Reddit seeks to launch IPO in March
Reddit seeks to launch IPO in March
They are about 2 years too late.
The rise in interest rates and the end of easy VC money has swung the dial back to: Companies actually need to generate profit and not just show user growth to be attractive to investors.
The IPO will not go as spez dreamed for so long.
They rise in interest rates and the end of easy VC money has swung the dial back to: Companies actually to generate profit and not just show user growth to be attractive to investors.
Yep, but also, I think spez is done. He's just cashing out and fuck you etc.. etc..
He'll catch enough to successfully eject and thats that for him. Reddit will die. But we'll have survived, and the open web will continue.
Yes, he will cash out but I feel it will only be a fraction of what he hoped to get.
He will be comfortably rich but to someone who expected to be obscenely rich, he will see it as a failure.
Of course spez is cashing out. That was the whole point of returning as CEO after Ellen Pao was sacrificed to cleanse the site and make it investor friendly. He just wants to cash out more than the $6 million he got the first time.
He'll only get to buy three yachts instead of 5. Seriously, he's going to have a s'ton of the highest rank shares, all they have to do is hold the lie together long enough to sell.
all they have to do is hold the lie together long enough to sell.
That last phrase is really doing a lot of heavy lifting. When you own a large chuck of stock in a post IPO company, trying to cash out large ownership stakes has the effect of crashing the price.
My expectation is that what ever the IPO price is, one year from then (the usual minimum time to be able to sell a stake like spez will have) it will be lucky to be 5% of the launch price.
Especially with all the tech layoffs right now.
Not just that but the golden era of social media is probably over. With the advent of free access to powerful AI, user content is about to become hot garbage. And with 30% of the Internet using adblockers, I wouldn't touch reddit with a long stick.
Still waiting (and hoping) for the other shoe to drop:
Reddit hackers demand $4.5 million ransom and API pricing changes
In February, hackers gained access to internal Reddit data through a phishing campaign targeting employees. The hackers want ransom money — plus changes to the controversial API updates.
I can’t wait to short Reddit stock and write puts against it
Can we make an enshittification graphic that you can put a website/product on and track it as it goes through the enshittification cycle? We gotta move Reddit from stage 1 enshittification to stage 2 enshittification (going for an IPO).
Stage 2 involves a disorienting attempt to portray everything as fine with the website/product when in actuality enshittification is aggressively accelerating.
That's a pretty cool idea for a website, tracking the enshittification of major sites and products. I'd read it but I'm sure it'd be a lot of depressing, hard to monetize work for those involved to run.
And I'm sure inevitably, the site will become harder to run as more and more companies enter the shit list. Over time - features will be cut to save effort. List entry will be out sourced. The company itself, of course, will not see the irony. Finally - a new website emerges to track the enshittification of enshittification tracking websites. And the prophecy continues.
Looks like it's shorts in March for 2024
You'll have to wait a teenzy bit longer for the options to come available (unless you are like, truly loaded).
lol reddit. Yawn.
To the absolute shock of no one
