Any pointers on how to report them?
As requested, I’m posting the full text of the email into this post body. I hope it’s screen reader friendly:
u/USERNAME,
tl;dr – you’re invited to a special program that lets redditors purchase stock at the same price as institutional investors when we IPO. Details about eligibility and next steps follow. This (long, dense) email has all the info we can provide due to legal restrictions.
As you may have heard, Reddit has taken steps toward becoming a publicly traded company with the initial public filing of our registration statement with the U.S. Securities and Exchange Commission on February 22, 2024. Yes, it’s happening.
And because you have helped make Reddit what it is today, you now have the opportunity to become Reddit owners at the same price as institutional investors.
We’re offering a Directed Share Program (“DSP”) that invites eligible users and moderators who have contributed to Reddit to participate in our initial public offering (“IPO”). (Including you!) Program Requirements While being selected to pre-register is the first step, there are certain legal and regulatory requirements to participate in the DSP that are outside of Reddit’s control. Bear with us here…
To be eligible for the DSP, you must: • Be a current U.S. resident; o You will be asked to provide the DSP Administrator a valid social security or permanent resident number, along with other personal information. Reddit will not have access to this data. o Please note that U.S. residents using a VPN may face application limitations if the VPN locates them in certain non-U.S. jurisdictions. • Be at least 18 years old; • Provide your full legal name and an email address; • Not be a current or former Reddit employee (FTE). When the DSP launches (a few weeks after pre-registration ends), individuals who have been confirmed for the program will be contacted by our external DSP Administrator. You will then be asked to provide additional information securely to the DSP Administrator to confirm your eligibility. How to pre-register The number of people who can participate in the DSP is limited; we will offer this opportunity to as many redditors as we are able to accommodate. If capacity is reached before the deadline, you will be added to the waitlist. Based on demand, we may also limit the number of shares available.
If you are interested in being part of Reddit’s DSP, please go to https://reddit.com/dsp on desktop to complete the pre-registration form. If you are one of the confirmed participants, we will follow up with an email with more details in the coming weeks. You can also refer to the Frequently Asked Questions for more information. Due to regulatory restrictions (yeah… we know…) we are not able to respond to further inquiries or questions.
Pre-registering does not guarantee that you will be invited or able to participate in the DSP; it also does not obligate you to purchase shares.
As with any investment opportunity, you should make an individual decision based on your own personal circumstances and risk tolerance. Therefore, we urge you to review the preliminary prospectus, when available, before deciding whether to invest in Reddit.
The deadline for pre-registering for the DSP is March 5, 2024. If capacity is reached before the deadline, you will be added to the waitlist. What happens next? While there won’t be a confirmation email immediately after you pre-register, everyone who pre-registers will receive an email in the coming weeks from “[email protected]”, telling them whether they can proceed with the next steps for the DSP.
This is an automated message (beep, boop, beep) and does not receive replies. Please refer to the FAQ for more information. Per our lawyercats, we are not able to respond to further inquiries or questions. Prospectus and Important Disclosures The offering will be made only by means of a prospectus. When available, a copy of the preliminary prospectus related to the offering may be obtained from: Morgan Stanley & Co. LLC, Prospectus Department, 180 Varick Street, New York, New York 10014, or email: [email protected]; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316, or email: [email protected]; J.P. Morgan Securities LLC, Attention:c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: 1-866-803-9204, or email: [email protected]; and BofA Securities, Inc., NC1-022-02-25, 201 North Tryon Street, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department, telephone: 1-800-294-1322, or email: [email protected].
A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This notification shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
No offer to buy the securities can be accepted and no part of the purchase price can be received until the registration statement has become effective, and any such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any time prior to the notice of its acceptance given after the effective date. An indication of interest in response to this notification will involve no obligation or commitment of any kind.
You are receiving this email because a Reddit account, USERNAME, is registered to this email address. 548 Market St., #16093, San Francisco, CA 94104–5401
it say’s “be US resident”. Why do they believe your a US resident? Maybe using vpn when signing up huh.
I received it as an Australian and I don’t use VPNs.
They blanket sent the IPO shit to every big account.
If only they on reddit were so smart to check such stuff before sending the email. I also got the email here in EU and I never used VPN in my life.
Same here in Canada.
