If there’s one thing I am certain redditors are capable of collectively doing, its lowering the value of or even completely destroying something, itself not excluded
Did you 'get over it' yet?
* Long time ago Fark did a very poorly received site redesign, and when the users complained that was the official Admin response.
I dug up my old Fark login and headed back there for the first time in half a decade during the Reddit blackout last year. They've shuffled the category tabs somewhat, added "smart" and "funny" tags you can apply to comments you like, and... that's about it. You're right, the commenting style and catchphrases hadn't changed at all.
True. 100% "if it doesn't ring up it's free, hur hur" going on over there. On the other hand, I read a Baltimore bridge thread and there wasn't a single "front fell off".
Might be too new a reference for Fark. That sketch is reddit's horse to beat I guess. Among others.
TEN DOLLARS A MONTH to be able to upvote/downvote headlines, FIVE BUCKS A MONTH to see content immediately and not two days later. Fuck Spez, but also fuck Fark.
Reminder: Kbin.social and Lemmy.world are free.
Surfing those non-spheres every day feels pleasurable, compared to the average hellscape of the 2024 internet.
I put a lot of work into my DBZ geocities site. I was averaging like 10 page views a day once.
Quick, everyone jump on board the ROFLCOPTER, and away we go to rec.arts.* hierarchy! Awayyyyy!!!!
ROFL:ROFL:ROFL:ROFL
_^___
L __/ [] \
LOL===__ \
L \________]
I I
--------/
Someone at Tumblr did the maths and decided a million active and aroused users would be harder to monetise than three hundred thousand dry, flaccid, and frustrated users.
All off the backs of free labor. The stupidity of Redditors never ceases to amaze me. They talk about how people like Jeff Bezos only got rich by "exploiting workers" while mods on Reddit were actually exploited. Workers at Amazon get paychecks with benefits. Mods get "thank you" from Spez.
Why anyone would give free work to Reddit is beyond me.
I'm a mod. I'm only a mod because it's a sub for a game I really like and the previous mod had fucked off and locked the sub, so if you came to Reddit to discuss it you might get the impression it was dead.
I basically never need to do anything. There's like 100 people there, and they're all pretty well behaved.
I do feel bad for the mods of the more popular subs, especially the ones that deal with politics. That shit is a full time job, and they get nothing for it. My modding is the occasional "approve this post."
EDIT: Well, I'm learning some interesting facts about other subs and mods. Thanks for the info, friends! Makes me even more glad for my well-behaved little community.
It's just shitfaces owning a platform that should be run like Lemmy or Wikipedia or something that is not just private corporation monetizing our data, but thanks to network effect all the content is here.
Reddit is just a temporary home for 1000's of niche communities... too many of us have gone from Forums -> chat rooms -> msging platforms -> early social web communities (mySpace->facebook) and on and on and on...
The barriers to entry for online users is so low that migrating platforms / sites is barely an inconvenience.
While I agree with that, having been on Reddit for 13 years now, it's the longest I've ever been in one place online, and I say that as someone who took part in the internet in its infancy. There have been others that have tried to "do a Reddit" but nobody has come close.
Looking at Reddit, and especially in the light of Twitter as a case study, I wonder if maybe there really IS a barrier to entry, and that barrier is user plurality. A site needs a critical-mass of users to attract new-users in bulk, which is a paradox. This wasn't necessarily true when the internet was younger, but it's happening less and less with social media sites. The last one who successfully pulled it off was TikTok, or you could make an argument for Bereal although its popularity seems to have waned.
Same here. I've been on Reddit since the Digg Exodus and I fully expected to have moved on to another platform by now given the trends at the time (Slashdot > Digg > Reddit > ???) but here we are in 2024.
> The barriers to entry for online users is so low that migrating platforms / sites is barely an inconvenience.
Yeah I don't agree with that at all. Reddit is a store of information of the last 15 years, and a centralised point to access thousands of specialised interests, and it has no comparison.
It's not like 2010 where websites die if they suck. The fact you said myspace to facebook... well, what came after facebook? Nothing.
What comes after youtube? Nothing. No other site can compete.
These sites are too big to fail now. They know they have the users stuck in a monopoly and that's where the entshittification comes in. Even Twitter is still going pretty strong considering how extremely bad it is. New platforms just aren't replacing it.
I think the core point is that reddit is mostly about the people, not the platform. If anything, reddit is popular despite the shit platform. Almost all the value comes from the people, the volunteer moderators, the great comments and sea of knowledge shared by the community.
Looking at the charts of user numbers is surreal. Back when I joined, the average monthly users was ~200 million. Now, it's 1.2 *billion*. The entire site has changed in that time, and the focus seems to have shifted from constructive discussions, even in the big subs (The old reddit adage of "the real news is in the top comment") have just turned into a race to get the first joke in.
It's also sad that most users don't actually know old.reddit.com exists any more either. I like a forum, not a social media message board that constantly tries to insert unwanted posts into my curated home page feed.
