- cross-posted to:
- technology@beehaw.org
- cross-posted to:
- technology@beehaw.org
Summary
Reddit shares have dropped 50% from their February peak, when the stock had soared over 500% from its $34 IPO price last March.
Much of the early enthusiasm came from AI-related deals allowing Reddit’s content to be used for training models, but recent doubts about long-term growth in the AI sector have dimmed that optimism.
Analysts remain skeptical and some call the stock “super overvalued,” noting Reddit still is not making any money.
Market uncertainty and early investor sell-offs continue to weigh on Reddit and the broader tech sector.
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Their only utility now is in five year old comment threads discussing niche topics, and that can only stay relevant so long.
Though half the time it’s
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thanks that really solved my problem, you’re amazing!
I still have mixed feelings about deleting one’s whole comment history, though i also did that when I left reddit. it’s the right thing to do, but the amount of information lost because of greedy leadership is super sad.
Don’t delete your account, scramble your past comments into AI generated gibberish. It poisons the well for AI and makes the site even more unusable by humans.
There is nothing like reading one or two sentences into a comment and realizing it is garbage.
I still have mixed feelings about deleting one’s whole comment history, though i also did that when I left reddit.
Same. I also did that. Mass edits + delete. I wish there was a way we could collectively move all that history to a non-commercial platform.
it’s the right thing to do, but the amount of information lost because of greedy leadership is super sad.
Also same. I backed up all my user data for sentimental reasons, but that’s hardly enough to be of any utility on its own.
I really did feel like I was participating in a community, and was doing something positive with all my posting. I was just treating reddit like any other forum from my youth, not really thinking how ofc it would become commodified and enshittified.
I feel like such a fucking idiot sucker. Over a decade putting in time outside work, lunch breaks, toilet breaks, morning, evening, just contributing to an IPO package.
don’t feel bad; you were contributing to a community. all the people that updooted your posts were grateful for the advice, laughter, kindness, or insight you gave.
it’s just over now, and we need to build new communities again. nothing lasts forever.
Most of mine was on the controversial subs, it was better if it’s gone,
Sucks to suck. Fuck Spez.
Look, we can all laugh at that guy. That’s it, that’s the end of my comment.
Been and deleted every post and comment manually. Do I need to do anything else?
Honestly, I imagine deleting your posts will stop third parties scraping your posts, but I doubt that means they are actually deleted from the owners of reddit.
I remember when there were forums based on special interests where you could go and ask knowledgeable people questions. Reddit is useless for any question requiring specialist knowledge. Wtf is an AI trained on it going to ever do, except mimic what a disengaged mass of internet addicted people with no attention span might do?
I guess the original owners made their money with this ipo. Suckers held onto any stock. Whatever. Capitalism killed the internet’s promise. The war was lost years ago.
Spez and csuites dumped their stocks months ago, probably squeezing the last ounce before they turn it into a Facebook clone, where FB is using AI of resurrected accounts to push right wing agendas
The lock up period expired last year. The smart money left.
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FSPZ 📈
It’s not just the AI bubble, it’s a distinct lack of faith in Huffman and as a CEO. He’s not forward-thinking enough, he hasn’t understood where the company’s value lies, and he’s ridiculously distracted by the latest shiny tech things (reddit NFT avatars, reddit crypto, reddit AI).
I fully expect Google to buy reddit at some point, exclusively harvesting all the info for their search engine, all the content for their AI models, and all the submission/view/voting data for their user profiles (what are you interested in, what do you think of these concepts, where are you connecting from, here are more ads we can send you, and these are arguments that might sway you in purchasing or other decisions).
If Google weren’t under antitrust pressure, I think that would have already happened.
In many ways, a Google owner would probably make Reddit better for a while. Google cares a lot more about the data people are generating than making the site itself profitable. They could afford to run it at a loss for years, whereas Reddit investors want to ensure they make money soon.
But, I’m glad it might not happen. Then again, who knows what will happen to Google and antitrust in the Trump admin, where bribery is now perfectly legal.
Good, Reddit treats its users like preschoolers. If you say something even slightly against their rules, they ban you.
Just like Lemmy admins do!
This “company” has no real path to profitability to speak of.
There are plenty of well-funded organizations willing to pay good money to shift various Overton windows. Especially now that Google is so enshitified that people append “Reddit” to the end of searches.
