Reddit’s 50% Plunge Fails to Entice Dip Buyers as Growth Slows.
Reddit’s 50% Plunge Fails to Entice Dip Buyers as Growth Slows.
(Bloomberg) -- The gloomy sentiment around Reddit Inc. has failed to dissipate after its shares fell 50% from a February high, with volatile technology stocks under pressure. Most Read from BloombergGold-Rush Fever Returns to Historic New Zealand Mining TownWhat Frank Lloyd Wright Learned From the D...
The gloomy sentiment around Reddit Inc. has failed to dissipate after its shares fell 50% from a February high, with volatile technology stocks under pressure.
Good. I got banned just today for "inciting violence" then when I asked what I did they couldn't tell me. Musk pressuring spez into harsher moderation is probably part of why I was actually banned. I followed every rule but was active in left wing communities and it seems that's enough to be deplatformed under the trump regime.
I’m fairly certain they misled investors on their last earnings call. I noticed some banned accounts suddenly had their ban lifted right before the call, and then reapplied right after.
On the last investor call, they said they had a lot of returning users. This was after their election ban hammers, and prior to the Luigi ban fest.
Can’t wait to see how they try to spin things on the next one.
Hey cool beans we're the direct result of that! What good news!
I trust reddit as far as I can throw it these days.
Fuck Reddit.
One man's slowing growth is another man's hardening growth (me, from reading this headline).
I mean, with all the censoring and pandering to Musk, allowing for entire bot swarms to the point it really becomes obvious it's happening - who could have predicted this?
That's right, kids. Allying yourself with fascist tendencies in any way, shape or form will hurt you in the long run. Just provide the damn service people are looking for and stop playing god, trying to use your platform to shape opinions and censor statements you or your buddies don't like.
Shouldn't suprise anyone especially with the recent grovelling before Musk.
I've created this account here today particularly because I found that behaviour absolutely disgusting.
No surprise; It's seemingly all bots arguing with other bots now anyway.
Good, Reddit has no place in the stock market and no amount of enshittification can save them from this fate.
Daily reminder that Reddit automatically gathers your data.
If you still have a Reddit account, change your privacy settings right now :
Let's pick a day and everyone short it
Got banned over there a month ago, came here hoping to find something of a Sonic community in the same vein as the one over there (very involved in that fanbase, did a lot of my discussion on reddit), has not materialized yet, not enough fans over here, hopefully that changes at some point. I thought at first that it was the open support of Luigi's alleged actions that got me banned, I could be ok with that, I get it, supporting violence and whatnot, I broke the rules, and they were sensible rules more or less, but the longer I look at the current happenings over there, the more suspicious I am that it was because his name came up at ALL, multiple times. That's annoying. That feels less justified.
Also becoming more and more glad it happened when it did. Lot of overt, fascist appeasing censorship going on over there. Like it's not even subtle. There's no ambiguity in it, it's just "this post criticized or disparaged Musk or Trump in some way. (Removed from Reddit)."
good
Everything they touch dies
They’ve banned all of the good people that made up the site. I used to do Secret Santa. For 10 years! And I had mothers thank me for making their kids holidays. And they banned me. Because I made a death joke about how old McConnell was. Dude looks like death walking. Prove me wrong.
I was a good user. Dark humor isn’t hurting anyone. Reddit will die. Just like every other popular site.
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Removing the messages option and instead replacing it with their stupid DM chat system, even for modmail
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Stating that later this year they're going to introduce walled off paid sub-reddit
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That live stream nonsense they had a couple of years back
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Their A.I. answers integration
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Censoring users who mention 'eat the rich' and the name Luigi
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No longer allowing moderators of their own sub-reddit to change a sub's status to NSFW (after the protests, obv), now requires admin to do this for them if the deem it appropriate
...who'd have guessed that these decisions were shit. Not the community who told them each time, again and again, right?
Fuck you, Reddit
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I'm not sure why anyone would ever buy Reddit stock. There is no money to be made in Reddit. They failed to make any money before they went public, and they're failing to make any money now.
They tried the whole NFT thing, failed. They're trying to sell the data to AI companies but once that's sold they can't sell any more of it because the benefit of Reddit data was historical data unpolluted by AI, but new Reddit data is polluted by ChatGPT posts and is therefore worth less.
It's not even about banning people, it's about the fact that Reddit was never a sustainable business model from the start, at least not in the traditional capitalist sense where you're actively trying to make a profit to please shareholders.
