Reddit power users balk at chance to participate in IPO as Wall Street debut nears
Reddit power users balk at chance to participate in IPO as Wall Street debut nears
Reddit is inviting some users to participate in its IPO this week, but moderators told CNBC that they're not taking the company up on its offer.
“It’s being mocked so much it’s almost a meme,” she said. “I think a lot of those jeering secretly don’t want to be left out of things if this turns into a GameStop.”
This line especially is funny, because the majority of the people who bought into the GameStop thing ended up losing their money because they didn't sell when it was up, or bought in too late. The loss denial from that is what led to the whole Bed, Bath & Beyond stock BS which led to many more people losing money. I think the people who "don't want to be left out" if Reddit goes that direction have a very rose-tinted view of what happened there.
I was sent an invite to participate, I assume just because the age of my account, but there's no way I'd jump into that unless I already knew how to actively play the market. I'm guessing there could be an initial surge from people investing who recognize the name but haven't been paying attention to the site in the past year, and then everyone is going to start jumping ship when they realize the stock isn't going anywhere or is going to lose money.
I got that invite, too, despite having not used my Reddit account for over a year, and having relatively little total karma and no non-deleted posts, so it probably is just an account age thing. Or they tried all of their preferred targets, didn't get enough takers, and started lowering their standards. I sure didn't bite.
Me and a friend bought in, knowing that it was probably too late. I made a decision that I would rather lose all my money than sell at a loss. The stock jumped like another $90 right after we bought and then the bottom fell out the next day. We waited about a week and my friend decided to sell at a loss, losing $800. I refused to sell. A couple weeks later it spiked back up early in the morning and my sell order executed. I ended up making a few bucks on the whole thing. The most important lesson I learned from that experience is that I'm not as risk tolerant as I thought I was. I decided never to buy meme stocks, or risky stocks again, and I think Reddit's IPO falls into at least one of those categories.
@ylai I got a long spiel as a “Reddit power user” inviting me to take part in the IPO. At the bottom it said, “you must be resident in the US”.
They know I’m not, but they sent the mail anyway. Not inspiring confidence there, guys.
Why would they have information regarding your national residency?
@SpaceNoodle Well, there's the fact that for the entire time my reddit account has been in existence I have literally not once ever connected from a US IP address.
You couldnt even opt out of the email. There was no obvious "opt-out" link present.
And I believe the company doing the IPO is also present in the EU?
Fingers crossed that it will be a total fucking shit show when they go IPO 🍿
Oh, and fuck Spez. Fuck him in the ass with a jackhammer and some glass
So we shorting?
Early last year I promised myself I would delete all of my accounts and leave reddit for good the day they launched their IPO. I'm a few hours early but both of my accounts are now officially deleted.
-fuck u/spez
When people shifted over to here last summer I remember issue with comments and accounts being un-deleted, or changed back to what they were. I don’t know if that’s still happening but the archive still has both your accounts and all content.
now-a-days if you hurt someones feelings they ban you if you go to r/reddit there is a mention of a user (by name) who got banned for saying Wesley Crusher [a ficional character] is a soy-boy
If they keep banning people for shit like this, they won't have any customers. And the character was a soy-boy.
It's 8% of the shares in total. Everything prior was purchased in venture capital drives well below the IPO price. We both know that the price is going to crater after that. My incentive is to buy in now and cash out the moment it launches, but that's also their incentive and they're doing so much quicker with far more shares. If I kept my shares, my only hope would be that whatever dividends it pays out cover the 24/7 customer service job of moderating at the state minimum wage. It wouldn't at the amount it allows me to invest. The people drawing much more profit from their much cheaper shares will make that 24/7 customer service job worse as the website becomes worse to use and everything I say on it is sold to train the LLMs that are threatening labour more broadly.
The gamble every person who got that message faces is whether or not they think they can cash out within the first day. After that there is no happy ending for reddit, its mods, its users, or people dumb enough to invest in the modern Myspace.
IPO = exit liquidity
Fuck anything to do with this pos
Reddit is looking for bag holders.
This might be a worse investment than meme crypto and that’s really saying something.
At least a meme crypto might get pumped. No chance it happens here.
No I'm pretty sure it will not.