This was a post by you Sean, who is a former CEO of Reddit that was published back in I think 2015. He kind of lays out what I think happened. Reddit was sold for only about $10 million a year after it launched. So like really, really small. And I think that it kept growing.

And the founders realized maybe that made a mistake. So they started scheming on how to get Conde Nast to spin it back out. So you shun lays out the steps they went through, they recruited a CEO, then they had that CEO demand options specifically in Reddit from Conde Nast, which meant that Conde Nast had to create a separate cap table for it.

And then once they had a separate cap table, then they could sort of pressure to have like an outside investor bought in for the expertise that just happened to be Sam Altman. Eventually step by step, they worked it to the point where they got Conde Nast to spin off the company.

And I guess this plan worked. It should be said that the largest shareholder in Reddit, according to the S1 is Conde Nast's parent company. It was smart for Conde Nast to do the spin out and give up 70% to 30% of what's going to be a multi billion dollar IPO.