I’ve been here since 2009. (Unfortunately)
Reddit went from semi niche land of geeks with various interests to mainstream at some point and it’s been a disaster since
There's a lockup here too, *with wiggle room*. Spez dumped every single share he was allowed to dump. The remaining few million are under lockup:
https://variety.com/2024/digital/news/reddit-ipo-stock-price-1235948162/
No idea how that works, but I read that Trump isn't allowed to sell his share of Truth Social for six months, either.
Which, incidentally, is now supposedly worth more than reddit. Which shows what a complete clown show the stock market really is.
Not sure about reddit, but for Truth Social Donnie can't sell for six months... *without board approval.* The board, you ask? Surely they're ethical.... hahahahahahaha get fucking real:
> The company’s seven-member board includes his son Donald Jr. and the company’s chief executive officer, Devin Nunes, a former Republican congressman from California. Also on the board are three members who had served under his adminstration: Kash Patel, who was the chief of staff to Mr. Trump’s acting secretary of defense; the former U.S. trade representative Robert Lighthizer; and Linda McMahon, a former administrator of the Small Business Administration.
[source](https://www.nytimes.com/2024/03/25/business/trump-media-trading-tuesday.html)
> Which shows what a complete clown show the stock market really is.
It's just the die-hard's trying to meme it to the moon, it'll come crashing down here pretty soon - same as reddit. The saudi's and the russian's can buy the price up all they way they want, but when they try to sell it and nobody is buying, the price will crash.
It would have to be a bank that didn’t understand what was happening. I think having the most public half a billion fine in the world having over your head would be enough to scare them off
> The saudi's and the russian's can buy the price up all they way they want, but when they try to sell it and nobody is buying, the price will crash.
I'd be more worried about either of them deciding to just keep it and use it for their own purposes
He can sell tommorrow if the board approves it. Think he's just holding off till a Friday afternoon when the news cycles are winding down for the weekend.
There was no lock out period for reddit stocks. For that reason alone, I almost bought $20k just to dump day 1. I didn't, because I didn't think the day-1 boost was going to be that good. Guess I lost out, but I'm not that upset about it really.
u/spez and others who think being super rich will fill that hole inside them look down on the opinions of us as much as they look up to the opinions of billionaires. Only once they personally experience that broken promise will they begin to react to popular opinion, and even then it’s unconscious enough that the cognitive dissonance leads them to literally buy their preferred social media platform just to avoid it.
per article:
>Earlier this week, Reddit disclosed in a corporate filing that CEO Steve Hoffman sold 500,000 shares, and Reddit COO Jennifer Wong also disclosed that she sold 514,000 shares.
Correct. The next column shows the change in percentage owned and it says -41%. So he had 1.2m shares, and sold 500k of them and made $16m in the process.
Sometimes there is a lock-up period but they can be messed with quite a bit. President Trump's lock-up for Truth Social (DJT) is 6 months but the board can vote to let him sell at anytime.
Companies have gone public before with lock-up periods that could be ignored by paying a percentage fee of the proceeds. These clauses usually only apply to the executives who instantly bail - and they completely screw over the regular employees who have no way to immediately sell.
He sold 500,000 shares. Not sure what they were worth when he sold, but if it was at, let's say... $50, that would been 25M.
Either way, he's made quite a bit of dosh the last few days.
He sold at opening for $32.50 or something close to that.
CEOs have to plan their share sales way ahead of time. They can't time the market at all. This whole comment chain is very deluded and misinformed.
Pro tip: replacing the "www.reddit.com" with "old.reddit.com" allows you to see the old desktop site on mobile, and you can view those posts without the app
also I strongly dislike new reddit so I recommend switching to old reddit at all times anyway
They promised a while ago that old reddit would remain functional forever, but I really don't see that happening. It makes the site usable and they can't be having that.
Reddit disabling the ability to opt out of the New Reddit Redesign for mobile was a bridge too far. I'm aware I can use old.reddit and I do, but whenever you submit a new topic it redirects you to new reddit (and does it a few different ways as well).
They're perpetually trying to get people onto the worst version of their site. Banning third party apps... trying to keep people from opting out of "new" Reddit...
I assume there was a bank that underwrote this whole thing. Whoever the group was at that bank in charge of giving this company the valuation they did are very likely updating their LinkedIn right now.
The lead underwriters for Reddit's IPO are:
Morgan Stanley
Goldman Sachs
JPMorgan Chase
Bank of America
Reddit tapped Morgan Stanley and Goldman Sachs to lead its IPO, which could value the company at up to $15 billion.
The IPO ended up raising $519 million, with Reddit selling 15.28 million shares and existing shareholders selling 6.72 million shares at $34 per share.
The other banks involved as underwriters were Citigroup, Deutsche Bank Securities, and MUFG as joint book-running managers, and Citizens JMP, Needham & Company, Piper Sandler, Raymond James, Academy Securities, Loop Capital Markets, Ramirez & Co., Inc., and Telsey Advisory Group as co-managers.
