Reddit wants to raise $748M with IPO, sets value at $6.4B

So only three years of Steve Huffman's salary?

Yeah, they kept sending me emails begging me to invest. Reddit’s IPO is a fucking clown car headed toward a cliff.

Reddit is planning six tiers of early access based on each "participant's contributions to Reddit," the company said in its updated SEC filing. Those tiers are based on a user's "karma" score, ostensibly an aggregate total of up/down votes on posts and comments.

The first tier of users will be those "who have meaningfully contributed to Reddit community programs," though what that means isn't explained more clearly. After that come tier 2 users, who must hold at least 200,000 karma points or have taken at least 5,000 moderator actions. Tier three includes users and moderators who hold at least 100,000 karma points and have taken 2,500 moderator actions. Tiers 4 and 5 are each half of the previous tier's total, and tier 6 includes everyone else, with a waitlist available if the total number of shares purchased exceeds the original 1.76 million.

Basically people who karma farm with low effort posts. This will only encourage low quality posts.

"Website that never made a profit thinks it's worth over 6 billion dollars. Yes US dollars."

☠️Reddit has NEVER been profitable ☠️

Looking at what reddit was and what Reddit is now, I genuinely can't imagine why anybody goes there anymore. The odd time I do some nice doomscrolling, I find that >99% of the content is re-heated and re-served. Nothing there informs me anymore. Nothing there inspires me. Nothing makes me think in a new way.

Every day the same thing ad nausea. Fascism bad. Sexism bad. Phobia bad. Musk bad. Orange man bad. Inflation bad. Boomers bad. Cats good. Name my rescue dog. Celebrity good. Celebrity dead.

That site should be renamed Reggurgitatit.

They should do a reverse gamestop on the ipo

748 million? I'll be surprised if they get more than 748 thousand.

lol I kinda hope it crashes and burns

I will be shorting once it plateaus a few days after launch. I'll at least finally get paid for them selling my data for a quick buck.

I mean I want a stripper girlfriend and a gold-top les Paul but we don’t always get what we want do we, Steve you prick

Access to.

But I don’t think I know a single redditor who got the offer who is buying. I’m not.

Why buy a company that can't make money and intentionally kills decent revenue streams?

Twelve dollars and a bitten sandwich. That's my final offer, and already more than generous.

It’s just hilarious to me how they have moderators on their platform doing all the work for them FOR FREE and they just sit there and try to get money for it.

There needs to be more of a movement away from Reddit towards things like Lemmy.

6 billion seems REAL high

But reddit, like twitter, has demonstrated it is a brand/service (just service in the case of xitter) that people are addicted to and will not quit. And stuff like AMAs and astroturfing demonstrate it has a lot of marketability.

Combine that with it being a treasure trove for LLM training and I could easily see it pulling 2-4 billion. More if the FOMO model works out for them and they have /r/wallstreetbets do another "the greatest act of democracy in all of human history" or whatever the tagline for rich people to convince idiots to help them manipulate stock prices.

So it would be less about buying a product to keep for a long time and more about something to exploit for a few years and throw it away.

So they're only trying to sell 11.7% of their total stock? Is that normal?

ended up clicking a reddit link the other day and saw DMs about reddit stock. Reported them for scamming and blocked the admins that sent it.

literally pointless but it felt good anyway.

What’s a reddit?

Now pull the other one. It has got bells on.

Hello