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.::Reddit seems like a likely candidate for a meme stock. But the actual reaction suggests that r/WallStreetBets isn’t going to send the stock to the moon.
And while Huffman now thinks that Reddit as a corpus of training data for AI is valuable, he let his board member Sam Altman siphon off Reddit data for free; Altman was, and still is, the CEO of OpenAI. Altman’s also Reddit’s third-largest shareholder and owns more than twice as many shares as Huffman. Altman was the CEO of Reddit for eight days.
Say what now
Huffman also made $193 million bucks, according to the article.
How much is a dollar buck in USD?
Same as a bill.
fuck spez
fuck spez
suck fpez
Also this scrambling to make Reddit “profitable” and fucking Spez pays himself nearly $200 million a year. Fucking ridiculous. Burn it down. Build something better that hasn’t been captured by complete twats.
Nintendo CEO cutting his salary in half to avoid laying off workers after the Wii U fails versus whatever the fuck Reddit is doing
Satoru Iwata was a treasure.
Excuse me, is this for real?
I don’t care about my ex
Removed by mod
No, you’re seeing this the wrong way. The iceberg stands for urgently needed structural reforms in the body of the Titanic. After the project is completed, they’ll make movies about the whole thing, you’ll see!
I don’t get why, if these people hate Reddit so much and they want the IPO to fail, why are they still using the platform?
Once people get burned with that stock purchase email, they are going to have even more pissed off users.
FOMO.
Kept me on Reddit for a lot longer than it should have.
As someone on wsb and totally going to short the stock. They named the sub in their Ipo and that we were going to short the shit out of them.
I think it would be rude not to deliver on said promise. Honestly from what I’ve gathered on the wsb discord we kinda just wanna see reddit on fire. At least that’s the general sentiment I’ve perceived.
Also the main thought has been that as soon as they IPO they’re gonna get their board taken over and kick us out first thing.
please use puts for that
Gotta wait a week after the IPO launches for options usually.
It’s where a lot of centralized communities are for niche topics, so it’s kinda hard to just drop it entirely. I haven’t posted on Reddit since moving to Lemmy, but I still lurk on some of my old subs for news and events in my city or to keep up to date on some of my hobbies. I can get memes and news here, but for the hyper-specific stuff I can either lurk on Reddit or dust off my Facebook account and try to find a relevant Group. Given the choice, I’ll take Reddit.
Reddit has a near-monopoly on forum communities. It is ranked 16 on similarweb and no other competitor comes even close in terms of community size. It’s like Facebook in its dominance.
Is it though? Everyone I know aged 20 to 85 i on Facebook, some more active than others. I think I know 3 people irl that use reddit. Mind you I’m not in the US, where is more prevalent but most people I know have barely heard of reddit.
Sure, it has near monopoly on forum communities but that’s a tiny niche on the internet
Your first sentence suggests you’re disagreeing, but nothing you said after that is incompatible with anything gp said.
They are saying it’s like Facebook in its dominance, I’m saying it’s not like Facebook, clearer now or you want me to come over with a whiteboard?
I don’t get why, if these people hate Reddit so much and they want the IPO to fail, why are they still using the platform?
Why do people still use Xwitter even though that entire platform has become a wasteland of bigots, assholes, and authoritarians?
Leopards ate my face. They are acting like this is a new betrayal that needs stopping. These are the same people who were telling us the 3rd party app changes aren’t a big deal.
This pre-IPO invitation to buy is the “pump” part of pump and dump, of course everyone hates it, lol.
“I think it’s pretty cool that Reddit is doing this IPO offer to their mods and users,” a Reddit user who asked me to identify him as Kevon tells me. “It’s a nice little thank you that actually may have some monetary value.”
Kevon’s considering buying shares in the Reddit program, and may buy more once it goes public, if he feels the stock is undervalued.
Kevon sounds like a nice guy, but someone should explain to him the difference between being given options and buying shares at the IPO price. Reddit’s not doing him any favors.
Dunno…if I can buy, then dump everything 15 seconds after open, it’d probably be an easy win.
There will be a spike in the first minute of trading, then it will crash and burn.
Yeah, we could ride this perhaps
I’d probably try something similar if I could, I’m not in the US though.
Reddit warned us that its users were a risk factor
This means they’re positioning themselves solely as a source of training data. If their users are a risk factor, not the entire product, they’re completely uninterested in maintaining a user base and think that what they have is all they’ll ever need to sell.
I’m not sure that conclusion follows. There are many more potential future users than there are current users.
That’s the logical framing. But if they believed that, they wouldn’t call their users a risk factor; they’d be the entire product.
Google is paying something around $60m a year for AI training on reddit content
So that’s gonna be helpful lol
Predicting the long-term results of the reddit IPO is tricky, because it involves two large groups of highly irrational actors. 'Tis a silly place.
I speculate (hope) it will go very poorly for them. But anything could happen. They might fail upwards and print money.
Will be interesting to watch.
I’m guessing it’ll do pretty well, at least initially. There’s got to be a whole lot of investors out there who just want to get in on the new big tech IPO and still jump in. I’m not convinced the WSB crew will really move the dial. Yeah it’d be an amusing and salutary lesson if the IPO shits the bed but I can’t see it happening. I’m no expert tho!
They lost about $90M in 2023, seems like a really bad investment. But yeah, it probably will do well, at least for a while, because it’s all just gambling and BS.
Fuck Steven Huffman.
Fuck spez
This feels like another “Netflix are coming after password sharing, HOW DARE THEY, EVERYONE WILL CANCEL AND THEY WILL BE BANKRUPT IN 6 MONTHS” circlejerk we recently read.
Then Netflix announces a pretty good quarter and all of a sudden these people are silent.
This feels like it’ll be that. I could be wrong. But it really feels like the echo camber will lose its mind again in a few months when the stock is priced above zero and maybe actually doing quite well.
Yep. Unfortunately companies have learnt they can get away with shitty practices. It is only thanks to government groups like the EU that some of them are being reined in, but even with them they get away with a lot.
Without them I suspect we’d already have a matrix type scenario.
The stock market doesn’t reflect reality. It reflects the confidence of rich people in certain stocks.
LOL i remember how people would rage on Reddit about Netflix and act like they were the worst company with the worst lineup in all of history. Then the following month, subscribers increased. It really became a hate meme.
Vocal minority as always
Well Netflix doesn’t publish viewership numbers, just subscribers so we have an incomplete view of how much of an impact the crackdown had
Reddit is getting worse every day, for a while it was worth it, but sooner or later, everyone reaches that point where the cons outweigh the benefits
I still feel surprised that people remain on Facebook and am slowly beginning to feel the same about Reddit.
Reddit is going bankrupt soon.
I had a good laugh when I got an email through basically offering a preorder of Reddit shares.
never did link my account to an email address. so that’s an email i never got. 🙂