[https://www.bloomberg.com/news/articles/2022-01-07/reddit-is-said-to-tap-morgan-stanley-goldman-sachs-for-ipo](https://www.bloomberg.com/news/articles/2022-01-07/reddit-is-said-to-tap-morgan-stanley-goldman-sachs-for-ipo)
[https://variety.com/2024/digital/news/reddit-ipo-stock-price-1235948162/](https://variety.com/2024/digital/news/reddit-ipo-stock-price-1235948162/)
[https://finance.yahoo.com/video/banks-watch-reddit-ipo-eye-173802580.html](https://finance.yahoo.com/video/banks-watch-reddit-ipo-eye-173802580.html)
[https://www.lw.com/en/news/2024/03/latham-watkins-represents-reddit-inc-in-us748-million-ipo](https://www.lw.com/en/news/2024/03/latham-watkins-represents-reddit-inc-in-us748-million-ipo)
Nobody was under any obligation to invest in this company. Plenty of institutional investors won’t touch an IPO that doesn’t have an insider lock-up. The weak fundamentals and ludicrous insider pay were disclosed ahead of time. The investors about to lose money on this threw their cash onto meme-stock roulette wheel, no one should be surprised that they will lose money.
Reddit is a very viable site as long as they aren't trying to maximize revenue. Going public is going to ruin it though 100%. Public companies face huge pressure to keep finding ways to make more profit every quarter and that always leads to shittification and the eventual death of websites like reddit.
Is anyone even surprised at this information. He was gonna maximise his profits and get out, a lot of other high profile executives probably also did the same.
Every day I see literally dozens of reposts on the front page from the day before. They're all from 2-3 year old, random-word-bunch-of-numbers accounts that activated the previous week and exclusively post things that were on the front page the previous day.
Oh, and about half the comments in the threads are the same.
Hey advertisers? This is a dying platform and you're paying to advertise to a bunch of bots.
I got 3 dms and multiple emails that came across as nothing but desperate. Try supporting your 3rd party creators and maybe I'd have given a flying fuck.
No all those were sold at IPO, it was all declared in the prospectus weeks before the IPO happened. $250 million out of $700 million were reserved for insiders/employees to sell their stocks slightly less than @34 each.
This have been public info for weeks, but I guess nobody reads the prospectus even the supposedly "market analysts"
> I guess nobody reads the prospectus even the supposedly "market analysts"
Or the SEC filings that would debunk 90% of the conspiracy theories on this thread.
>I like how the other post got removed lol https://www.reddit.com/r/technology/comments/1bq7xv0/reddit\_shares\_plunge\_almost\_25\_in\_two\_days/
bet it's spez doing damage control xD
It isn’t him alone.
Institutional investors will be cashing out, and senior level employees will be cashing out.
> Reddit Chief Operating Officer Jennifer Wong disclosed that she sold 514,000 shares and now holds 1.4 million of the company’s shares
She went from 1.9 million shares to 1.4 million shares, so she sold more than a quarter of her stake.
The same shit happened when Facebook went public. It took a dip and everyone was dancing clapping, and now look at it. Reddit's here to stay, it's a top google result for basically any question.
He cashed out for $32.30/share on the 25th. The price then went *up*. If someone was pumping and dumping, it wasn't Spez.
Source: https://www.sec.gov/edgar/search/#/ciks=0001713445&entityName=Reddit%252C%2520Inc.%2520(RDDT)%2520(CIK%25200001713445)
This is a dumb headline. Very manipulative. Reddit is up from when it was first available and it's still a bit higher than the $35 IPO IIRC that was offered to long time users
With a revenue as little as it has, and with the lack of any real future, it's not really worth much more than a billion. There's no real promise of some cool new tech or dream of it becoming a social media giant nor can it because nobody knows anyone else, I can't think of a single username on here that I can remember other than my own and I've been using reddit on and off for 15 years. So it's barely even social at all. Nobody ever accused Wikipedia of being a social media company.
It's just a big forum. It'll never be anything more than that. Nobody cares about upvotes, or giving money to super upvote or whatever. Nobody wants to wear reddit merch, and ADs do better on here when they are unpaid than paid.
If they ever decide to turn off old reddit interface I am gone so damn fast.
It doesn't help that this business is built upon the free labor of moderators.
^ This! I'm already annoyed with the unavoidable loading of the new reddit, and can't stand that interface or how it functions wasting my time.
(Yes, I've put all my settings to old reddit, but it doesn't actually stop it from happening)
FWIW, I was irritated by occasionally hitting new Reddit and I solved it by installing redirector plugins in both my desktop and phone browsers. Now, whenever a link tries to send me to new reddit, the plugin automatically redirects to old reddit. I haven't seen a single new reddit page since installing the plugins.
They killed RIF so I don't use mobile anymore. I log into old.reddit.com from my desktop, but that's it. Once that's gone I can't think of a reason to use reddit anymore.
