Once again? I thought they were already in the process of it. The API-change was just another piece of it.
this post was submitted on 29 Nov 2023
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SNOOcalypse - document, discuss, and promote the downfall of Reddit.
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They've been talking about IPO for a few years, but apparently this time it's a bit more serious. Unless something happens that throws their valuation down the drain.
Again
You'd have to be nuts to invest in Reddit, given the current state of the platform.
- The the CEO admitting reddit is not profitable in its current state.
- The amount of media attention the API change protests have gotten. * The ever increasing amount of search engine links to removed content.
- Memelords already talking about shorting the stock into the ground if it goes public.
- Various scandals involving the CEO, with likely more to come.
- Little to no third-party developers willing to write new software that integrates with Reddit anymore because they are now seen as an unpredictable party.
There is no way any of this leads to significant growth. The user base that has stuck around is generally not interested in the things that make reddit reddit, being a community-driven and -moderated platform. And significant changes to how the platform works (thereby taking away the unique selling points) will put it into a position where there is no real advantage over using competing platforms. This will make binding new users to the platform a difficult task.
The only ones stupid enough to buy lots of reddit stock will have an incentive to change it and make it profitable. We've seen musk attempt this with Twitter and just look how that has worked out so far.
The worst part is that Spez will likely still get to cash out and fuck off while the platform dies and burns in his wake.
What's a reddit?
Some site that used to be relevant a long time ago, that now we watch die with morbid curiosity.
I mean; we could always take reddit down the same way WallStreetBets took down GME... [/S] [NOT FINANCIAL ADVICE]
Just imagine the Superstonkers shorting Reddit to death.
Superstonk is so brainwashed by the mods that they would "naturally" (more like: any opinion other than that gets removed) start theorizing that Hedgefunds want to buy reddit only to shut down Superstonk. Just to highlight how bad the Superstonk mods are: The word "Lemmy" gets you autobanned
Good more chance for Lemmy to grow!
In related news, Iβve got a pile of human feces and used toilet paper for sale. There are trolling βjokesβ, misogynistic rants, bot comments, and incel screeds written on the toilet paper. Any bidders?
Have you considered an IPO of your toilet bin? You could get rich!
0.01β¬/kg
After carefully processed and composted, that is pure gold for agriculture and soil recovery.
I long expected a sub to show up of people's bathroom results. Never looked for it. Didn't want it myself. But fully expected it.
This is the best summary I could come up with:
Bloomberg reported on Monday that Reddit βis holding talks with potential investors for an initial public offering.β
The San Francisco-based company, co-founded by Steve Huffman, Aaron Swartz and Alexis Ohanian in 2005, is considering going public as early as the first quarter, sources told Bloomberg.
In December of 2021, Reddit confidentially submitted a draft registration statement with the Securities and Exchange Commission to go public.
That move took place just months after Reddit had raked in a hefty $410 million financing led by Fidelity, valuing it at $10 billion.
Then, in January of 2022, Reddit had even gone as far as to tap Morgan Stanley and Goldman Sachs to work on the listing.
When contacted, a Reddit spokesperson told TechCrunch via email that the company is in a quiet period and cannot comment.
The original article contains 213 words, the summary contains 133 words. Saved 38%. I'm a bot and I'm open source!
Red Dit?