The only benefit to owning Reddit stock is if you have voting shares and can manipulate the algorithm to benefit you in some way. Suppress some voices, amplify others to back what you want to do etc. but you need money to burn in order to achieve that because you aren't going to be making money directly by owning Reddit stock and manipulating public opinion takes time.
Seems like putting your efforts behind censoring and banning your user base while simultaneously trying to give a pass to a facist oligarchy is a bad idea. That's the thing about oligarchy, it's a small club and if you weren't already in it, you're not going to be any time soon. Facebook and Xitter don't want to share the money from ads and adversarial state\private actors
Reddit has very weak leadership in my opinion.
I wouldn't be betting on them, especially when their user base is going to want them to stand up for them and the Elon fiasco shows Spez won't.
It's a tinderbox before the next large Reddit protest happens again and more niche communities splinter off to the fediverse.
Eat shit Spaz. Fuck you.
BUY THE DIP!
I BELIEVE DIGG IS VERY INEXPENSIVE AS WELL!
I mean. Elon Musk is exerting control of the platform too. Do you really want THAT shit in your cereal?
And my Reddit account is now gone, I nuked it.
Get! Wreckt! Spaz!
I see the fall of big social media into fascism as a big problem, despite the fact that it makes them less popular. The nazis are actively destroying spaces for communication of opposing opinions. They don't mind the medias are harmed by that. The important thing is that what remains becomes a fascist echo chamber. Most normal people won't be able to find alternatives like lemmy, so it makes the numbers of people with opposing views who are able to communicate smaller with every fall of a medium, social or other.
They banned everyone except castrated Zionist establishment democrats, Nazis and Russian bots.
Probably they tried to own the libs. Lol
cant be all those ban waves can it? feb 12-13th was the start of a massive account purging from the site,a nd you wonder why the engagment fell, leaving russian troll farms mostly intact, plus MUSK constant brigading on the site. remember MUSK is chronically ONLINE because hes on cocaine and ketamine.
by NOV-FEB there were already 3 ban waves, and the luigi+upvote bans was the 5th.
I was still lurking there but not so long ago it just died. The subs I was looking at stopped updating. There was no point going back.
Community oriented websites have no growth potential once you've mined the community.
Of course Reddit is just doing a lot of things to sink community engagement so this is just par the course.
Forget about growth. Forget investors. Forget about all those capitalist nonsense. What good are profits if everything goes to shit? The best thing about Lemmy is that it doesn't give a shit about that. It's decentralized and community driven. Capitalism prioritizes money not people.
coffin_dance.mkv
Music to my ears.
How absolutely and entirely unexpected.
Suggit
Oh no... anyway
OhNoAnyway.gif
That idiot CEO is doing idiot CEO things.
Everyone knows that if he keeps bowing down to Musk's pressure and enshitificating the platform, people will leave for greener pastures as soon as there's an enticing alternative like they did with X.
CEOs surround themselves with the most conceited and naive of all echo chambers.
They live in an imaginary world in which their backward opinions work better than what has been proven to work time and time again by every research ever done on any subject. They will one day wake up to a blue sky, claim it's actually pink with green polka dots, and blame "the woke agenda" or some such nonsense when they are obviously proven wrong.The closest analogy I've ever heard for what modern CEOs have become is "Like a bunch of Naked Emperors jerking each other off while shitting all over everyone below them". As accurate as disgusting.
Huh, maybe if reddit wasn't overly restrictive to free speech they'd get more actively engaged users. Oh well, I guess they'll have to suffer the consequences of their actions. I know this article blames reliance on google and stagnant ads for this, but I can't help but think restricting speech and shutting down discussions also plays a role. Front page of the internet my ass.
lol maybe because they’re really overtly censoring stuff and it’s getting so obvious even investors realize that it’s killing itself?
I started to short them last month. Oh well. I knew all this anti free speech stuff is hurting them. They are only retaining the sycophants and the clueless niche people who never go out of their little bubble.
Good.
Let's buy majority then fedirate it, actually let it mold
Imagine investing in another company being led by Elon Musk these days.
Looking for some bag holders
Reddit is 💩
good
Good riddance
Oh noooo! That's teeeeerrible! Oh noooooooo etc etc etc lol F Reddit in the A with a big rubber dick!!!!!!
Musk strikes again
I'm waiting to see the bubble poping out.
Reddit was one financial thing I never followed at all when it went public. Simply didn't care. Don't know what it even opened at originally.