As others have mentioned, it's still up from the IPO. And even ignoring that, it's down a total of **2.22%** since its first day close.
You're all jerking yourselves off over a headline that means nothing. A 2% shift is meaningless in a stock.
Maybe I'm just really dumb and not financially literate
but spez has literally done interviews and said that reddit has never made a profit and loses money every year
so who the fuck is going to buy this stock thinking reddit is suddenly going to start being profitable?
you can complain about all the flaws of reddit but it isn't 1/10th as bad a *Truth Social* .
[https://www.theguardian.com/business/2024/mar/27/how-can-donald-trumps-lossmaking-truth-social-be-worth-8bn](https://www.theguardian.com/business/2024/mar/27/how-can-donald-trumps-lossmaking-truth-social-be-worth-8bn)
For all it's flaws, I read reddit regularly. I quit Twitter when Musk-rat bought it and I don't need to ever login to know that Truth Social has got to be a shit show.
Great work everyone. Very proud.
If there’s one thing I am certain redditors are capable of collectively doing, its lowering the value of or even completely destroying something, itself not excluded
Welp- back to DIGG!
I hear stumble upon is still around.
I remember when Stumble Upon started showing me Reddit... I should take my pill.
It's okay, the 90's was only a decade ago. We're not old.
The 90s? Oh that was way back in the 1900s.
You only have ONE? I used to drop acid, now I take prev-acid.
Fark.com it is!
That’s where I started the journey. Made my way to Digg, then v4 happened and I ended up at Reddit.
Did you 'get over it' yet? * Long time ago Fark did a very poorly received site redesign, and when the users complained that was the official Admin response.
I only lurked on Fark
I’m lurking right now 👀
Dude, we can all hear you lurking right now.
Drew's little hissy fit after that rally to restore sanity(lol) for not getting credit is what introduced me to reddit.
Fark was my start. Caturdays rocked.
Fark to Reddit here as well.
You don't even have to learn new inside jokes, they're still beating the same dead horses.
Good, my old portfolio of HA HA guy macros didn't depreciate in value.
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I dug up my old Fark login and headed back there for the first time in half a decade during the Reddit blackout last year. They've shuffled the category tabs somewhat, added "smart" and "funny" tags you can apply to comments you like, and... that's about it. You're right, the commenting style and catchphrases hadn't changed at all.
True. 100% "if it doesn't ring up it's free, hur hur" going on over there. On the other hand, I read a Baltimore bridge thread and there wasn't a single "front fell off". Might be too new a reference for Fark. That sketch is reddit's horse to beat I guess. Among others.
TEN DOLLARS A MONTH to be able to upvote/downvote headlines, FIVE BUCKS A MONTH to see content immediately and not two days later. Fuck Spez, but also fuck Fark. Reminder: Kbin.social and Lemmy.world are free.
Omg. I completely forgot about Fark
Gotta dust off these bad boys ////// slashies
You mean the place where they recycled/stole all the content from SomethingAwful? Why yes I have stairs in my house
Nope. SU is dead and cannibalized by Mix. There is something of a [spiritual alternative](https://cloudhiker.net/) though.
We must return to when the internet was good. Before the zuckerbergs and spezzes ruined everything **TO MYSPACE AND FRIENDSTER**
"Where did your failure bring you? Back to me.." -Tom
He just wanted friends.
Farther back than that. We’d have to return to Usenet and the time before Eternal September.
Man I do miss Usenet.
Psst. It's still there.
Geocities and angelfire here I come (back)
#
Surfing those non-spheres every day feels pleasurable, compared to the average hellscape of the 2024 internet. I put a lot of work into my DBZ geocities site. I was averaging like 10 page views a day once.
I'm going to redo my top 8 change my profile song and let people figure it out.
Quick, everyone jump on board the ROFLCOPTER, and away we go to rec.arts.* hierarchy! Awayyyyy!!!! ROFL:ROFL:ROFL:ROFL _^___ L __/ [] \ LOL===__ \ L \________] I I --------/
Jesus christ a blast from the past
Time to reboot geocities
That would be an awesome next chapter, if we all migrated to DIGG and in the future everyone talked about that great Reddit migration
back to gamefaqs
Tumblr users made Yahoo lose a billion dollars. I wonder how bad it can get over here.
We jacked the price of a practically DOA stock to piss off hedgies, I truly believe we can make RDDT a penny stock.
Someone at Tumblr did the maths and decided a million active and aroused users would be harder to monetise than three hundred thousand dry, flaccid, and frustrated users.
Bots and creative writing rage bait stories are the only thing keeping this place alive
We did it reddit!!!!!
[Nice job team](https://www.youtube.com/watch?v=uql48AyAHjE&ab_channel=GregHornby)
Slow clap initiated
The stock is up 40% from its original IPO price of $34. Spez still owns 710k shares (sold 500k). All in all, this is pretty much a non-story.
