Defector's Co-Founder Releases a Brutally Honest 6,000-Word Annual Report

Jasper Wang, co-founder of the worker-owned media outlet Defector, has released an unusual annual report for 2025. Written in the first person and stretching over 6,000 words, the document breaks from traditional corporate updates by offering full transparency on revenue, costs, and the realities of running a co-op. The report has sparked wider discussions about the challenges and potential of worker-owned businesses.

The report covers Defector's financial details openly, avoiding vague statements about success. Wang highlights the difficulties of sustaining a worker-owned model, warning that neither co-ops nor subscription revenue guarantee stability. He also reflects on the outlet's progress since its launch, addressing both achievements and ongoing hurdles.

Wang's candid approach extends to the broader landscape of worker co-ops. He explores their past, current state, and future possibilities, urging realistic expectations rather than idealised views. The document's personal tone and depth set it apart from typical corporate reports, which often prioritise polished summaries over honesty.

The conversation around Defector's model has continued beyond the report. Wang recently appeared as the first guest on The Kicker podcast, where he expanded on the triumphs and struggles of running a worker-owned business. The interview is now available on platforms like Apple Podcasts and Spotify, reaching audiences interested in alternative media structures.

Wang's report and public discussions provide rare insight into the operations of a worker-owned company. By sharing Defector's financial and organisational details, he contributes to a more informed debate about co-ops in media. The document and interview serve as practical resources for those exploring or evaluating worker ownership models.