And so enshrined is that final nail in the enshitiffication coffin that was Reddit. I give it 3mo before Spez _leaves Reddit to focus on _.
Reddit gets ready for IPO, setting a top valuation of $6.4 billion
Submitted 1 year ago by admin@beehaw.org to technology@beehaw.org
https://www.axios.com/2024/03/11/reddit-ipo-valuation
Comments
Penguincoder@beehaw.org 1 year ago
admin@beehaw.org 1 year ago
Happy cake day!
jarfil@beehaw.org 1 year ago
(It’s already…? Oh, it is in that timezone 😇)
dumples@kbin.social 1 year ago
How quick after IPO do they ban porn and how quick after that does the site fail?
Sabata11792@kbin.social 1 year ago
They know it will be big backlash so they got to wait till the move is profitable. Knowing these morons though, they will do it as soon as business times brings it up.
Perfide@reddthat.com 1 year ago
When has banning porn ever been profitable? Look at tumblr.
ptz@dubvee.org 1 year ago
They must not have gotten a lot of takers when they offered buy-in options to power-Redditors (or whatever they called it). My account is old but was never super active, and I got an email a few weeks ago trying to get me to buy in. LOL nope.
admin@beehaw.org 1 year ago
I got an email and TWO direct messages on Reddit. LMAO nope.
canis_majoris@lemmy.ca 1 year ago
I think it has to do with karma count.
I had two accounts, one had been scrubbed and was mostly used for commenting, and the other was a porn alt.
The porn alt has hundreds of thousands of karma and it got multiple IPO messages while the original, older account got nothing due to being sub 5k on posts.
ptz@dubvee.org 1 year ago
I haven’t logged in for months, but I’d guess I’d have similar DMs too (that will forever remain unread). Only reason I didn’t delete the account was because so many people kept showing their accounts being restored against their wishes.
BolexForSoup@kbin.social 1 year ago
Fuck Reddit
athos77@kbin.social 1 year ago
users could become unruly if Reddit stock falls below the IPO price.
Lmao, dude doesn't know redditors at all, do they?
canis_majoris@lemmy.ca 1 year ago
Actually part of their IPO paperwork lists WSB as a potential positive benefit to the stock, in terms of having a clear userbase that will theoretically help sustain the value through shenanigans. That, to me, however, sounds like a securities violation waiting to happen.
I don’t check reddit anymore. Does WSB actually consider this stock to be, uh, actually valuable? Every corner of the internet I’ve seen discuss this topic have all noted how worthless they think the shares are going to be. My money is on them shorting it.
bradorsomething@ttrpg.network 1 year ago
I’m pretty sure wsb will short the fuck out of it, lose money in the initial rise, then someone will make a few million in the death spiral
Penguincoder@beehaw.org 1 year ago
Username checks out…
jarfil@beehaw.org 1 year ago
WallStreetBets diamond hands to the end! 💎👐…💥
athos77@kbin.social 1 year ago
Lmao, I was thinking more about how fractious reddit is even without provocation, but you're right, too!
megopie@beehaw.org 1 year ago
I mean, this will probably kill the platform long term. Not the stock it’s self, but what’s going to happen when they need to start answering to an outside pool of share holders.
The website became popular because of its user curation and moderation. That meant it was showing people what they wanted to see and allowed them to self select into communities that facilitated that.
They’ll be forced to bring in smooth brained business types that will focus on putting ads and “native content” in people’s faces as much as possible. At the same time cracking down on “not advertiser friendly” content and mod teams that don’t play ball.
All of this has kind of happened already to some extent, but it’ll get a lot worse when shareholders demand they bring in consultants or new leadership who think they know better than the team that’s been struggling with this for over a decade. Even if the average user won’t understand what is wrong, they’ll spend less time there as it starts to fail to show them what they want. But hey, the share holders might make their money back before the platform dies.
GrindingGears@lemmy.ca 1 year ago
Oh man are reddit users in for it when they have to answer to the market and public shareholders. Who really will just be a bunch of evil boomers holding institutional blocks.
neocamel@lemmy.studio 1 year ago
Lol they’re trying to sell me shares at “pre-ipo prices”.
I asked if they have any puts available… So far no reply…
rinze@infosec.pub 1 year ago
What has been your involvement with Reddit as a user so far? I’m trying to understand what users are getting those offers.
Brad@beehaw.org 1 year ago
I received the offer on my 16 year old Reddit account, but not on another account I have that’s more like 12. Not sure if they went by account age or activity or what.
I did not try to get in on the IPO.
neocamel@lemmy.studio 1 year ago
I can only imagine that they’re offering it to me because my account is like 15 years old… Either that, or I have about 200k post karma and 100k comment karma. (Not big numbers compared to karma whores, but still more than your average user).
t3rmit3@beehaw.org 1 year ago
I got an offer. I was a user since 2012, I think? Definitely not a top poster or anything.
BioDriver@beehaw.org 1 year ago
I am not a broker and this is not advice. But I think this is a fantastic short opportunity.
astraeus@programming.dev 1 year ago
Who’s shorting RDDT?
bradorsomething@ttrpg.network 1 year ago
SHORTIT
Neato@ttrpg.network 1 year ago
So that’s how much they value their current and future data gathering operations to be. Because we know it isn’t going to turn a profit, ever.
onlinepersona@programming.dev 1 year ago
Just waiting for it to crash and burn in a year
cupcakezealot@lemmy.blahaj.zone 1 year ago
what on reddit is worth $6 billion dollars?
Catsrules@lemmy.ml 1 year ago
Users
jarfil@beehaw.org 1 year ago
NFTs, crypto…
Oh wait, they axed the main vector to make those valuable (third party apps), didn’t build a real market for any of it, then rugpulled everyone. Guess it’s just the Google results now… for comments that people forgot to blank.
Catsrules@lemmy.ml 1 year ago
Us…
gapbetweenus@feddit.de 1 year ago
Reddit is just like our all ex.
some_guy@lemmy.sdf.org 1 year ago
Wtf cares…
canis_majoris@lemmy.ca 1 year ago
“Our company doesn’t make money, it also is projected to not be able to continue to make money. We’ve attempted multiple ways of monetizing the userbase, all of which has not recouped costs. We value ourselves at 6.4 billion dollars.”
lol, she said.
lmao.
stealth_cookies@lemmy.ca 1 year ago
That means that over and above whatever debts they have, they think the market values the data their users have given them is worth that much. That said, if Google is only paying then $60M/year for access to that data, they are going to need a lot of customers like that to reach $6.4B valuation.
canis_majoris@lemmy.ca 1 year ago
It’s also only valuable if people keep contributing to it. It’s highly likely the majority of current existing reddit data has been largely incorporated into many LLMs prior to the API access limiting. Google paying them 60 million dollars is a hilarious pittance to keep training their LLMs, given how much money AI services will likely generate off of the training data.
I don’t actively use reddit anymore, but when I need an answer to something that isn’t programming-related, it’s usually the top source on any given web search. That kind of content is basically the only stuff I would give a shit about. I can’t imagine how much absolute garbage you have to sift through on the platform to get reliable training data. Maybe the ratio is terrible and that’s why Google paid so little.
HeartyBeast@kbin.social 1 year ago
.. and will give them