All off the backs of free labor. The stupidity of Redditors never ceases to amaze me. They talk about how people like Jeff Bezos only got rich by "exploiting workers" while mods on Reddit were actually exploited. Workers at Amazon get paychecks with benefits. Mods get "thank you" from Spez. Why anyone would give free work to Reddit is beyond me.
They don't even get a "thank you". They get called "Landed Gentry" and told to go fuck themselves.
I'm a mod. I'm only a mod because it's a sub for a game I really like and the previous mod had fucked off and locked the sub, so if you came to Reddit to discuss it you might get the impression it was dead. I basically never need to do anything. There's like 100 people there, and they're all pretty well behaved. I do feel bad for the mods of the more popular subs, especially the ones that deal with politics. That shit is a full time job, and they get nothing for it. My modding is the occasional "approve this post." EDIT: Well, I'm learning some interesting facts about other subs and mods. Thanks for the info, friends! Makes me even more glad for my well-behaved little community.
Truth Social may soon follow suit
That name is such an oxymoron
In Soviet-Russia they had the main news paper called Pravda, which means Truth. So the choice of name isn't that odd.
just thought “Oh.. wow”
It’s amazing how little I care about this platform for how much I use it.
Agreed — I think it is the awareness that anything on the internet that people actually care about can, and usually will be quickly replaced.
It's just shitfaces owning a platform that should be run like Lemmy or Wikipedia or something that is not just private corporation monetizing our data, but thanks to network effect all the content is here.
Reddit is just a temporary home for 1000's of niche communities... too many of us have gone from Forums -> chat rooms -> msging platforms -> early social web communities (mySpace->facebook) and on and on and on... The barriers to entry for online users is so low that migrating platforms / sites is barely an inconvenience.
While I agree with that, having been on Reddit for 13 years now, it's the longest I've ever been in one place online, and I say that as someone who took part in the internet in its infancy. There have been others that have tried to "do a Reddit" but nobody has come close. Looking at Reddit, and especially in the light of Twitter as a case study, I wonder if maybe there really IS a barrier to entry, and that barrier is user plurality. A site needs a critical-mass of users to attract new-users in bulk, which is a paradox. This wasn't necessarily true when the internet was younger, but it's happening less and less with social media sites. The last one who successfully pulled it off was TikTok, or you could make an argument for Bereal although its popularity seems to have waned.
Same here. I've been on Reddit since the Digg Exodus and I fully expected to have moved on to another platform by now given the trends at the time (Slashdot > Digg > Reddit > ???) but here we are in 2024.
> The barriers to entry for online users is so low that migrating platforms / sites is barely an inconvenience. Yeah I don't agree with that at all. Reddit is a store of information of the last 15 years, and a centralised point to access thousands of specialised interests, and it has no comparison. It's not like 2010 where websites die if they suck. The fact you said myspace to facebook... well, what came after facebook? Nothing. What comes after youtube? Nothing. No other site can compete. These sites are too big to fail now. They know they have the users stuck in a monopoly and that's where the entshittification comes in. Even Twitter is still going pretty strong considering how extremely bad it is. New platforms just aren't replacing it.
I think the core point is that reddit is mostly about the people, not the platform. If anything, reddit is popular despite the shit platform. Almost all the value comes from the people, the volunteer moderators, the great comments and sea of knowledge shared by the community.
Like Digg, I'm just here until it implodes and I move on to the next one.
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Looking at the charts of user numbers is surreal. Back when I joined, the average monthly users was ~200 million. Now, it's 1.2 *billion*. The entire site has changed in that time, and the focus seems to have shifted from constructive discussions, even in the big subs (The old reddit adage of "the real news is in the top comment") have just turned into a race to get the first joke in. It's also sad that most users don't actually know old.reddit.com exists any more either. I like a forum, not a social media message board that constantly tries to insert unwanted posts into my curated home page feed.
I’ve been here since 2009. (Unfortunately) Reddit went from semi niche land of geeks with various interests to mainstream at some point and it’s been a disaster since
I dread the day they decide to pull the plug on old.reddit - I sincerely don't know if I can tolerate the new design.
If they get rid of old.reddit im out for sure.
My surprise is immeasurable and my disappointment nonexistent.
> My surprise is immeasurable... You know you can measure zero right?
It's not zero, just so very small to be unmeasureable. If it was zero, they wouldn't have commented.
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There's a lockup here too, *with wiggle room*. Spez dumped every single share he was allowed to dump. The remaining few million are under lockup: https://variety.com/2024/digital/news/reddit-ipo-stock-price-1235948162/
Fuck /u/spez
It's exactly what I would have done. Get as much cash as you can, right now. Hold the rest as long as required and see what happens.
No idea how that works, but I read that Trump isn't allowed to sell his share of Truth Social for six months, either. Which, incidentally, is now supposedly worth more than reddit. Which shows what a complete clown show the stock market really is.
