Comment on Steam does the opposite of forcing Arbitration on its users

AlligatorBlizzard@sh.itjust.works ⁨1⁩ ⁨month⁩ ago

• givesomefucks@lemmy.world ⁨1⁩ ⁨month⁩ ago

  Yeah, but Gabe is down to 25% ownership.

  He could be pushed out at anytime. It’s this weird situation where if a serious challenger to Steam really takes off, the 75% may demand Steam gets shittier to make more money.

  But Gabe won’t last forever anyways, who knows what will happen without him. Which means people do want some kind of challenger to prevent a monopoly, but that just makes the other scenario more likely

  Steam is already a huge outlier

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  • Roflmasterbigpimp@lemmy.world ⁨1⁩ ⁨month⁩ ago

    Who owns the other 75% ?

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    • givesomefucks@lemmy.world ⁨1⁩ ⁨month⁩ ago

      Not sure, apparently the 25% figure is really new, Wikipedia is sourcing something from 2017 that says he has 50+.

      This is the most up to date I can find that attributes a source

      guru3d.com/…/microsoft-reportedly-readies-billion…

      Insights from Dior, a prominent figure in the Counter-Strike community, reveal that Gabe Newell owns less than 25% of Valve. This suggests that a significant portion of Newell’s wealth is tied to his equity in the company. The decision to sell Valve wouldn’t rest solely with Newell; numerous employees who likely hold stock options could also have a say through a voting process if an offer were made.

      So it sounds like a lot was given to employees from the beginning, which track with Gabe.

      Then he may have cashed out a couple times, but I doubt that when he could just do the billionaire thing where he borrows against his stock counting on the value increasing enough to pay off the last with a new?

      But then again Gabe is different and might not do that out of principle.

      It’s not publicly traded, so I guess we don’t really know unless Valve discloses who owns what. Which I just realized is pretty concerning on its own.

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      • eerongal@ttrpg.network ⁨1⁩ ⁨month⁩ ago

        AFAIK, most of valve’s stock is held by employees, not private investors. It’s usually a pretty hard sell of “make the company you work at shittier to make more money”, especially since most of the employees probably know gabe personally (valve has less than 400 employees) and likely approve of his leadership.

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      • dan1101@lemm.ee ⁨1⁩ ⁨month⁩ ago

        Well damn that’s going to bite gamers in the ass in the long term.

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  • MystikIncarnate@lemmy.ca ⁨1⁩ ⁨month⁩ ago

    I would expect that Gabe is trying to hedge his bets and make the company more of a co-op, where several key figures in the company as well as himself, own the majority, so that there’s accountability in what everyone decides.

    That way if someone’s kid ends up inheriting stock in valve, there’s a way to block them out of major decisions if there’s a need to.

    If that’s indeed what’s happening, then it’s a very long-term play by Gabe. He’s looking so fast ahead, so that long after he’s departed the company, the values that make valve great (and successful) will endure.

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• gregor@gregtech.eu ⁨1⁩ ⁨month⁩ ago

  Not just decent, it’s one of the best companies to exist

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• Goronmon@lemmy.world ⁨1⁩ ⁨month⁩ ago

  Steam is actually pretty decent, by company standards.

  They aren’t doing this because they are decent. It’s because they were getting reamed on fees through people choosing the arbitration. I believe it was a law firm basically encouraging people to request arbitration because they would get paid every time a claim was submitted, regardless of the outcome.

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• GrundlButter@lemmy.dbzer0.com ⁨1⁩ ⁨month⁩ ago

  I kind of did the opposite. I assumed the change would be negligible or in the customer’s benefit based on Valve’s track record. I hope this never changes.

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