discussions. projects by tech giants — which must be trained on huge amounts of data — as a reason for the move.

☆ Reddit to AI companies: Pay up if you're using our content
▼ + stars: | 2023-04-18 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +3 min

Reddit said it plans to start charging companies for access to its data that is used to train AI. Major players in the AI race like OpenAI, Microsoft, and Google train AI models using Reddit's data, NYT reported. "The Reddit corpus of data is really valuable," Steve Huffman, cofounder and CEO of Reddit, told The Times. Huffman told The Times that Reddit's API will still be free for developers building applications to help people with using Reddit. Most developers and third parties who use Reddit's API have been notified by email, the company said.

☆ Reddit employees who lost their jobs are livid that the company is painting them as low performers: 'A cruel and dishonest way to kick a person when they're down'
▼ + stars: | 2023-02-02 | by ( Dan Whateley | Sydney Bradley | ) www.businessinsider.com time to read: +8 min

A Reddit spokesperson declined to share the number of employees the company had let go so far, or planned to in total. In total, 10 former Reddit staffers who lost their jobs in January told Insider they did not consider themselves low performers based on their past feedback from the company. One current staffer told Insider they felt they may have been on the chopping block in January and narrowly avoided a termination. Some moved from business development jobs to work on creator services within its community-management and product teams, the Reddit spokesperson previously told Insider. Reddit also informed employees about a cut to some benefits late last year, eight current and former staffers told Insider.

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