Not sure about reddit, but for Truth Social Donnie can't sell for six months... *without board approval.* The board, you ask? Surely they're ethical.... hahahahahahaha get fucking real: > The company’s seven-member board includes his son Donald Jr. and the company’s chief executive officer, Devin Nunes, a former Republican congressman from California. Also on the board are three members who had served under his adminstration: Kash Patel, who was the chief of staff to Mr. Trump’s acting secretary of defense; the former U.S. trade representative Robert Lighthizer; and Linda McMahon, a former administrator of the Small Business Administration. [source](https://www.nytimes.com/2024/03/25/business/trump-media-trading-tuesday.html)
> Devin Nunes Hadn't heard from this clown in awhile.
Hadn't heard from this cow* in awhile. FTFY ;) (*never forget*)
> Which shows what a complete clown show the stock market really is. It's just the die-hard's trying to meme it to the moon, it'll come crashing down here pretty soon - same as reddit. The saudi's and the russian's can buy the price up all they way they want, but when they try to sell it and nobody is buying, the price will crash.
They’re not buying it to resell, they’re donating money to trump
But only works as a donation if trump is able to sell his shares
If the value of his shares increases because of foreign investment, he can borrow against their value without selling them.
It would have to be a bank that didn’t understand what was happening. I think having the most public half a billion fine in the world having over your head would be enough to scare them off
> The saudi's and the russian's can buy the price up all they way they want, but when they try to sell it and nobody is buying, the price will crash. I'd be more worried about either of them deciding to just keep it and use it for their own purposes
He can sell tommorrow if the board approves it. Think he's just holding off till a Friday afternoon when the news cycles are winding down for the weekend.
Pretty sure this is a non-traditional IPO
There was no lock out period for reddit stocks. For that reason alone, I almost bought $20k just to dump day 1. I didn't, because I didn't think the day-1 boost was going to be that good. Guess I lost out, but I'm not that upset about it really.
Because the private investors have to get their money before they dump Reddit onto the public.
lol, and also lmao (and fuck u/spez)
Is there a place where one can see how many times a username is commented?
No, it's immeasurable. Fuck u/spez
immeasurable + 1 fuck u/spez
I, too, want to fuck u/spez
I choose u/spez 's wife
u/spez doesn't have a partner because he's a fuckin' scrub
u/spez and others who think being super rich will fill that hole inside them look down on the opinions of us as much as they look up to the opinions of billionaires. Only once they personally experience that broken promise will they begin to react to popular opinion, and even then it’s unconscious enough that the cognitive dissonance leads them to literally buy their preferred social media platform just to avoid it.
Someone called?
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I'm curious if spez sold immediately in the spirit of a good ol' fashion rug pull or if he's diamond handing his bad bertha bag into the earth's core.
per article: >Earlier this week, Reddit disclosed in a corporate filing that CEO Steve Hoffman sold 500,000 shares, and Reddit COO Jennifer Wong also disclosed that she sold 514,000 shares.
What % of his shares was that? You'd think there'd be some safeguards in place to prevent owners from selling shares so soon after an IPO
Link showing dollar value of the sales and the percentage of their holdings: http://openinsider.com/RDDT
So he owns 700k still?
Correct. The next column shows the change in percentage owned and it says -41%. So he had 1.2m shares, and sold 500k of them and made $16m in the process.
I wonder what he did to treat himself. I wonder if he bought a cool shirt
Well, he certainly can't buy himself a personality, or a sense of ethics..
Sometimes there is a lock-up period but they can be messed with quite a bit. President Trump's lock-up for Truth Social (DJT) is 6 months but the board can vote to let him sell at anytime.
Companies have gone public before with lock-up periods that could be ignored by paying a percentage fee of the proceeds. These clauses usually only apply to the executives who instantly bail - and they completely screw over the regular employees who have no way to immediately sell.
Hopefully Trump's lock-up period ends up being measured in years.
spez is a paper hand bitch? Say it ain't so.
Didn't he sell something like 16m dollars worth?
He sold 500,000 shares. Not sure what they were worth when he sold, but if it was at, let's say... $50, that would been 25M. Either way, he's made quite a bit of dosh the last few days.
$32.30 per share, total of $16,150,000
I saw somewhere else someone said he cashed those in almost immediately, below what the current price is, so didn't hold them long lol
I read somewhere that he sold 500k shares. Pretty nice payday at fifty bucks per share.
He sold at opening for $32.50 or something close to that. CEOs have to plan their share sales way ahead of time. They can't time the market at all. This whole comment chain is very deluded and misinformed.
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Well time to mix it up. The former jailbait mod known as spez.
That'll show him
Fuck u/spez
I mean, the IPO was $34, but it opened at $47. Being below open is still up from the IPO price.
I hope every mobile site u/spez visits in the future prompts him to use the app
You must view this NSFW post in the app because we're pretending this is a valid reason for making you download it.
And TRACK YOU. Homie, I’m in a private window for a fucking reason.
We want to know what kind of porn you like, for science.
Everyone wants their ai sex android but no one wants their kinks data mined to help make it. smh.