I’d be curious what the “cutoff” date is for eligibility for this. It could be that they generated the list of accounts they’d be sending this offer to some time ago, and OP deleted his account after that point.
I’ve never used a VPN, and from numerous posts, many of them in my native, non-english language, it would be easy to derive that I’m not an American citizen. I’ve even stated that fact in a number of posts.
I still got an invitation. I reported it as spam.
They only deleted my account once I @'d them on LinkedIn about the violation.
FWIW, I personally didn’t receive this email on any of the delete accounts.
Now, what is the 3x Bear Reddit ETN?
I haven’t used my reddit account the API change, beyond maybe 3 or 4 comments. I got an invite. How the fuck was I one of their top 35k most active users? Seems like their site isnt nearly as active as they’re claiming
I got the email, also… And like you, I’ve not used reddit since the api BS. I’ve not logged in, commented or anything since just before sync stopped working.
deleted by creator
Karma was a relevant factor. I guess if yoi had a good amount of karma it may have contributed to it.
I too got an email and haven’t posted at all since the API change.
If I really was in the top 35k before that, then at least I know quitting Reddit made some kind of dent in their content.
Did you post a lot? Do you have email notifications turned on?
My old account has… a lot (six digits worth), of comment karma. But I think I posted a grand total of three times in the last ten years or so. I also have notifications turned off. So, no IPO notification for me.
It’s based in Karma. Since I had over 200k I was invited in the first group even though I hadn’t logged in since the change.
ah i thought it was based on activity (though Reddit wrongly likes to correlate the two)
People should express interest, and go through whatever steps just short of actually buying
I have 40k karma on an 12 year old account and was invited. Obviously not buying that sit tho
Same. 13 year account with 42,000 karma. Have not been on since the API change. Never a mod, never part of anything special, just a regular user in every way.
There are a couple other factors. Were you a mod? Did you ever participate in one of reddit’s community programs like the Helper Program or Mod Council?
The 3 criteria are MVP status, which is based on participation in certain programs, Karma, or Mod Actions.
Just chiming in, 34k karma (only 4 post karma) and haven’t posted for 9 months. Never a mod. I also got the IPO offer. Think I was gifted gold one time.
Yeah I just got an invite as well and I haven’t logged in since the protest that brought the first wave of us here. So karma has to be a deciding factor, I had over 100k I think so that would be the only reason I got an invite.
100k is the threshold for the second round of invitations.
They must be into round 4, I have never been a mod.
It’s either/or. I’ve never been one, but since I had over 200k Karma I was in round 1.
Let me check my “deleted” reddit account email real quick.
They sent one to my deleted account that was literally called GDPR_Violation lol
lmfao
0 fucks given
There really needs to be a resource where data subjects can pool their evidence and collaborate on GDPR actions against common data controllers.
You might want to crosspost your story to [email protected]. But if you do that be clever with your phrasing so as to not seem to be asking for advice, but rather for information. E.g. is there any case law for this situation…
(I’m assuming you’re in the UK because other commenters focused on UK law)
They once sent me an email, about their new privacy conditions on my deleted account too. If you live in EU I’d recommend forwarding this message and the confirmation of your account being deletes to your local data authorities. It’s pretty easy to file a compliant
Don’t give websites your email, what a silly thing to do
You are on a privacy-offending Cloudflare site (#LemmyWorld), so Tor users are blocked from seeing your Cloudflare-jailed image. If you care about privacy you will bounce from that instance.
Without seeing the image, I have to ask how an anonymous user gets #GDPR rights. Or has #Reddit started supporting an identification mechanism of some kind? When I start the reg process, it asks for an email address, username, and pw, not a first + lastname (but my test stopped when a Google reCAPTCHA push was attempted). I have zero sympathy for Reddit – they are rotten to the core scumbags, but I do not see how the GDPR can be applied to anonymous accounts.
(edit) I gather from other comments you must have posted an email. Would be great if you could copy the text of the email into the body of your post so everyone can see it and so people using screen readers can hear it. Thanks!
Will do! Just a moment…
Thanks!
