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.
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Lemmy needs a lot of ironing out to be acceptable for the masses.
If the masses don’t come here, that’s fine. For now, we just can just take the people who post and comment thoughtfully.
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
Altman was the head of Y-Combinator, Reddit is a Y-Combinator project.
Huffman also made $193 million bucks, according to the article.
How much is a dollar buck in USD?
It’s just shy of a bison dollar
It’s equivalent to four quarter dollar bucks.
Same as a bill.
About a hundred Stanley Nickels.
About 1/10 of a banana
1 Buckaroo
Holy crap I did not know that! This is huge
What’s an IPO?
Initial public offering, the first round of stock sales after a company goes public, usually to institutional investors rather than private ones.
Public means it’s open to anyone, right? Not just institutional investors?
Correct, this means anyone will be able to buy/sell shares on the open market.
It’s also why the financials are actually open to the public. They have to publicly disclose all financials/risk factors/etc before they invite the public to buy shares The idea is that institutional/wealthy investors are savvy enough to figure that out on their own.
Thanks for the response. But on this:
The idea is that institutional/wealthy investors are savvy enough to figure that out on their own.
Do what on their own? I don’t quite follow what you are alluding to here.
Public fundraising laws exist to protect the average Joe from losing his life savings to fly-by-night hucksters while trying to ensure companies can still raise capital.
If you’re a wealthy/sophisticated investor, the expectation is that you’re already capable of assessing investment risk on your own (including, if you think necessary, getting your own lawyers, direct access to a company’s financial reports, due diligence, etc). Average Joe, on the other hand, is required to be given audited financials, a prospectus that’s vetted by regulators, explicit statements of share rights, etc etc.
Assessment of the company, its current finances, its past finances, and hopefully that will give them a decent forecast of the company’s future viability.
In reality it’s all just gambling.
The idea is that institutional/wealthy investors are savvy enough to figure that out on their own.
No, the idea is that there are few enough owners that the owners communicate with the operators directly. If you owned 30% of a privately held company and the other owners lied about the financials to you that would still be a crime.
Not sure why you brought up lying, that’s totally different (and still illegal, public or private).
The difference between raising public vs private money is whether or not you are legally required to actively disclose your financials/risks/business plans/etc. I can (legally) raise money from a wealthy family office with nothing but a phone call (basically how most angel investments work). I can’t do the same if I’m trying to raise money from a random Joe off the street, that will land me in jail.
Company goes on the stock market so anyone can buy stock in that company.
Usually means that said company makes a ton of money but also have to keep these new investors happy and make the company more profitable. Can often lead to enshitification.
Has always led to enshittification
What’s a stock?
stock is just a publicly listed company, they sell ownership (shares) of the company to the public. As part owner you can sometimes vote for what they will do (the company tends to hold over 50% so they decide everything still). Some companies will give their shareholders dividends which is money based on how much they make
You can also sell your ownership stake to others which is where you will make or lose most of your money
Shorting is betting a stock will go down, you borrow a stock and sell it before you actually own it. Then when the stock goes down in value you get to keep the difference
Is there a case where it actually hasn’t led to enshitification?
Fuck Steven Huffman.
Fuck spez
Nobody’s doing shit with this stock.
It’s all a manufactured cover story for hedge fund/institutional manipulation to blame retail for volatility and attempted fleecing.
I’m thinking of shorting it. My friend is definitely shorting it.
I’ll be shorting it the minute outs come out. Won’t buy naked shorts though
I don’t care about my ex
While I also feel like the past is better left in the past, I am certainly not above a little schadenfreude, either.
Does anyone remember this?
Reddit hackers demand $4.5 million ransom and API pricing changes
Still waiting – and hoping – for the other shoe to drop.
Looking forward to seeing Reddit take a hit. They love to ban people for the silliest of reasons.
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. 🙂
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.
fuck spez
fuck spez
suck fpez
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.
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?
… Work? That’s the only good reason I can think of. People use X and reddit for very different reasons. The platforms aren’t similar at all.
FOMO.
Kept me on Reddit for a lot longer than it should have.
fear of moving on?
That too.
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.
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.
bring them in to !WallStreetBets@lemmy.world
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?
