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A lot of Redditors hate the Reddit IPO | Reddit warned us that its users were a risk factor, and boy do they sound excited about shorting its stock.::Reddit seems like a likely candidate for a meme stock. But the actual reaction suggests that r/WallStreetBets isn’t going to send the stock to the moon.
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Reddit is getting worse every day, for a while it was worth it, but sooner or later, everyone reaches that point where the cons outweigh the benefits
I still feel surprised that people remain on Facebook and am slowly beginning to feel the same about Reddit.
And while Huffman now thinks that Reddit as a corpus of training data for AI is valuable, he let his board member Sam Altman siphon off Reddit data for free; Altman was, and still is, the CEO of OpenAI. Altman’s also Reddit’s third-largest shareholder and owns more than twice as many shares as Huffman. Altman was the CEO of Reddit for eight days.
Say what now
Huffman also made $193 million bucks, according to the article.
How much is a dollar buck in USD?
It’s just shy of a bison dollar
It’s equivalent to four quarter dollar bucks.
1 Buckaroo
About 1/10 of a banana
About a hundred Stanley Nickels.
Same as a bill.
Holy crap I did not know that! This is huge
Altman was the head of Y-Combinator, Reddit is a Y-Combinator project.
Nobody’s doing shit with this stock.
It’s all a manufactured cover story for hedge fund/institutional manipulation to blame retail for volatility and attempted fleecing.
I’m thinking of shorting it. My friend is definitely shorting it.
I’ll be shorting it the minute outs come out. Won’t buy naked shorts though
I had a good laugh when I got an email through basically offering a preorder of Reddit shares.
never did link my account to an email address. so that’s an email i never got. 🙂
*looks at c/WallStreetBets and puts on sunglasses*
Pump it.
I finally went back and checked reddit and I received the email too. I laughed as I read it.
This pre-IPO invitation to buy is the “pump” part of pump and dump, of course everyone hates it, lol.
“I think it’s pretty cool that Reddit is doing this IPO offer to their mods and users,” a Reddit user who asked me to identify him as Kevon tells me. “It’s a nice little thank you that actually may have some monetary value.”
Kevon’s considering buying shares in the Reddit program, and may buy more once it goes public, if he feels the stock is undervalued.
Kevon sounds like a nice guy, but someone should explain to him the difference between being given options and buying shares at the IPO price. Reddit’s not doing him any favors.
Dunno…if I can buy, then dump everything 15 seconds after open, it’d probably be an easy win.
There will be a spike in the first minute of trading, then it will crash and burn.
Yeah, we could ride this perhaps
I’d probably try something similar if I could, I’m not in the US though.
I don’t care about my ex
While I also feel like the past is better left in the past, I am certainly not above a little schadenfreude, either.
I have a feeling that if a pump and dump happens, all the people who are actually involved (who aren’t already rich) will have their funds completely taken from them and the companies behind it will claim it as an attempt to stop fraud or some other bullshit they know is fake news.
A la GameStop. The rich won’t let you play their own game.
They only let us play when they dont think we can effect them. Once our money gets in the way of their money, we see how the rich people have protections the government doesn’t even offer to itself.
Reminder that shorting is a high risk play and you should never make investment decisions out of spite.
No you should make investment decisioms purely for the fun of it.
Also, WSB has been wanting to short reddit for literally years, so this is barely news.
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DO NOT REDEEM!!
Ohh dear
Kitboga, this you?
To quote XKCD’s “Engineer Syllogism”:
-
I am good with numbers and math.
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The stock market is mostly numbers and math.
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Therefore, I would be – wait, where did all my money go?
Second premise is false
No shit Sherlock
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Playing the stock market at all is a form of gambling. You should never gamble money you aren’t completely willing to lose.
And with shorting there’s no upper limit to what you can lose.
Not true
It is true.
You buy a stock for $30. At worst it gets to $1 and you lose $29.
You short a stock for $30. There is no upper limit to how high it can go.
