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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. (www.theverge.com)
submitted 2 years ago by [M, B] to c/technology@lemmy.world
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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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[–] 283 points 2 years ago (14 children)

Reminder that shorting is a high risk play and you should never make investment decisions out of spite.

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  • [–] 231 points 2 years ago (1 child)

    The market can remain irrational longer than you can remain solvent.

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  • [–] 34 points 2 years ago (1 child)

    Holy shit put that on a t-shirt

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  • [–] 91 points 2 years ago (2 children)

    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.

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  • [–] 62 points 2 years ago* (2 children)

    Instructions unclear, purchased Lemmy stock using Amazon gift cards

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    [–] 166 points 2 years ago (3 children)

    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

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    [–] 95 points 2 years ago (2 children)

    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.

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    [–] 92 points 2 years ago (1 child)

    fuck spez

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    • [–] 89 points 2 years ago* (3 children)

    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.

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  • [–] 21 points 2 years ago (4 children)

    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.

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  • [–] 25 points 2 years ago (4 children)

    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.

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  • [–] 20 points 2 years ago (1 child)

    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.

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    • [–] 78 points 2 years ago (1 child)

    I don't care about my ex

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    • [–] 65 points 2 years ago

    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.

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    [–] 61 points 2 years ago (19 children)

    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.

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  • [–] 102 points 2 years ago (3 children)

    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
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  • [–] 60 points 2 years ago (1 child)

    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.

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  • [–] 39 points 2 years ago

    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.

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    [–] 58 points 2 years ago (1 child)

    Reddit's owners are the risk factor.

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    [–] 50 points 2 years ago* (last edited 1 year ago) (3 children)

    deleted by creator

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    [–] 38 points 2 years ago*

    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.

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    [–] 38 points 2 years ago (12 children)

    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.

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    [–] 36 points 2 years ago (3 children)

    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.

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    [–] 33 points 2 years ago (1 child)

    Fuck Steven Huffman.

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    [+] 29 points 2 years ago (2 children)
    [deleted]
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    [–] 25 points 2 years ago (1 child)

    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.

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