The
To:address in the header would be interesting. Of course, you wouldn’t want to disclose it verbatim here but it might be useful to have a rough idea. Was it [email protected] or some variation of that, or was it more like [email protected]? Some people here think it doesn’t matter, that it’s inherently personal info, but the European Commission says it matters. It’s not hard and fast; there are varying shades of gray here. Maybe they kept logs of your IP address and maybe that makes a difference. You might want to read WP136 (I have yet to read that).I would love to see action taken against Reddit, if anything just to burden their lawyers and create some costs for them. But I doubt it will go anywhere. GDPR enforcement is such a shit-show in Europe. Even dealing with clearly blatant violations that are wholly internal to Europe which should irrefutably incur penalties, simple obvious cases are being ignored by DPAs. So I have little confidence that this cross-border case against a non-EU data controller would actually get results when the law is not really concrete. The one factor in your favor is that Reddit is somewhat high-profile which might take a DPA’s interest.
I don’t think a “delete my account” button constitutes an Article 17 request. It removes the purpose of processing to some extent, which then relies on the data minimization principle (Art.5). Reddit can do a bit of hand-waving to make excuses like needing to retain your email address in case one of your posts sparks a legal inquiry. Your case would be stronger if you had submitted an explicit Art.17 request to Reddit.
From the email:
Per our lawyercats, we are not able to respond to further inquiries or questions.
I wonder if that statement might be actionable. Art.12 and 13 require Reddit to identify a data controller with a point of contact and to tell you your GDPR rights (IIUC). And here they are outright stating in effect “we don’t want to hear from you”. I would stress that in your GDPR complaint, not just the misuse of your email which you expected to be deleted. But note they do provide an address at the bottom of that msg. Although that angle of attack might require Reddit having a way to know you have ties to a GDPR region after the supposedly “deleted” your acct.
Also, I would look into any anti-spam laws your country has. There may be a higher degree of legal actionability there.
deleted by creator
I received one for a dormant account, but am Canadian so I couldn’t use their IPO insider advantage even if I wanted to
Makes me think this thing is gonna Drill immediately after launch, take everyone’s lunch, and eventually rebound (or get bought by Meta/Alphabet/Microsoft/Apple on the cheap)
Its a bad bet imo too. The enshitification of reddit excelerates on an exponential curve, like a shitty inverse of the tech it is based on.
How good is an app if you feel better the less you use it?
Does the GDPR have teeth against this kind of violation? Could Reddit be hit hard with violation fees?
If the user resides in Europe then yeah. This means they didn’t follow GDPR and still retain data on user(s).
It’s in the GDPR jurisdiction but Reddit accounts are anonymous AFAIK. IMO the GDPR does not protect anonymous data.
E-mail counts as user
identifying(it’s a bit more complicated) information per the GDPR, so clearly they have kept user identifying information so the GDPR applies.EDIT: as pointed out by @[email protected] and from reading recommendation wp136 provided by him in a different post, the e-mail, unless it contains the full user name is user idenfityable information - because it can be crossed with other data (not necessarilly the IP address) to identify a person - rather than identifying information. Either way, it is considered “personal data” by the GDPR, as said very explicitly in that document which gives e-mail as an example of such. The same applies to IP address (mentioned below).
Even an IP address is user identifying information per the GDPR, which is why if for example a website wants to be compliant without obtaining explicit user authorization, it needs to do things like not maintain logs with IP addresses for longer than it would be necessary to track down problems with the website or intrusion attempts.
Right, so e-mail address together with IP address would then make the e-mail that of an identifiable user under Art.4(1). So the OP needs to find out if an IP address was logged and retained in connection with the email address.
Automatic emails have revealed so many LGPD violations with my accounts too (LGPD is the Brazilian version of GDPR).
That’s cool, had Brasil mirrored any other EU legislation too?
So cool to hear that Brazil has a GDPR equivalent. That (and the fact that Bolsanaro got booted) makes me want to live there.
Embarrassing that the US can’t get on the ball with this.
Does your law specify that deleting an account must perform the full data deletion? GDPR doesn’t, one needs to manually request the procedure via email or postcard. Iirc, they are in fact forced to maintain personal data for X years in case the user requests it.
Kind of. Yes you really should make an Art.17 request to ensure having a strong GDPR case in the event of non-compliance, but technically there is still an Art.5 data minimization rule that applies to data that is no longer needed for performance of the contract.
