Technology

Reminder that shorting is a high risk play and you should never make investment decisions out of spite.

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

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.

fuck spez

Also this scrambling to make Reddit "profitable" and fucking Spez pays himself nearly $200 million a year. Fucking ridiculous. Burn it down. Build something better that hasn't been captured by complete twats.

I don't care about my ex

Leopards ate my face. They are acting like this is a new betrayal that needs stopping. These are the same people who were telling us the 3rd party app changes aren't a big deal.

I don’t get why, if these people hate Reddit so much and they want the IPO to fail, why are they still using the platform?

Once people get burned with that stock purchase email, they are going to have even more pissed off users.

Reddit's owners are the risk factor.

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.

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.

This feels like another "Netflix are coming after password sharing, HOW DARE THEY, EVERYONE WILL CANCEL AND THEY WILL BE BANKRUPT IN 6 MONTHS" circlejerk we recently read.

Then Netflix announces a pretty good quarter and all of a sudden these people are silent.

This feels like it'll be that. I could be wrong. But it really feels like the echo camber will lose its mind again in a few months when the stock is priced above zero and maybe actually doing quite well.

Reddit warned us that its users were a risk factor

This means they're positioning themselves solely as a source of training data. If their users are a risk factor, not the entire product, they're completely uninterested in maintaining a user base and think that what they have is all they'll ever need to sell.

Fuck Steven Huffman.

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 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.

What's an IPO?