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.
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.
“Yea I’m not buying. But I will be watching it tank.”
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.
Reminder that shorting is a high risk play and you should never make investment decisions out of spite.
A reminder that the stock market and any kind of high level money market of any kind including digital money .... is a rich man's game where poor are by design destined to lose.
I think this company is deeply and uniquely incompetent and will never deliver on its objectives.
It will be about a week until options come out. A put option simulates renting 100 shares of a stock over a time period, and collecting the difference between the strike price you pay for and the lower price if there is one. If the price ends higher, you lose the rent you paid.
It would be hard to get that many separate entities to all start shorting a stock all at the same time. Especially on a well known entity that may have quite a bit of action.
Yeah but I would short just a little, considering it will have hard time going 100x. Tbh 10x would be as difficult, but gotta play safe.
No you should make investment decisioms purely for the fun of it.
Also, WSB has been wanting to short reddit for literally years, so this is barely news.
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
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
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.
I hate Huffman as much as the next guy, but the $193 million factoid is misleading clickbait nonsense. His actual salary is apparently $400k, the rest is "stock value" or whatever. Reddit is not giving 25% of its yearly revenue to the CEO.
This argument is oft repeated but It's Bullshit. If it wasn't valuable why is Spez okay with it?
Stock grants not being direct Income isn't clickbait nonsense. It's actually DELIBERATE: Spez doesn't pay income taxes on a majority of his income. Capital gains tax has a lot of loopholes that can be exploited.
This just gives spez more money and he can cash out in the IPO.
Huffman's wages of $193 million per year is absurd. That's double what Tim Apple makes. It's almost 4x what Microsoft's CEO, Satya Nadella, makes, and 4x what Netflix's CEO, Reed Hastings, makes. During the writer's strike a big deal was made over David Zaslav's compensation, but even that's not as much as Huffman makes.
Imagine they reduced Steve Huffman's wages by $100 million per year. For that much, they could give the top 10,000 moderators $10,000 each per year. For some, that might not match the work they put in, but it would sure be a nice gesture, and would make them feel like the work they were doing was appreciated. Meanwhile, Huffman would still be one of the highest paid CEOs in the world.
P.S. stop saying "spez", the guy has a real life name, and that real life name should be the one that's tarnished.
Steve Huffman fucks underage goats.
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.
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.
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?
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.
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.
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.
-
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.
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
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?
bring them in to [email protected]
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.
Reddit's owners are the risk factor.
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!
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.
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.
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.
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
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.
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
Fuck Steven Huffman.
Fuck spez
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.
I have a feeling that if a pump and dump happens, all the people who are actually involved (who aren't already rich) will have their funds completely taken from them and the companies behind it will claim it as an attempt to stop fraud or some other bullshit they know is fake news.
A la GameStop. The rich won't let you play their own game.
They only let us play when they dont think we can effect them. Once our money gets in the way of their money, we see how the rich people have protections the government doesn't even offer to itself.
What's an IPO?
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.
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 going bankrupt soon.
Oh well.
Reddit money is burning fast at a high rate.
*looks at c/WallStreetBets and puts on sunglasses*
Pump it.
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.
Here is an alternative Piped link(s):
Piped is a privacy-respecting open-source alternative frontend to YouTube.
I'm open-source; check me out at GitHub.
Looking forward to seeing Reddit take a hit. They love to ban people for the silliest of reasons.
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
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.
Like how they did Robinhood stock right
Theres a lot of smart financially minded people in these comments. any advice for how someone can get started with the market, and investments in general?
If you want to look at investments, DO NOT buy individual stock. DO NOT short stocks. These are gambles that people play, where you try to guesstimate what the general market thinks about future prospects of a company. Many stocks that over-perform, do not do so because the company is doing well, they over-perform because a large percentage of investors think it might do well in the near future.
