🚀The Bulletin #47: Reddit Files to IPO, Microsoft's Ethical Makeover, and Opportunities on Campus!
In this week's bulletin-- Reddit files to IPO, a look into Microsoft's ethical makeover, and two cool career-related opportunities!
Hey everyone! I hope that the long weekend was fun and restful for you, and that there will be more sunny days for us in the weeks ahead ☀️😎 Enjoy The Bulletin!
🤖Reddit Files For IPO
Reddit, a community-focused message board site, has filed for an IPO, becoming the first major social media company to debut on the stock market in years. In an offering prospectus, Reddit reported revenue growth of over 20% and narrowed losses in the previous year, boasting 73 million daily users and over 100,000 active communities.
The next steps for the company involve meetings with potential investors, with Reddit's bankers seeking a valuation of at least $5 billion, roughly half of the $10 billion valuation the company fetched in a 2021 private financing round.
Reddit's move to go public comes after a transformative period in the social media landscape, characterized by increased scrutiny for misinformation and hate speech. CEO Steve Huffman highlighted the company's mission to empower its community, intending to reserve shares for its most active users.
Despite its revenue growth and unique community-driven approach, Reddit has faced challenges, including controversies over misinformation, content moderation and leadership changes. The company acknowledges potential risks in its IPO prospectus, such as competition from large language models and the dominance of digital advertising by Meta and Google. Nevertheless, Reddit's IPO signifies a milestone for the social media industry and underscores the company's commitment to its community-driven model amidst evolving challenges and opportunities in the digital landscape. Read more here🔗
🕊️Microsoft’s Ethical Makeover
Over the past decade, Microsoft has slowly set itself apart from its competitors by its adoption of progressive labor policies. During its acquisition of gaming giant Activision Blizzard, Microsoft announced that it would remain neutral if any of Activision’s roughly 7,000 eligible employees sought to unionize with the Communications Workers of America. This stance was later expanded to all Microsoft studios— a groundbreaking decision amid the typical anti-union practices of most tech giants.
Microsoft has chosen an unusual path of cooperation and support for its workers' right to organize, marking a departure from the anti-union stance of most tech companies. This stance reflects a broader shift in Microsoft's corporate culture that President Brad Smith and CEO Satya Nadella have championed, characterized by a commitment to progressive values, social responsibility and “making peace”. Over the years, Microsoft has implemented several other policies aimed at improving employee welfare and fostering a more inclusive workplace environment. For instance, the company was among the first tech giants to require large contractors to provide paid time off for workers assigned to its projects, setting a precedent for fair treatment of temporary workers.
However, as pointed out in this article, Microsoft’s actions do not stem from altruism. It is instead a kind of “self-interested enlightenment”, taking “positions that appear calculated” to highlight the ways that Microsoft has reformed itself so as to “deflect scrutiny toward competitors”. In fact, Microsoft’s ethical makeover was so successful that in 2020, the House antitrust subcommittee invited Mr. Smith to brief members as they prepared for a hearing involving the CEOs of other Big Tech firms. This marked a complete turnaround from Microsoft’s image in the 1990s as an anti-competitive villain. It should also be noted that a majority of Microsoft employees in the US are white-collar workers, as compared to its competitors. Apple and Amazon, who rely heavily on lower-paid in-store workers. Therefore, it could be argued that Microsoft is taking a calculated risk with its neutral stance towards unionization, since the company has relatively less to lose.
Regardless of Microsoft’s motives, its neutrality has allowed its most vulnerable workers to band together and protect themselves, signalling an overall net positive outcome for their employees. As pressure mounts on Big Tech to create safer working environments for their workers, one can only hope that more companies will follow in Microsoft’s footsteps.🐾
⚡Opportunities for You
🎨Graphic Design Internship with Otis
Niina Al-Hassan '14 is looking for a Social Media / Graphic Design intern for Otis, a pet health tech company backed by top venture investors tackling the accessibility and affordability crisis in pet care. You'll work directly with the Niina and the founding team to drive their paid marketing strategy on Instagram and Facebook. This is paid position that would run from March - May with the possibility to turn into a full-time role. More details about the internship can be found here. Applications close March 4th!
🐻Case@Brown by BCC
Case@Brown is the first and only student-run case competition on Brown’s campus, in which teams of four will compete to develop the best solution to a business-related case study provided by PwC. You’ll have the opportunity to present in front of professionals and meet other students who are interested in management consulting - those who are not competing are still welcome to attend the workshops and networking sessions! Sign up here.
🍇What We’re Consuming in Venture
This nugget of wisdom from Peter Thiel about building a world-class company
This tweet, by Packy McCormick (Founder of Not Boring) on the virtues of venture capital (also check out his Weekly Dose of Optimism column!)
This collation of lessons from Keith Rabois (General Partner at Founders Fund)
This interview with Graham Weaver (Founder and Managing Partner of Alpine Investors) where he gives some life advice
That’s it for this week, feel free to email me at zyn_yee_ang@brown.edu with any inquiries!
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