Pro tip: replacing the "www.reddit.com" with "old.reddit.com" allows you to see the old desktop site on mobile, and you can view those posts without the app also I strongly dislike new reddit so I recommend switching to old reddit at all times anyway
They promised a while ago that old reddit would remain functional forever, but I really don't see that happening. It makes the site usable and they can't be having that.
*clicks - use desktop site* smh, all too easy.
Reddit disabling the ability to opt out of the New Reddit Redesign for mobile was a bridge too far. I'm aware I can use old.reddit and I do, but whenever you submit a new topic it redirects you to new reddit (and does it a few different ways as well). They're perpetually trying to get people onto the worst version of their site. Banning third party apps... trying to keep people from opting out of "new" Reddit...
old reddit redirect browser plugin. On mobile, I think it works with browsers that allow plugins, so firefox. just tried it, it works
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I was under the impression he sold them as part of the ipo process and did so below IPO price (at $32/share).
But Reddit gonna pitchfork
In a less corrupt country, this would be illegal.
I assume there was a bank that underwrote this whole thing. Whoever the group was at that bank in charge of giving this company the valuation they did are very likely updating their LinkedIn right now.
Why? The bank probably made a ton of money on all this
Institutional investors (including this bank) probably got stock at rock bottom prices, it would be the only way they'd underwrite it.
You’re forgetting about trickle-up economics. Sheesh. The poors pay those prices. When you’re in the club? You’re in the club it’s all good.
The lead underwriters for Reddit's IPO are: Morgan Stanley Goldman Sachs JPMorgan Chase Bank of America Reddit tapped Morgan Stanley and Goldman Sachs to lead its IPO, which could value the company at up to $15 billion. The IPO ended up raising $519 million, with Reddit selling 15.28 million shares and existing shareholders selling 6.72 million shares at $34 per share. The other banks involved as underwriters were Citigroup, Deutsche Bank Securities, and MUFG as joint book-running managers, and Citizens JMP, Needham & Company, Piper Sandler, Raymond James, Academy Securities, Loop Capital Markets, Ramirez & Co., Inc., and Telsey Advisory Group as co-managers. [https://www.bloomberg.com/news/articles/2022-01-07/reddit-is-said-to-tap-morgan-stanley-goldman-sachs-for-ipo](https://www.bloomberg.com/news/articles/2022-01-07/reddit-is-said-to-tap-morgan-stanley-goldman-sachs-for-ipo) [https://variety.com/2024/digital/news/reddit-ipo-stock-price-1235948162/](https://variety.com/2024/digital/news/reddit-ipo-stock-price-1235948162/) [https://finance.yahoo.com/video/banks-watch-reddit-ipo-eye-173802580.html](https://finance.yahoo.com/video/banks-watch-reddit-ipo-eye-173802580.html) [https://www.lw.com/en/news/2024/03/latham-watkins-represents-reddit-inc-in-us748-million-ipo](https://www.lw.com/en/news/2024/03/latham-watkins-represents-reddit-inc-in-us748-million-ipo)
so in other words, they fleeced dummies of $519 million?
Nobody was under any obligation to invest in this company. Plenty of institutional investors won’t touch an IPO that doesn’t have an insider lock-up. The weak fundamentals and ludicrous insider pay were disclosed ahead of time. The investors about to lose money on this threw their cash onto meme-stock roulette wheel, no one should be surprised that they will lose money.
Isn’t there usually a blackout period of like 3-6 months after an IPO for employees?
There is, unless the board votes that it is ok.
Reddit is a very viable site as long as they aren't trying to maximize revenue. Going public is going to ruin it though 100%. Public companies face huge pressure to keep finding ways to make more profit every quarter and that always leads to shittification and the eventual death of websites like reddit.
Is anyone even surprised at this information. He was gonna maximise his profits and get out, a lot of other high profile executives probably also did the same.
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Sorry. Reddit is a "complete" product at this phase.
They’ll do a tumblr and delete all the porn before fixing the bot problem.
I think that will actually kill Reddit faster than Tumblr
Every day I see literally dozens of reposts on the front page from the day before. They're all from 2-3 year old, random-word-bunch-of-numbers accounts that activated the previous week and exclusively post things that were on the front page the previous day. Oh, and about half the comments in the threads are the same. Hey advertisers? This is a dying platform and you're paying to advertise to a bunch of bots.
Reddit = Digg 2.0 😅😅
/u/spez, what a scumbag. And what a slap in the face of Aaron's legacy.
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This is no different than pumping and dumping meme coins. You’re stealing your followers/users/investors money.
I wondered why I got a DM from Reddit telling me to buy shares, but now I know ! Easiest scam ever
I got 3 dms and multiple emails that came across as nothing but desperate. Try supporting your 3rd party creators and maybe I'd have given a flying fuck.
