A lot of Redditors hate the Reddit IPO | Reddit warned us that its users were a risk factor, and boy do they sound excited about shorting its stock.
A lot of Redditors hate the Reddit IPO
I’m sure Steve Huffman is worried that redditors are shorting the stock as it went from $34 to $59.80 since IPO.
A rough estimate is Huffman just made at least $102M from the IPO ($136M existing stock plus $193M in options and RSUs, at plus 75% increase in value) taking his net worth to at least $575M.
He gets a $20M bonus if the stock doesn’t tank by 50% for two weeks too.
Realistically he got his shares at a much much lower price so his gains are massively outsized.
IPOs are a scam, they lower the price for banks arbitrarily then claim it as a success when the numbers pop at launch, which is clearly a market failure where the insiders get first pick and ability to cash out. The SEC should jail any bankers who work on an IPO that increases by 30% on launch day for fraud and collusion.
The justice system has been disabled for these people. we are ruled by people of the dark triad. Pretty much every person of the 1% lacks compassion and remorse, is manipulative and often impulsive. Think about the fact that you have more money than you can ever spend, yet you accept that people around you are homeless.
These people keep winning and get worshipped like gods so others follow their lead and the world drops into an infinite „fuck you, I got mine“ loop, resulting already in destroying our ecosystem and climate.
We need to get these people out of power. Long term by educating the masses and short term by sabotaging them as much as we can.
we are ruled by people of the dark triad
Money allows you to disconnect from painful experiences. Allows you to tailor your world to be whatever you want. Whatever you cant do, you use your wealth to block or drown out of your memory. Its self delusion.
I've always wondered why they never see that not doing a thing would be better for them in the medium to long term.
Isn't it great we all have a spot where we can comfortably watch Reddit set itself ablaze?
Doubly so as they've banned VPNs from accessing even old.reddit.com as of a few hours ago
Oh damn. Yeah fuck that place, glad I left.
Semi-related, I was searching for some hyper specific job related technical cybersecurity stuff a few weeks ago and the first result with the verbatim error message was a reddit post, so i clicked. No dice, loads a reddit branded error page. My employer has their own ARIN number/ASN. As far as i could tell every connection from an IP in one of our blocks was being blocked by reddit. My employer isn’t a faang type tech company, they don’t work in ai, they don’t scrape content for datasets or anything else. I can’t figure out why kind of business would cut off entire swaths of customers from accessing their site during the workday, a prime “take a shit and dick around on the phone” audience. I’ve just made a point to search with stack exchange site dorks since then.
How does that work? "We're sorry, your geolocation deviated too far and you can't log in"??
Works for me on Mullvad. Firefox and Stealth app. Don't have an account so not logged in.
Stopped working on the web.
The biggest joke of the article was the person calling Reddit a community.
Yeah, until an admin doesn’t like what you say and you get permabanned. Real nice community you got there.
It's interesting the one place you aren't seeing this discussed...is reddit. Which leads me to think it's being suppressed to manipulate stock price. That's illegal, right?
Illegal? Absolutely. Will they see any consequences for it is a different matter entirely, unfortunately.
Will they? Not a chance. But any large group talking about shorting it might, just as we saw with GME/AMC.
I’ve fucked off from Reddit since this IPO news. Don’t want to be part of that or the overly intrusive and frequent ads.
Old article
If Arron was still here i bet he would do something awesome like give every user with 10000 or more karma some free stock, or completely give it away to all the users.
Kekw
Kinda hilarious to see WSB get short squeezed back after how high and mighty they got about how evil shorting is when it was happening to their stocks
They would do better by backing out and not doing it. The state of their site is in. I imagine any ipo they have will tank.
I don't like the Reddit ownership which is exactly why I switched to here....but this article is a month old, they priced their IPO at $34 and it's currently selling at $55
Obviously this doesn't mean it can't change in the future, but it very much has not tanked.
I’m not a stock expert, but given its historic lack of profitability, that value has to be primarily speculative based on its usefulness for training ai.
I would expect to see that number fall eventually.
Pump and dump bud
I assume it's also priced that way because it can be used for propaganda.
Legacy media, hasn't made a profit for years? There's always some rich fascist cunt or nasty foreign government willing to buy it for more than it's worth so they can push their agenda.
It's not about making money for them. It's about power and influence.
All stock is speculative.
Or just as a marker of how reliant a lot of web denizens are to adding reddit to end of their search for more relevant user generated data. Either way, it's numbers will fall, as a lot of the more recent data often isn't correct.
The stock price is gonna get juiced for a bit, and then when the blackout period expires, lots of people are going to sell and the price will drop off a cliff. It’s a pretty common pattern in tech. I’m kinda expecting it to happen with Reddit.
So we finally found out spez's exit strategy?
That’s the entire point of an IPO.