> The problem with all of these sites is they start to service the lowest common denominator in the name of next quarters profits. [...] It seems so clear to me that billionaires mean we can't have nice things"
The pressure to increase quarterly profits to the detriment of the long-term emerges from the very nature of short-term investment, particularly as facilitated by stock exchanges. Eliminating billionaires would not eliminate this dynamic.
Yes, Reddit is not even part of a publicly listed company that has investor pressure to meet quarterly numbers, it is privately owned by the Newhouse family. People just like having more money than less money.
