Reddit says it wants to reward users by letting them buy into the company’s public listing. Some say it’s too risky—others say they won’t pay a company they’ve already given hours of free labor to.

Reddit Is Letting Power Users In on Its IPO. Not Everyone’s Buying::Reddit says it wants to reward users by letting them buy into the company’s public listing. Some say it’s too risky—others say they won’t pay a company they’ve already given hours of free labor to.

  • givesomefucks@lemmy.worldEnglish
    942·
    9 months ago

    They’re just trying to get people to tie their real names, addresses, email, and financial information to their profiles, especially the ones with established post histories going back years.

    They can figure some of that out, but all rolled up and verified by the account holder?

    That makes their data on users waaaaaay more valuable to the people who buy data.

    • dhork@lemmy.worldEnglish
      24·
      9 months ago

      Now this is one part where I believe them. Public companies have strict controls on their investor relations. I can believe that they are going out of their way to keep their investor info separate from their user info. They will probably get fined by the SEC if they don’t.

      That doesn’t make it a good investment, of course. I don’t want to be King Steven’s exit liquidity.

      • FartsWithAnAccent@lemmy.worldEnglish
        4·
        9 months ago

        With Spez at the helm I’d be surprised if they didn’t wind up getting in trouble either way, guess time will tell.

    • ThePowerOfGeek@lemmy.worldEnglish
      11·
      9 months ago

      I also got one. I have a little bit of money sitting in a brokerage holding account, and I was already thinking of buying a single share as a joke (so I had the option to heckle them “as an investor in the company”). But I wouldn’t do it via their stupid IPO insider process. That requires the buyer to share some PII with reddit. And I don’t trust them as far as I could throw them.

  • just_change_it@lemmy.worldEnglish
    254·
    9 months ago

    This asshole is just exercising his options to take money from the same moderators that were up in arms over his changes last year. Make no mistake, this is Spez’s revenge.

    I really hope this whole thing backfires on reddit, but I think the reality is that it will further enshittify until it’s profitable, and it’s already so big it’s unlikely to fail.

    Lemmy just isn’t a replacement and I think the nature of lemmy will stop it from ever being one unless someone throws godlike resources at one giant instance that federates with basically nobody.

    • archchan@lemmy.mlEnglish
      22·
      9 months ago

      Some enshittified Lemmy alternative run by a megalomaniac who sucks Elon’s dick behind Wendy’s dumpsters and milks his userbase (but not in the fun way)

  • SkippingRelax@lemmy.worldEnglish
    12·
    9 months ago

    We are letting you in to take a slice if this juicy juicy pie only because you are special. Seems sometging out of a dodgy salesman or a conmans playnook to me

  • kraftpudding@lemmy.worldEnglish
    12·
    9 months ago

    I wonder what’s considered a power user. Because I got one, and I wouldn’t have considered myself one…

    • Riven@lemmy.dbzer0.comEnglish
      4·
      9 months ago

      What’s your approx upvote count if you don’t mind me asking? I wonder what their criteria is.

      • kraftpudding@lemmy.worldEnglish
        7·
        9 months ago

        8 y.o. account, 23k post karma, 64k comment karma. So, not that much. Sadly can’t tell you over how many posts/comments, because the API Tools that used to count that all are dead. Obviously.

    • chiliedogg@lemmy.worldEnglish
      3·
      9 months ago

      It’s based on Karma or mod actions and the invites are going out in waves. I’ve taken a screenshot from reddit’s faq page regarding the program that shows the tiers.

    • Agent641@lemmy.worldEnglish
      2·
      9 months ago

      I got one, and though I’ve accumulated a bunch of karma, I haven’t been regularly active for months.

  • Clbull@lemmy.worldEnglish
    11·
    9 months ago

    I got an invite. Couldn’t invest even if I wanted to because I’m not a US resident.

  • hamid@lemmy.worldEnglish
    8·
    9 months ago

    I got the invite but unprofitable companies don’t really make up a large part of my portfolio

    • macrocephalic@lemmy.worldEnglish
      3·
      9 months ago

      Exactly. It might be that the content they own (that we have them) is worth enough for them to be profitable, but I’m not going to put money down now based on something that might happen later. They’re not a startup, they’ve been operating nearly 20 years!

  • RBWells@lemmy.worldEnglish
    4·
    9 months ago

    I got one even though I’ve not posted in months, let it go when I made an account here. Old account though so maybe whatever algorithm they used didn’t look for recency. I don’t think I’m interested, it seems to me they have already passed the peak and are on their way down, and going public will surely just accelerate the decline.

        • Tyfud@lemmy.worldEnglish
          111·
          9 months ago

          It can take longer for the market to realize you’re correct, than you can remain solvent for.

          • just_another_person@lemmy.worldEnglish
            2·
            9 months ago

            It’s literally a cooked plan with the SEC. If you file, it is expected on a timeline. There is literally no avenue to back down that doesn’t spell the end of your filing. Look it up. It’s only happened a few times, and to spectacular disaster.