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Ya love to see it folks.
Hey there, it’s been a while, hope you are doing well
Hold on guys. I want to sell you all together for a lot of money. I mean not you personally just everything you write. No worries 😁.
What are our rights with posts on lemmy? Can AI companies just scrape the data?
They can, and they do.
If it is publicly accessible, then yes, they scrape the data.
This is literally how search engines have worked since damn near the inception of the internet.
Wasn’t there robots.txt at least?
There was, and still is
Robots.txt is a compliance standard afaik, more like an advisory guide. It cannot enforce bans on scrapers, it sets some polite boundaries for the website.
This reminds me of the things preceding the 1929 stock market crash. I’m not a history expert and know very little about it, but I recall that just before it happened, many people who ordinarily did not care about the stock market or had to means to care about suddenly started speculating in the market. That may not have lead to the crash but possibly it was a symptom of whatever has fuckening. I think just looking at us all here talking about how reddit this and that blah blah, that’s a symptom of the impending market crash of the early 20’s. LOL it would be hilarious if it happened exactly in 2029.
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Why do we keep seeing these fake news headlines? It’s up 40% since IPO.
I see up 45% since IPO but did go down 14% in last 24h
Also confused
It’s not a fake news headline - the stock closed below the first day close price, not the IPO price.
Why were insiders allowed to sell so quickly?
There’s a lot of confused people in these threads. Steve Huffman sold 500,000 shares as part of the ipo, so they were some of the shares sold immediately before they opened on the market (at the about $30/share price). He still holds 4.1 million shares. Other insiders sold some shares as well. Some shares were created to raise money for the company. Once the ipo actually happens and the price for all those shares is negotiated with the bank assisting and all initial buyers, then it begins trading on the open market. At that point they are in a lockup period, and they can’t sell anything for about 180 days. All of this is in sec filings, where you can see the source of all the shares that were part ot the ipo.
Look I hate Steve Huffman too, I’m here on lemmy after all. But this is a grossly over valued tech stock and there hasn’t been many tech ipos in a while. It’s very not surprising it would start sinking after an initial explosion of buying activity. It’s not dropping from insiders unloading stock right now though. They’re in lockup.
Steve Huffman sold 500,000 shares as part of the ipo, so they were some of the shares sold immediately before they opened on the market (at the about $30/share price).
I suspected as much. I got the invite too, and thought about putting some money in. But I didn’t want to risk the chance of being King Steven’s exit liquidity, even if I could make some money on it, so I passed.
I wouldn’t have wanted to buy anything either. It’s actually slightly more progressive than most ipo’s in that sense though since it offered a chance to buy shares directly, but that’s not really saying much. A true public offering would allow anyone to place orders as a part of the initial sale. Usually just large financial institutions have the chance and then the price is very inflated by the time most retail traders would be allowed to buy. If we really want to help the rampant wealth inequality in the economy too, there should me some mandated equity that goes to employees whose labor built the company so everyone, and not just the board and a few venture capitalists, can profit from the stock sales. Which I guess is a roundabout way of saying workers should own the means of production. It doesn’t make sense to reward only so few for the work and ideas of so many individuals. And I think it’s a huge inefficiency in the economy that is detrimental no matter your view point (unless you’re a billionaire company founder who doesn’t care about the country, economy, or world as a whole I guess).
I believe the employees got taken care of here, at least the ones that worked for them directly and stuck it out. Equity compensation is such a key part of Silicon Valley culture that they probably couldn’t even hire devs straight out of college without offering them some stock.
I agree, tech companies are better than most in providing equity as a part of compensation, even for lower level workers. I wish it were that way across the entire economy though.
I still believe it was a PPI collection scam. The form I was given to fill out to get on the list was 100% hosted on reddit.com
I was indeed confused and didn’t ask that question with any agenda. It makes a lot more sense now. Thanks for clarifying.
Absolutely, and I did not mean to imply you were asking with any agenda, just trying to be helpful. The articles about this are bascially clickbait and implying things that aren’t true in the headlines for more outrage. I think it’s unfortunate because there is so much to be outraged about in the process of ipo’s, how equity in companies is distributed in general, and who profits, and the clickbait distracts from the things we should truly be outraged about with some false controversies.
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“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.”
If they believed in the platform, they would hold. Yeah looks like they are looking for bag holders.
