They know it will be big backlash so they got to wait till the move is profitable. Knowing these morons though, they will do it as soon as business times brings it up.
They must not have gotten a lot of takers when they offered buy-in options to power-Redditors (or whatever they called it). My account is old but was never super active, and I got an email a few weeks ago trying to get me to buy in. LOL nope.
I haven't logged in for months, but I'd guess I'd have similar DMs too (that will forever remain unread). Only reason I didn't delete the account was because so many people kept showing their accounts being restored against their wishes.
I mean, this will probably kill the platform long term. Not the stock its self, but whatβs going to happen when they need to start answering to an outside pool of share holders.
The website became popular because of its user curation and moderation. That meant it was showing people what they wanted to see and allowed them to self select into communities that facilitated that.
Theyβll be forced to bring in smooth brained business types that will focus on putting ads and βnative contentβ in peopleβs faces as much as possible. At the same time cracking down on βnot advertiser friendlyβ content and mod teams that donβt play ball.
All of this has kind of happened already to some extent, but itβll get a lot worse when shareholders demand they bring in consultants or new leadership who think they know better than the team thatβs been struggling with this for over a decade. Even if the average user wonβt understand what is wrong, theyβll spend less time there as it starts to fail to show them what they want. But hey, the share holders might make their money back before the platform dies.
Oh man are reddit users in for it when they have to answer to the market and public shareholders. Who really will just be a bunch of evil boomers holding institutional blocks.
I received the offer on my 16 year old Reddit account, but not on another account I have that's more like 12. Not sure if they went by account age or activity or what.
I can only imagine that they're offering it to me because my account is like 15 years old.. Either that, or I have about 200k post karma and 100k comment karma. (Not big numbers compared to karma whores, but still more than your average user).
Oh wait, they axed the main vector to make those valuable (third party apps), didn't build a real market for any of it, then rugpulled everyone. Guess it's just the Google results now... for comments that people forgot to blank.