Reddit CEO Defends $193M Pay as He Plans to Share Wealth in Upcoming IPO

Reddit CEO Steve Huffman addressed his $193M compensation package amid backlash from unpaid moderators
Huffman said his compensation is a mix of salary and stock ownership, with some vesting at IPO and some over time
He explained the board canceled and re-granted outstanding grants to simplify things and align his pay with company performance
Reddit is setting aside 8% of IPO shares for eligible users, moderators, board members, and employee friends/family
The company is seeking a $6.5B valuation in its upcoming IPO, with shares priced at $31-$34 and demand 4-5 times oversubscribed