Could be several reasons:
- they’re addicted
- they don’t know any alternatives
- they still like using the platform, they just disagree with the financial/executive decisions being made
- the alternatives don’t have equivalent communities
- their communities don’t want to move to an alternative
- they like the alternatives even less than Reddit
Honestly, Lemmy just does not have the amount of niche content nor the large userbase of reddit. I don’t even bother following communities here because there’s barely enough on c/all.
The only reason I haven’t gone back to reddit is because I know for a fact things are only gonna get worse on there. That, and pure unadulterated spite.
My biggest problem with lemmy is discovery.
I can’t find shit I want unless it comes across all and I find it interesting.
So what you’re saying is you miss the algorithm.
When the volume of potentially relevant and interesting content is enormous to the point that a standard human brain can’t possibly hope to filter through all of it in reasonable time, the algorithm makes plenty of sense.
I just want a fair algorithm that represents what is best for me and us.
Having an algorithm is something some people like. It isn’t as universally negative as some seem to think. The issue is when the algorithm is prioritizing engagement over enjoyment
Also, for some hobbies/interests, there really isn’t another space. For instance, if you’re into tactical gear, there’s really not another community like r/tacticalgear. Lemmy has the promise of being free from Reddit’s admin and moderator madness, but doesn’t have the user base and neither do any other sites.
TwoXChromosomes has the same problem, though of course it has a much wider appeal. The moderators there protested the API changes and the gradual decline of Reddit in general, but they face two bad choices, and I genuinely don’t know the right answer:
-
Keep serving as a large and visible space for women within the confines of Reddit’s sinking ship
-
Abandon Reddit (ship) and let Reddit powermods run a space that they may be uniquely unqualified to operate. those same powermods/admins don’t care about doing the right thing in every other sub they control, so why would they ensure that women are protected from, say, tracking their visits to Planned Parenthood and selling that data to “advertisers” or hostile governments.
We need Reddit to truly self-destruct to ensure an Exodus, and right now it’s crumbling but not broken yet. It’s honestly sort of a mirror to society in general. We’re in the Crumbles, and every day we inch closer to the final straw that breaks the camel’s back.
-
Yeah that’s the thing. Users stick to reddit because they have ties with the individual communities, not so much the platform itself.
People used to use Facebook for similar reasons. “Because all my friends are there”. Not because Facebook was so great.
It can be difficult to leave communities behind that you feel a part of, even if you just lurk most of the time. The fact that reddit was turned into a corporate dystopic shitshow does bother users, but it hasn’t outweighed their needs to still be part of their respective communities.
But seeing as official reddit sources claim that “they’re still in the early stages of user monetization”, it might not be long before we see what’s left of the platform turn into the biggest dumpster fire the internet has ever seen.
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.
Most normal people don’t admit to using Reddit, and it is not a platform you use to connect with friends in real life. Facebook has a different use case entirely.
Because that’s where the convo is.
But that’s people. People make convo. We like people.
What we hate is the spider. Squatting on, manipulating, sucking the people.
Kill the spider.
Dont theu just want it to crash hard so they can then buy into it at a cheaper rate.
Why would the price go up?
The only way to make money is sell comments to AI developers, and users hate that.
It’s completely unprofitable and the days of throwing tech bro money into bottomless pits is over
Like how they did Robinhood stock right
You buy a put option and if it tanks, you sell the put and profit. Doesn’t mean you actually end up with stock in the end. And why would you if you expect it to continue downward? Buying a long position is making the assumption that a stock is undervalued, and I guarantee you, if that stock goes down 90% it’ll still be overvalued.
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.
I just canceled a week ago.
Please note that some of us are in family plans and it just took that long to convince everyone to drop Netflix.
Sometimes it’s less of a burst and more of a slow burn.
Anecdotal evidence is not evidence.
Comments like yours was exactly what I was reading when everyone was losing their minds the first time around.
LOL can’t believe you got downvoted for talking about things you saw with your eyes. I saw those same things.
Yes, and I never claimed it’s the same as proper stats, just wanted to point out the outrage didn’t mean everyone canceled right away.
The ironic thing is that Netflix didn’t have family plans.
They allow for multiple user profiles in one account and multiple concurrent streams. A family plan by any other name.
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.
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.
