They have a price that’s still hundreds of times above their earnings. The stock is comically overvalued. It isn’t crashing and it has nothing to do with Luigi posting. Air is just coming out of an equities market that’s been hyper-inflated since before COVID.
I fear that a manufactured depression is forming that will completely wipe out the remnants of the middle class (workers who own assets).
Seems to be the intent
I left however many days ago my Lemmy account says - from being a daily user ^
So it was me that caused it.
You’re gonna get so much ankle, hero.
I hope my dude is sitting down somewhere alone
Not surprising seeing as theyve also been unjustly banning people again. Just got booted off the site today and was given zero explanation besides I “incited violence.” The link to the supposed “violation” didnt work then when I asked in my appeal they wouldnt tell me anything. Im left to assume its because my politics didnt agree with the current regime.
Musk has been pressuring them to go after critics of him, and the administration, and Reddit is capitulating. Cowards.
I suspect it is because they want to buy TikTok, and they know HitlerPig will award it based on appeasement and the bribe.
It’ll be funny to watch them start lifting those bans when they realize bending the knee to fascists isn’t gonna save the site. Oh well. They’ve shown their true colors as a platform.
I’ve wondered if that will happen once they realize they’ve chased off so many core members.
I’m not sure I’d return. I like the higher volume of posts on Reddit, especially in niche subs, but i don’t miss the bots, trolls, puns, novelty accounts, Russian karma farmers, etc.
IMO, anybody who invested is a fool. AFAIK the only user-generated content companies that have made the model work are Google (YouTube) and Meta, and that’s because they’re the advertising duopoly that controls the Internet. Maybe TikTok, but that one’s a mess. Twitter couldn’t do it, even before Elon they were a big money loser.
So, what does Reddit have that other companies don’t? Nothing really. And now that they did their IPO their investors are going to start demanding growth, which means enshittification. But, unlike YouTube where there’s no viable competitor, or Facebook / Instagram where there are network effects locking people in. Reddit users are mostly pseudonymous. IMO that also means much more likely to jump to another platform like Lemmy.
Their IPO was priced below $100, thus far the model still works. I’m guessing they’ll go the way of facebook, with dwindling user engagement but somewhat stable ad revenue since people go there out of habit or through links from random google searches for obscure topics.
But Facebook has network effects that basically lock people in. If they leave they leave their friends and family behind. It causes a collective action problem. If you leave, your friends and family stay behind. You want some way to move everybody all at once, and that’s really hard.
But, because Reddit is based on pseudonyms, people don’t tend to form attachments the same way, at least IMO. That means you feel less locked in. As long as you can find people talking about those same subjects elsewhere, you aren’t as locked in.
In addition, Meta is part of the online ad duopoly along with Google. They’re really good at monetizing their users. Reddit is just a smallish website and can’t compete with that.
For now, random google searches take people there. But, that’s based on the idea Reddit isn’t going to lock results behind a paywall / registration wall, or Google isn’t just going to slurp up the results and present them so someone never has to click on the Reddit link.
They’re not below the IPO price yet, but they certainly aren’t growing all that fast. They spent most of the time since the IPO barely moving, then they had a 3 month growth in their stock price, followed by a huge dip. The investors want growth, and growth requires enshittification, and enshittification will make people leave.
Very good point, I didn’t really consider that. And now I feel bad for not replying more to your elaborate response, but there’s simply nothing else I could add.
Maybe this is a dumb question, but how does the day to day health of the reddit community affect the stock price? Wouldn’t a simpler explanation be that reddit stock is in decline like most other stocks right now because of the overall market uncertainty?
Stock indexes, typical stocks, are down about 10% from highs around that period.
You guys are still using reddit?
Lots of local discussion groups that simply don’t exist on lemmy. I’ve tried getting them to move too.
No good drug sub here either
Trying to get drug ppl to change habits, am I right? 😏😂
Given that Xitter is going down the proverbial toilet, I am surprised Reddt didn’t see the risks in turning their platform into a right-wing cesspool.
This is u/spez we’re talking about here c’mon.
Spaz IS a right wing cesspool. So it is to be expected
Lol OP are you serious with this low effort shitpost? I’m all for shitting on Reddit but in case you’ve been living under a rock the past month, THE ENTIRE MARKET HAS GONE DOWN, OF WHICH ALL TECH HAS BEEN HIT THE HARDEST. I mean my God, what even is this community? Ya’ll drinking the Kool-Aid here hard.
shortly after the article came out talking about how Reddit is bending the knee to Musky’s hissy fit, I received two notifications from Reddit; one, a 7-Day ban for “breaking multiple rules” but not telling me what actually happened, and after sending them an appeal asking what exactly I was banned for, I received the second notification, telling me that I was permanently banned for, again, “breaking multiple rules”.
as far as I’m concerned, I’m finally free.
Sounds like they are panicing if anything
I am proudly permabanned from reddit for telling people to punch Nazis.
Punching nazis isnt mindless violence. Its violence against the mindless
Hey that literally just happened to me too.
I got a 3 day ban for agreeing that putin should die (after Selenskyj said it would soon be so) and the joking wish that his natural death also happens to his chosen successors.
Now im here.
They permabanned my main and unrelated business account for saying I didn’t care that Trump said Liz Cheney should be shot. Apparently not caring is also “promoting violence.”
Cheney is a warmonger who has called for the killing of millions in unjust wars. I don’t care if someone threatens her.
I mean things could not matter potentially but I left Reddit permanently and came here cause of this.
Echoing this.
Federate. Anonymize. Consensus based moderation. Without that we succumb to tyranny.
I gave up the game there after 12 years… of mostly lurking though.
I’m just trying to get permabanned for mentioning Lemmy and sharing my views on billionaires at this point
Last week, I got a 3 day ban from Reddit. The next day it turned into a permanent ban. Reddit claimed that it was due to a comment made about a video, showing a coach pull the ponytail of one of the girls on his team. While I don’t recall what my comment was, as the father of a HS girl who plays sports, it bothered me, but as a man in his 50s, who played football in the 1980s, who periodically got his ass kicked by his coach, when he screwed up, it didn’t bother me enough to say anything terrible. Of course, they deleted the post, and refused to elaborate. I’ve been supportive of Luigi, and have heard that Reddit was coming after Luigi supporters, so I thought that could be the real reason. Who really knows?
I had a 12 year account and almost a million karma, and was permabanned after the inauguration for a comment i had made many times. I came to Lemmy and found i was part of a bloodbath.
I’ve seen many people with bans on 10+ year accounts. We’re the people who built Reddit. Somehow we managed to make thousands of posts for all those years without bans, and suddenly all of us posted lifetime-bannable posts in the same month?
