This post tightly fits what I want to see in this community. Anti-corporate sentiment and “good news” for non corporate entities.
Frankly, surprised it was only that much of a drop.
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.
No, not a pump and dump at all! Totally confident in our ability to execute our fiduciary duties!
I bet they spelled his last name wrong on purpose
Fuck you spez
Yeah i was wondering about that then i thought i may be wrong as i only say “fuck you spez” but i guess i’m not wrong.
Spaz said his friends advised him to sell at least some, otherwise it would’ve drove him crazy.
If you are not emitting shares to raise money there is very little upside to going public except for your owners to be able to sell their shares.
Omg! I havent seen this! Its so ironic. These people get bolder and bolder. In case anyone wonders why this community exists! 😂
Omg! I havent seen this!
It’s in the article you linked…
I know. I obviously havent read it slowly enough to catch that. Thanks for pointing it out.
Correct me if I’m wrong, but redditors who were given the option to buy before the IPO are still in a blackout period, right?
I have no clue whatsoever, sorry. Someone else might know more but I‘m not sure if they will admit to buying reddit stock anyway. Might be easier to find an answer on reddit, as much as it pains me to say.
Heh heh heh heh heh.
… eeeeeheheheheheh. Heh.
Its entire business mode and potential to make profit one day l is 100% dependent on the endless free labour of power hungry, borderline sociopathic, scab mods who used the IPO protest to consolidate their influence and stab all the other mods in the back.
Unless reddit is banking on major AI breakthroughs to replace them, it was always a wild valuation.
LOL love your description of Reddit mods–spot on.
There was an IPO protest?
Probably meant API changes, which was the final step of leading to the IPO, shut out all competing apps using the site
Well, I was gonna short it 50% so I guess I woulda lost if I’d actually put my money where my mouth was. Que sera.
I just can’t imagine how anyone at Reddit thought that this would work out. It really has to be a pump and dump or spez doing a “I got mine” thing.
Someone mentioned he was told to sell some of his stock so he doesnt go home empty if anything bad happend but honestly, I dont believe a word of what he says.
It’s a bad look no matter how you view it. It shows a lack of confidence. For me, if you want me to trust you, I need to think that you’re all in and going down with the ship.
P.S. Think this is my first time seeing this sub. Just joined.
I agree completely. :)
Thanks mate! This sub exists since 12h roughly and people are subscribing a lot. I’m very happy that people seem to resonate with the idea and vibe. Please feel free to make your own post or crosspost! Great to have you.
When buying Bitcoin during one of its pump and dumps is more predictable and profitable that your IPO. I don’t mean this as a positive for Bitcoin but as a way to showcase how bad of an investment Reddit was to begin with.
Makes perfect sense! Thanks for contributing.
Someone recently mentioned that IPOs nowadays are just a scam. I tend to believe them. Just the banks and the buddies filling up their pockets. I‘m sad that stuff doesnt work like in the movie the wolf of wallstreet. Just get them on collusion and jail em.
I do think that IPOs initially did what they say: gather money and allow a company to start up properly. Over the past 20 years, though, the system has been completely gamified and now it’s just a way for people to legally pump and dump, with only a few companies actually making something useful among all the mess.
I completely agree. Thats how I view it as well.
Elizabeth Holmes and SBF are surely good examples of this.
They’re both new to me. Feel free to link a source so everyone can read up. :)
My dear chap, please enjoy the following:
https://en.wikipedia.org/wiki/Elizabeth_Holmes#Downfall
https://en.wikipedia.org/wiki/Sam_Bankman-Fried#Bankruptcy_of_FTX
Both are now in extended jail terms for being horrible, entitled people who thought they deserved all the things.
Well, this was a fun read! I knew of these two just barely. Now I understand what you mean. Real sweethearts they are! A cold shower runs down my neck.
The Wolf of Wallstreet was based on a true story so stuff does work like that. It also took 10 years before he was indicted.
That I didnt know. But honestly, jordan belford looks like thw good guy in comparison to todays megacorps. He at least went nuts with the money and didnt pretend to save the world.
Comparing a pump and dump to literally the best performing asset of all time maybe doesn’t make the strongest point about how weak the other is…
Wait, do you really believe that BitCoin isn’t just going to crash down one day and lose trillions around the world? It’s a bubble, it WILL collapse but we don’t know when.
Reddit official website and app are slow, click took 1-2 sec to load. Scrolling to the end it pause like 5 second to load more content. I don’t know why, it feel like they do it on purpose.
When I use 3rd UI back then, thing was blazing fast, whether it is on chrome PC or on my old android phone.
Probably to slow down scrapers who collect data.
I think it is too keep the ads on your screen a bit longer before you scroll pass it.
Probably. Thanks for mentioning it.