I think it matters more what percent of their holdings they sell rather than the amount they sell.
The COO holds 1.4 million now, so she dumped 25% of her shares
To be fair (and you can probably see by my username I don’t like reddit anymore), I think it makes perfect sense to dispose of a fair portion of your shares in this situation. Firstly, these asshats get paid part of their salary in shares, it’s natural to want to get more security on part of your income. Secondly, with how hard the price rose in the first couple of days, it makes sense. But people are welcome to disagree, of course.
How does that respond to the original idea, that is:
if they believed in the company, they would hold their stock.
You are not a genius for selling your company’s stock after IPO, you are a grifter. Doesn’t matter how many voting shares they have, doesn’t matter how much more money they need - they do get paid in cash too, and they can borrow against the stock.
So they sold out. Fuck them both for that.
if they believed in the company, they would hold their stock.
The COO holds 1.4 million now, so she dumped 25% of her shares
Selling quarter of your stock AT THE FUCKING IPO is a shame. I can’t believe people are defending that.
And I suspect they can’t sell the rest as easily as the A shares.
I have nothing I’m willing to defend about Reddit management, I love the idea that they will end up penniless one day (though I’m sure that will not happen.)
I just don’t think selling off 25% of one’s shares (necessarily) means what has been suggested.
That’s SOP for tech companies.
The point would be to diversify assets. You don’t want to gamble everything on the hope the thing you believe in is successful. Not that I think they believe in the platform, but it is probably a smart idea to diversify no matter what. 25% of your shares does seem like a lot though.
They get paid in cash ffs.
You sell stock when you think it’s overvalued.
Or you sell stock when you need to rebalance. Fuck spez, but selling 25% at IPO seems sane and reasonable to me.
If they sold at $50 a share, they pocketed over $25M each. Even after taxes, that is more than enough to live comfortably in any region’s cost of living.
That’s not diversifying. That is greed.
Them not selling isn’t any more greedy. No matter what, they own the value of the stocks, whether they liquidate them or not. It’s fucked up that anyone gets paid that amount in general, but they did and it’s theirs. I don’t know what you people would want from them. Isn’t holding onto the shares hoping the value goes up even more greedy?
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No, she held almost 2m, sold 25% and has 1.4m in remaining stock.
I deleted my comment because I realized my mistake.
I don’t know how much of a bag holding exercise it is instead of a “treat yoself” moment. Half a million shares at $50/share is $25 mil, minus 50% taxes is $12.5 mil.
That isn’t that much money in the bay area. Don’t get me wrong. It’s a lot. But that’s just a $4 million house with another $1 million in furnishings, and I’m guessing a nice car or two. Take the other $6 mil and invest in a diverse portfolio. They’ve basically sold their stock so they can square away their personal lives.
Won’t somebody think of the poor shareholders.
When I treat myself, it’s to a takeaway meal that’s like $20. Reddit has "never made a profit"™. Siphoning $16mil out of it on day one is obscene.
I wasn’t trying to make a “won’t someone think about the shareholders” argument. Thanks for the strawman.
Really the gist of what I was after is “you’d do the same in their position”. $12.5 mil is a lot, but we’re not talking about $12.5mil/year. Its a one time sale. Someone that earns $100,000/yr just saw 125 years of income materialize in a couple seconds. But if you had the same opportunity, you’d probably do the same. If you would instead donate it to charity, please let us know which charities you’d donate to.
Fair enough, you didn’t say you condone it. But your comment does read with much more support than I would offer. And asking me which charities I’d donate to… ha! I don’t see why that’s relevant. Maybe I would do the same, but I don’t already have an $800,000/yr base salary.
More relevant: this windfall would be 250yrs income for me. And on that income I already do donate to charity (albeit probably about 2% of my earnings). If this chump followed my percentage they would be donating 6 whole years worth of my salary on this windfall (plus 1/3 of my salary per year).
The point is “treating yoself” to $12mil after tax is absolutely obscene whatever way you look at it. Not to mention still sitting on 3x more than that.
In what way do you think they’ve siphoned $16mm out of Reddit?
Awarded themselves shitloads of stock, then sold a quarter of their shares each as soon as humanly possible. That money is not being invested in the company, it’s going straight in these individual’s pockets.
