Reddit is inviting some users to participate in its IPO this week, but moderators told CNBC that they're not taking the company up on its offer.
  • AwkwardLookMonkeyPuppet@lemmy.worldEnglish
    51·
    8 months ago

    I got the invitation. I considered it. I decided not to participate. Reddit is too user hostile for me to consider that they have much room for growth, their valuation seems very optimistic, and the fact that they gave Piss Boy a $190 million dollars compensation package for last year is worrying to say the least. The whole IPO seems like a sell and bail strategy for the executive leadership.

    • Boozilla@lemmy.worldEnglish
      12·
      8 months ago

      Felt the same way. A lot of articles mention that reddit always loses money (every year for 2 decades) and investors are no longer interested in growth potential, they want to see profit. I think this is probably true, and the show Silicon Valley is a humorous explanation of why it’s true.

  • oDDmON@lemmy.world
    48·
    8 months ago

    I got the teaser IPO email, join the lottery BS and dutifully gave it all the concern and consideration that SPAM deserves

  • huginn@feddit.it
    45·
    8 months ago

    In its filing, Reddit also names as competitors Wikipedia, Snap, X, Pinterest, Roblox, Discord and Amazon’s Twitch.

    What the fuck?

    Roblox?

    Did they use ChatGPT to write their fucking filing? Jesus

        • Billiam@lemmy.world
          3·
          8 months ago

          No, Wikipedia is a competitor to Reddit, in the category of “where can I find an answer to this thing I want to know, since Google is absolute shit anymore?”

    • Riven@lemmy.dbzer0.com
      1·
      8 months ago

      Roblox owns guided which is a discord like gaming voice chat service that also includes all those community features. Soo maybe that’s the connection?

      • huginn@feddit.it
        1·
        8 months ago

        That makes more sense. Here I was thinking Roblox was still all in the videogame child labor market

  • Talaraine@fedia.io
    37·
    8 months ago

    Good article. I think they hit on the real driving thought process behind the offer, and that’s to divide any potential shorters on the opportunity to run the stock low.

    For my part, good try Steve, but I’ll pass on this ‘opportunity’. The fediverse is my home now and I’ll put in my efforts here.

    • livus@kbin.social
      7·
      8 months ago

      It speaks volumes for their understanding of their own userbase that they sent me an invite when my account has been inactive for months and is clearly owned by someone who doesn’t live in the US.

      I don’t think they are being genuine. I think this is a cash grab.

      • Kroxx@lemm.ee
        4·
        8 months ago

        I started looking into options recently because of the IPO tomorrow haha. I won’t do it because it’s too risky and I’m too new to investing but I think a lot of money could be made on puts. I bet RDDT drops 50% within 2 years, I also think the fediverse will pose a significant threat to their market share within 5 years.

        • swab148@startrek.website
          2·
          8 months ago

          That’s pretty smart, but if you do decide to start playing options, just don’t get into the wsb thing about playing weeklies, go at least 45 days out. Also, if you happen to have the capital, delta-neutral strategies can work for some more consistent gains on tickers that don’t bounce around too much. I agree with you on RDDT though, they’re poorly positioned and selling content for LLM purposes isn’t going to be the revenue stream they think it will be.

  • Kabloink@lemm.ee
    21·
    8 months ago

    I passed on it. They sent reminder messages to both my email and reddit mail after the initial one. So, I suspected that the response may have been lackluster.

  • brax@sh.itjust.works
    19·
    8 months ago

    Who the fuck would want to buy Reddit now? It’s absolute shit… 2010 Reddit would have been the Reddit I’d buy into

  • Boozilla@lemmy.worldEnglish
    161·
    8 months ago

    They sent me the IPO invite email a while back and I declined to participate. I’ve never given them a real name or real email (only a masked email). I’m sure they have a profile on everyone, and those are probably more accurate than any of us would like. But participating in it requires they know who you are for real.

    I won’t lie, part of me has a little bit of FOMO over it, and wonders if the meme stock madlads will do a big pump & dump on it. Which I will miss out on. But my brain tells me it’s way too risky, and that the most likely scenario is the elite insiders (spez and pals) will get any rewards, and they will leave the invited reddit users as useful suckers holding the bag.

    I mean, anything is possible when it’s the lunacy of reddit and wallstreet combined. I mostly expect it to tank, but I wouldn’t be completely shocked if it skyrockets out of irrational exuberance.

    • Kerb@discuss.tchncs.de
      9·
      8 months ago

      nah no chance anyone will ‘pump’ this crap,
      i spent a bit of time on wsb reading what they think about it,
      all i hear is people wanting to buy puts on it.

      if anything its gonna go like the robinhood ipo where all the users that bought in before the ipo got shafted

      • Boozilla@lemmy.worldEnglish
        5·
        8 months ago

        I hope it spirals. I don’t want to see little guy investors hurt. But I do want to see that douchebag spez fail.

    • yeehaw@lemmy.ca
      3·
      8 months ago

      I’m in the same boat as you. It’s either going to be a total flop, or a pump and dump. Nothing else.