Yeah I mean there’s that but the reddit demo uses ad blockers frequently and ad-based content on reddit is already probably not that profitable. There’s a lot of people running astroturf campaigns for various things, but how are you seeing revenue out of that? Some schmuck buying the wrong type of portable speaker because of a crappy recommendation won’t add to reddit’s bottom line when it’s the speaker maker’s internal marketing intern. If anything, it’ll just further cause people to lose confidence in them.
The only path they had toward profitability was feeding all of their user data into AIs for revenue from AI companies, but chatbots are also unprofitable and that revenue probably won’t even cover the costs to run the servers, and besides how many companies are going to be dumb enough to pay for that privilege? We’re talking about folks that already stole every piece of artwork, literature, and news article they could get their grubby little mitts on. Why would they continue to pay reddit?
Ultimately the biggest conceit of the “attention economy” is the idea that attention automatically translates into dollars.
(And they’re bleeding attention too.)
Plunge baby, plunge.
Reddit is not coming back. I know when a site is dead
Yep it’s been slowly declining for years. There’s no coming back from what a shithole it now is
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Elon just sold Twitter to xAI for 33B, Reddit bastards can probably do similar. Some dumbfuck at Google or Microsoft will probably buy it.
xAI is Elon’s AI company. I don’t think the value at which he is willing to sell his one company to his other company applies much to anything outside of Musk’s companies.
In fact him selling it to himself shows the price is probably inflated
Link to this? There hasn’t been anything in the news about such a sale.
plenty of news about it. but it is just elon giving his company to another company. Like facebook to meta or google to alphabet.
The funniest thing about it is, he valued twitter at 3/4th of what he bought it for.
https://www.bbc.com/news/articles/ceqjq11202ro
Other shit has been bigger news.
We said the same thing about Facebook 15 years ago. Look at them now. Still twitching proudly with the vigour of youth while their teeth are falling out and their flesh is rotting.
Bye bye…officially deleted my reddit account. Enough interaction on here I can 100% make the plunge now. Sad because I have been there so long. But I rememeber when digg died, and its time to move on.
I was there for diggs death. I was a young college student.
I held off on Reddit and enjoyed a lack of that style of addiction for like 2 years. Then slowly reddit consumed me.
I haven’t been back for anything but porn since the API-pocalypse.
How’s Lemmy porn so far? I keep this account SFW
It’s getting better. Not nearly as much content but also not nearly as much only fans click bait.
So it’s ok, but reddits quantity has Lemmy’s quality beaten.
“Run, motherfucker, run”
-snoop dogg
Burn baby burn, disco inferno
Short the dip .
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Well the ipo brought enshitification at max speed so that’s not surprising. They ostracize and remove users who contributed to communities for a decade+ and then replace the long standing communities with a generic, Reddit controlled alternative that only reposts all time top posts to gain traction. The only thing Reddit has going for it is the user content which is rapidly getting buried under AI slop. Worst of all (for the investor class) you can’t really see Reddit being turned into another right wing cesspool to bait young men into violence with … so there really seems to be less and less reason for Reddit to exist. Let’s hope by 2030 it’s like one of those websites people say “remember when we had Reddit …”
Reddit has it’s problems, sure, but I just feel like the fediverse is a fresh of breath air.
Everyone with half a brain knows that enshitification and pandering to CEObro echo chambers result in the platform losing large amounts of users or even dying.
Talk about failing to pivot. Reddit was in such a good position to ride the AI bubble. Too bad all of their content had already been scraped. They then alienated their power users and casual users got a peak behind the curtain. New, interesting things don’t start on Reddit anymore. The entire front page is just trump articles and reposts. You can predict all of the top comments because it is the same shit over and over.
Not to mention they made that deal with Google for a fraction of what it was worth. I don’t know what the fuck Huffman is doing. Just a greedy little piggy who doesn’t even know how to make money.
more or less its going to be like facebook and youtube, a propaganda and rage bait farm.
I hope reddit dies.
Removed by mod
Then they’ll all come here
I’m doing my part!
I got banned and figured it was a good time to kick the habit any way.
It’s much healthier without constantly seeing some bad-faith, AI-crafted post that tries to get under your skin, prying open your values and baiting your outrage so you can think you’re actually achieving anything of value by biting the bait and trying to correct morons who aren’t even real humans.
I do not miss the site.