That’s not how stocks work. Share value doesn’t go to the company unless the company sells shares of itself that it owns. It also doesn’t lose money from share value unless it buys shares. The value of shares goes to the shareholder when sold, and it comes out of the wallet of the buyer.
It’s a show of a lack of faith maybe, but it doesn’t effect the company at all except for the effect on stock value from selling if the company also decides to liquidate shares too.
Share prices don’t only fall if the company liquidated stock. They will also fall from something like a mass sell-off because lower and lower prices will be commanded to sell large volumes of stock.
You know, like the one in the article that talks about the 25% drop in share value.
Yeah, I mentioned selling dropping the price, but the price doesn’t effect the company except for the stocks the company itself sells. Having an extremely high or low stock value doesn’t matter if the company isn’t selling stocks. It’s only an indication that the company is doing well or poorly.
The layout change this week is what did them in.
Wow, it doesn’t even resemble Reddit anymore. I was also immediately hit with a full page ad. Glad I left.
Full page ad? Like a post that takes up the whole page or a legit popup like a mobile game?
A large sponsored video that takes up 90% of the page.
Gotta get that MIC money, baby!
I love that the post about dis-inventing stuff is directly beneath an intrusive ad disguised as a post, a prime example of the kind of thing that should never have been invented.
It somehow looks like a more pic heavy twitter. It’s insane how much a site that was built and grew on its comment system seems to try and hide it now.
Because it’s bots all the way down
Digg reference?
They changed it yesterday. It sucks.
Let me show you this tiny violin 🎻
Now that is a tiny violin.
Looks like a tiny cello to me
It’s bigger than the emoji though.
That’s true. Violin science is complicated, man…
GOD I LOVE THIS.
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“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.”
Third bullet point. Nuff said.
That is definitely part of it, but r/Wallstreetbets is also shorting the fuck out of the stock.
One of multiple threads- https://www.reddit.com/r/wallstreetbets/comments/1bcfl86/reasons_to_short_the_reddit_ipo_make_big/
Oh I forgot about those guys. Juicy.
Tally ho lads
This is normal and not a big deal at all. Essentially happens with most IPOs.
Elle oh Elle 😂
I mean, yeah? Happens with most IPO’s after all and as long as it stays stable and higher than the 34 initial IPO price, I’ll be a happy camper.
You invested in reddit?
Yes. I had the chance to buy into the IPO with my old, dead account so I had some extra cash that I could invest/gamble with so I pickup a few shares and I put in a reminder to sell at the end of the lock out phase.
I mean you can hate reddit all you want, I’m not active on the site myself outside of a few niche communities that don’t have active home here but I personally don’t have qualms about making some money off of reddit if I can.
It’s honestly more that investing in a company that hasn’t been profitable for 20 years and has had the CEO admit they don’t know how to properly turn a profit doesn’t strike me as a good investment.
I’m not saying you should get out, your money is your business of course but you may want to look at how other IPOs performed immediately after release. The ones I know of are CRSR(CORSAIR GAMING), OLPX(OLAPLEX), and RR(RICHTECH ROBOTICS). All three of these spiked dramatically up after the initial offering, then crashed to less than half the price of the initial offering ( except CRSR which is at offering price currently).
Now these aren’t the same industries of course so things could differ but I would be surprised if it did. The selling of data for LLMs(AI) is very limited IMO mainly because the more AI generated content reddit has the worst the model will be for the LLMs and AI content is pretty high right now. RDDT just does not have good fundamentals for an investment, public sentiment is super low already and now viable alternatives are popping up like lemmy. I am also sure that now they are public reddit will only get shittier for the user leading to a lost base.
I am not a financial advisor, this is just my opinion. I would personally get out relatively soon after you capture some profits and not look back. Again I’m not trying to tell you what to do but I would strongly consider these things. Best of luck and I hope you get some nice gains from it!
So for me I have no faith in the company, I’m just making a bet with some extra money, and again it’s just my fun money to see if my theory that wall street is freaking insane and just still just chases after tech.
There’s no expectation that this will pay out big, if at all, and losing this little bit of cash won’t break me.
How long is the lockout period?
Piggy boy etc have a 180 day lock.
What about the incentive investors? The Reddit members that got the early invitation?
No idea
Whomp whomp
Yikes Shaggy, it was the old amusement park owner all along.
Ellen Pao is long gone, though.
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Well nice to see racism alive and well on Lemmy.