There are several reasons why the data should still be kept even with art. 5, if for whatever reason legal entities need to contact you for something that you posted long ago that was archived somewhere else, reddit must keep your contact info, albeit just that, in the spirit of art. 5.
Now, if they are allowed to use that contact info to send you promotional content? I don’t think so. Furthermore, this mal has been sent to accounts that had more than X comment karma, and having that info stored still would breach the data minimozation clause, so idk. I wouldn’t try to sue them in these grounds though.
They’re getting desperate to find bag holders.
it’s getting more obvious they are going to pull the rug, admittedly I haven’t followed too much on the situation or on reddit at all since I stopped using reddit almost a decade ago. the site really went to shit didn’t it. I just grab my popcorn when new updates pop up these days, all reddit is for me now is an end result from a google search about a problem.
They don’t have to. There is no “pump” phase, we are already in the “dump” phase and Reddit is just dumping their stock (or gonna be when they IPO).
exit liquidity
Youre telling me, they sent me TWO invitations for two of my accounts. One of which I retired years ago because the username was kinda insensitive. Its been inactive for years, yet apparently it has enough karma for them to message me about it.
Tells you about how much karma you have to be an investor
You should be very VERY vocal about how your account, insensitive name, was asked to own part of Reddit and how willing you are to do that, in order to make sure that the world knows that reddit is owned in part by insensitive name…
I think it’s more than that.
The price for these shares is probably not cheap for the individual, but won’t raise a ton of money internally in the grand scheme of things. At least, that’s how it works for employee options and phantom stock. The disparity here is due it’s utility as a retention mechanism. The idea is that, if invested, you’re less likely to jump ship until after IPO. With options and phantom stock, they typically have a “vestment period”, so you have to wait before you can get your money back out.
In this case, Reddit knows it needs its moderators and power users, but can’t afford to employ those people. So we get this weird middle-ground where they entice people to stick around, but they’re still not employees. As a bonus to Reddit Inc., these “investors” will provide ballast for the IPO, because I’m betting this stuff has a vestment period that extends well past the IPO date. Seeing this all on a balance sheet will make other investors feel a lot better about buying or even holding shares when the IPO kicks off.
What I really don’t like about this is that they mention the “DSP” and define it, but are coy about what the actual investment instrument is. What kind of shares are these? What is the price per share?
Reddit: “what are you fuckin’ gonna do about it,…?”
Give 'em that sweet 4% global revenue fine after their IPO goes through would be a blast.
Didn’t they make a loss?
So 4% of negative global revenue is… a profit?
That mean they get paid?
Revenue is all the money they have earned, not the money that they can necessarily use or “withdrawal” and run away with. If you spend 1 million and earn 0,5 million you still have a revenue of 0,5 million (and a loss of 0,5 million)
So yes they can still get fined (obviously) but it’s extremely unlikely that they will be fined the maximum amount possible. Especially for something small like this. As far as I know the DPAs has never fined anywhere close to 4% of global annual revenue. They are probably saving the higher fines for really serious violations.
It probably gets way more complicated with tax and all that, but I ain’t no accountant so I dunno.
Edit: The highest fine ever (since May 2023) is for Meta at 1,3 Billion USD and that’s roughly 1 % of their global annual revenue (116,6 Billion USD) for 2022. That’s half of the maximum fine for a normal violation and one-quarter the maximum fine for a serious violation.
Yupes, not just Revenue but actually Global Revenue.
It’s not exactly hard for a large transnational company to create accounting losses or even move revenue around to appear in some other country (usually using elements of intellectual property, such as costs for licensing Trademarks or Copyrighted material, which is why large Tech companies love it), but ultimatelly, money coming in anywhere in the World is money coming in anywhere in the World, and you can’t really avoid declaring it short of outright accounting fraud (something which can result in prison time for the people involved and it’s pretty impossible to hide unless they’re cash or crypto payments).
As Revenue is pretty straightforwardly “money in” (no taxes, no depreciation, no expenses - such as paying “trademark licensing costs” to a daughter company in a tax haven, which is a way of moving profits around - considered) it’s pretty hard to manipulate and Globally means you can’t avoid it being counted by trickeries such as having a daughter company in a different country be the one that receives payments.
Do it before so the price tanks