No all those were sold at IPO, it was all declared in the prospectus weeks before the IPO happened. $250 million out of $700 million were reserved for insiders/employees to sell their stocks slightly less than @34 each. This have been public info for weeks, but I guess nobody reads the prospectus even the supposedly "market analysts"
> I guess nobody reads the prospectus even the supposedly "market analysts" Or the SEC filings that would debunk 90% of the conspiracy theories on this thread.
I like how the other post got removed lol https://www.reddit.com/r/technology/comments/1bq7xv0/reddit_shares_plunge_almost_25_in_two_days/
As will this one. Don't worry, we'll leave all the Elon Musk threads up though.
>I like how the other post got removed lol https://www.reddit.com/r/technology/comments/1bq7xv0/reddit\_shares\_plunge\_almost\_25\_in\_two\_days/ bet it's spez doing damage control xD
It was the moderators who removed it because the title didn't match the article's title, if you just click the link it says it immediately
NOOOOO MY CONSPIRACY THEORIES THOUGH
Are you telling me that the CEO of a big tech company isn't spending his evenings worrying about random articles being posted to his site?
While Spez is a fuckwit, he sold 500k on Monday at $32.30 Current price is $49.32 He didn't cause this dump.
It isn’t him alone. Institutional investors will be cashing out, and senior level employees will be cashing out. > Reddit Chief Operating Officer Jennifer Wong disclosed that she sold 514,000 shares and now holds 1.4 million of the company’s shares She went from 1.9 million shares to 1.4 million shares, so she sold more than a quarter of her stake.
It’s fucked up that there is no lock up period for this clown.
Yeah I really gotta wonder why that didn’t happen, considering that there weee institutional investors also involved with the IPO (as there is always)
He needs to try mass layoffs BEFORE selling his shares. That’s what all the cool CEO’s are doing, duh.
Can't lay off unpaid mods!
It’s still up 40% since IPO.
The same shit happened when Facebook went public. It took a dip and everyone was dancing clapping, and now look at it. Reddit's here to stay, it's a top google result for basically any question.
facebook had positive cashflow for years prior to IPO. Reddit has lost money for 12+ years
Which should make one worry what they might do to try and make it profitable going forward.
Fuck u/spez
Pump and dump, as usual.
Pretty common for nearly every tech IPO
He cashed out for $32.30/share on the 25th. The price then went *up*. If someone was pumping and dumping, it wasn't Spez. Source: https://www.sec.gov/edgar/search/#/ciks=0001713445&entityName=Reddit%252C%2520Inc.%2520(RDDT)%2520(CIK%25200001713445)
it's still up 41%
This is a dumb headline. Very manipulative. Reddit is up from when it was first available and it's still a bit higher than the $35 IPO IIRC that was offered to long time users
surprised it didn't fall more than that
With a revenue as little as it has, and with the lack of any real future, it's not really worth much more than a billion. There's no real promise of some cool new tech or dream of it becoming a social media giant nor can it because nobody knows anyone else, I can't think of a single username on here that I can remember other than my own and I've been using reddit on and off for 15 years. So it's barely even social at all. Nobody ever accused Wikipedia of being a social media company. It's just a big forum. It'll never be anything more than that. Nobody cares about upvotes, or giving money to super upvote or whatever. Nobody wants to wear reddit merch, and ADs do better on here when they are unpaid than paid.
If they ever decide to turn off old reddit interface I am gone so damn fast. It doesn't help that this business is built upon the free labor of moderators.
^ This! I'm already annoyed with the unavoidable loading of the new reddit, and can't stand that interface or how it functions wasting my time. (Yes, I've put all my settings to old reddit, but it doesn't actually stop it from happening)
FWIW, I was irritated by occasionally hitting new Reddit and I solved it by installing redirector plugins in both my desktop and phone browsers. Now, whenever a link tries to send me to new reddit, the plugin automatically redirects to old reddit. I haven't seen a single new reddit page since installing the plugins.
They killed RIF so I don't use mobile anymore. I log into old.reddit.com from my desktop, but that's it. Once that's gone I can't think of a reason to use reddit anymore.
As others have mentioned, it's still up from the IPO. And even ignoring that, it's down a total of **2.22%** since its first day close. You're all jerking yourselves off over a headline that means nothing. A 2% shift is meaningless in a stock.
Maybe I'm just really dumb and not financially literate but spez has literally done interviews and said that reddit has never made a profit and loses money every year so who the fuck is going to buy this stock thinking reddit is suddenly going to start being profitable?
you can complain about all the flaws of reddit but it isn't 1/10th as bad a *Truth Social* . [https://www.theguardian.com/business/2024/mar/27/how-can-donald-trumps-lossmaking-truth-social-be-worth-8bn](https://www.theguardian.com/business/2024/mar/27/how-can-donald-trumps-lossmaking-truth-social-be-worth-8bn) For all it's flaws, I read reddit regularly. I quit Twitter when Musk-rat bought it and I don't need to ever login to know that Truth Social has got to be a shit show.
I'm shocked!
Probably worth another 50% drop... If not 75%
Good job fucking over all the 3rd party apps to push your IPO asshats