Yeah, if there’s a “Superstonk” style event, the shares might jump to $1000 per share.
Say you shorted 100 shares. If you shorted it at $30, the absolute maximum you could make is just under $30 per share, or $3000. But, if it jumps to $1000 per share, you would lose $970 per share, and owe $97,000.
Maybe it’s not technically possible for there to be “no upper limit” to what you could lose, but you could easily lose many multiples of the maximum possible gain.
In theory that’s true but you’ll get liquidated at some point.
No. There are lots of ways to short a stock which just means betting that a stock will fall. If you buy Puts you go short, you can only lose the money you spent on the Puts. What you are talking about is unhedged short selling but that is far from the only method to short a stock.
Yeah but I would short just a little, considering it will have hard time going 100x. Tbh 10x would be as difficult, but gotta play safe.
100%, this is a trap being set for retail investors… not touching this even if I had a 1000ft pole.
What if you had a 1001ft pole?
If I had a 1001 foot pole I wouldn’t be browsing Lemmy on a Saturday night.
Then it would be called buying puts instead of shorting
That’s the whacking pole
A reminder that the stock market and any kind of high level money market of any kind including digital money … is a rich man’s game where poor are by design destined to lose.
Yeah, well even some rich people are bored redditors.
This is a gross over simplification. Yes, rich people can have higher risk tolerance, but that doesn’t mean people shouldn’t be going long on index funds and otherwise safe, low risk investments for retirement with what they can afford to.
Yes, rich people can have higher risk tolerance
It’s not just risk tolerance. The very rich can manipulate the market in ways that the poor can’t.
You don’t need to manipulate markets to dollar cost average the S&P500 for 40 years and retire. This is a get rich slow scheme that’s worked since the inception of index funds.
Yeah, and some rich people may do that. But, other rich people aren’t satisfied with the returns of an index fund, so they’ll manipulate the markets to get higher returns.
I don’t know what you’re trying to get at. The original comment stated the stock market is a rich man’s game that poor men are designed to lose. I pointed out that anyone with extra income can take advantage of the stock market and not lose. Just because rich people can take advantage of market manipulation doesn’t mean poor people have to lose.
And then listen to every asshole yell ‘but think of their retirements!!1!’ when the stock market shits itself.
Fuck this system. It’s original intent is way long gone, and we should stop pretending it’s helping anyone but the rich.
The market can remain irrational longer than you can remain solvent.
Holy shit put that on a t-shirt
It’s a Keynes quote and there are already tons of shirts
Not likely Keynes according to Quote Investigator.
Just… perfect
I think this company is deeply and uniquely incompetent and will never deliver on its objectives.
It will be about a week until options come out. A put option simulates renting 100 shares of a stock over a time period, and collecting the difference between the strike price you pay for and the lower price if there is one. If the price ends higher, you lose the rent you paid.
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It would be hard to get that many separate entities to all start shorting a stock all at the same time. Especially on a well known entity that may have quite a bit of action.
I’m apparently one of the “power users” because I got the IPO investment invite.
In Canada.
Haha same despite not being active at all for months now. In any case, the email explains only residents of the USA are eligible.
Does anyone remember this?
Reddit hackers demand $4.5 million ransom and API pricing changes
Still waiting – and hoping – for the other shoe to drop.
Predicting the long-term results of the reddit IPO is tricky, because it involves two large groups of highly irrational actors. 'Tis a silly place.
I speculate (hope) it will go very poorly for them. But anything could happen. They might fail upwards and print money.
Will be interesting to watch.
I’m guessing it’ll do pretty well, at least initially. There’s got to be a whole lot of investors out there who just want to get in on the new big tech IPO and still jump in. I’m not convinced the WSB crew will really move the dial. Yeah it’d be an amusing and salutary lesson if the IPO shits the bed but I can’t see it happening. I’m no expert tho!
They lost about $90M in 2023, seems like a really bad investment. But yeah, it probably will do well, at least for a while, because it’s all just gambling and BS.
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