Step 1 is just building a stable budget for your household. Pay off debts, earn more than you spend, build an emergency fund. Many companies have savings accounts that you can safely put money into that you can pull out at a moments notice without taking a loss because of a dip in the economy. There's no reason to look at anything else if you have large amounts of student loans, credit card debt, or car payments you're working off.
Step 2 is decide what you want to save for - retirement, a home, etc.
Step 3 is start investing towards that goal. Use investment portfolios that match what your Step 2 goal is.
Step 4 - What country are you from? Because the following advice is for Americans:
If you want to actually earn money, you do it slow and steady. Invest in whole market funds, like VTSAX or similar. They are called "whole market index funds" where you invest a small amount of money into an index fund and it grows along with the entire market. You would put money into a 401k, IRA, or other tax advantaged account, and put that money into a whole market index fund.
IF you have thousands of dollars that you are willing to just throw away and it doesn't matter to you, THEN you can start buying stocks like Reddit, TSLA, or whatever. But that money shouldn't be considered an investment.
Don't try to overthink the market. If you are wanting to invest with no plans to spend that money within say 3 to 5 years, just by low expense ratio S&P500 tracking ETFs. My goal isn't to beat the market, just ride with the market benchmarks as best as possible.
My goal isn’t to beat the market
Yup. Nobody consistently does. If there exists some secret sauce to beating the market you're certainly not going to find it on lemmy. Buy index funds and forget about them.
Tbh it's not very hard, just get a brokerage account with someone like fidelity or even Robinhood. As far as picking stock, there's no correct way that's applicable to everyone. Oftentimes people who obsess over crunching numbers and doing lots of research, will rarely make more than if they just bought index funds.
Long-term investments are a lot more about how much and how long you can invest, vs what you invest in. In general, I tend to buy stock in companies who I believe to be undervalued, particularly if it's been devalued in reaction to the media and not something like a bad quarterly.
Oftentimes people who obsess over crunching numbers and doing lots of research, will rarely make more than if they just bought index funds.
I'm pretty sure like 95% of people who are paid to beat the market perform worse than index funds over any period greater than 5 years. I'm procrastinating at work so I'm going to be one of those annoying people that tell you to go research it yourself, but ya. From everything I've heard essentially nobody beats the market over long periods of time, it's a losing battle. Just buy index funds and wait.
It's boring but it's the smartest thing to do.
For example Boeing. But if you get a brokerage account and they recommend stuff but they are your age or younger, you should definitely listen with a grain of salt. I lost a good 5 years of income listening to the guy from fidelity. "It's definitely time to invest!" In my head I was like 'no way'. But they got my wife to convince me. And sure enough the money was gone in Just a few short months. But then we started to do our own investigation to see if theirs matched ours. Don't do your own research thinking you'll beat them, do it to get educated in your investments and to compare...if they seem to be way off, it could be either a great opportunity they know about and you don't (insider trading lol) or it's probably pure bullshit. I would say most of time it's bullshit. How to they make money? Off your losses! Indirectly ofcourse, otherwise it would be robbery.
Do you have retirement funds set aside an invested? If not, setting up or managing your own retirement account could be a good primer.
My advice is to read the simple path to wealth. I listened to the audiobook, its short and sweet and entertaining.
The gist: Nobody consistently beats the stock market (not even the people being paid to do so), don't try, it's gambling. Buy index ETFs when you have extra and hold on to them until you retire. Don't time the market, dont overthink it. Buy and forget. There's a part of the book where he says that the best group of investors were dead people and the second best were people who forgot about their investments. Idk if it's true but it stuck with me.
Spend a few hours learning about tax differed savings accounts or whatever your country offers and take advantage of them.
In my experience, being investing intelligently is really fucking easy and really fucking boring.
Add a bit about moving from stocks to bonds as you approach retirement to top off your advice.
Also, pay off debt before you invest.
I'm apparently one of the "power users" because I got the IPO investment invite.
In Canada.
Haha same despite not being active at all for months now. In any case, the email explains only residents of the USA are eligible.
I finally went back and checked reddit and I received the email too. I laughed as I read it.