CEO Steve Huffman and others disclosed sales days after the IPO.
  • Veedem@lemmy.worldEnglish
    2184·
    9 months ago

    He sold about 500,000 shares. He owned, apparently, 3.3% of the 17.06 million total shares of the company, meaning he had a little over 562,000 shares. He sold almost all of his shares. That doesn’t exactly exude confidence in future growth, IMO.

  • Gork@lemm.ee
    1052·
    9 months ago

    I’ve given up on buying stocks for individual companies. I’d rather just stuff it in an index fund and pretend it doesn’t exist for 10 years.

      • Ultragigagigantic@lemmy.world
        516·
        9 months ago

        I don’t. Such as the nature of living in the conservative fascist multiverse.

        You cant expect everyone to stop wanting to crush the weak just because you were born in a era of unprecedented technological advancement. Feudalism is still alive and well in some parts of the world, and it has been going strong throughout human history. For all we know, it will outlast democracy.

        We are cavemen and cavewomen with space ships and computer phones. Stop having such high expectations for us dumbasses.

        • BreakDecks@lemmy.mlEnglish
          14·
          9 months ago

          This is just you saying that you would crush the weak if you had the opportunity so you empathize with those that do.

          • Hamartia@lemmy.world
            92·
            9 months ago

            When I was poor and complained about inequality they said I was bitter; now that I’m rich and I complain about inequality they say I’m a hypocrite. I’m beginning to think they just don’t want to talk about inequality.

  • Boozilla@lemmy.worldEnglish
    26·
    9 months ago

    I won’t lie, I do regret not making a quick buck off of it. I could have gotten in at 30-something and out at 40-something easily enough.

    I just couldn’t stomach the thought of buying RDDT. I also guessed Pigboy Spez and his pals would leave us suckers holding the bag.

    Turns out some brave peasants did make money on the IPO. Just not this peasant.

    I suspect the stock will spiral down from here.

    • capital@lemmy.world
      8·
      9 months ago

      Meh. Hindsight and all that.

      People said it about Apple, Amazon, and Bitcoin. Can’t know which ones that will happen with and which won’t.

    • ramble81@lemm.ee
      6·
      9 months ago

      I didn’t want to tie my user name to my real life details for that payoff.

      • Boozilla@lemmy.worldEnglish
        5·
        9 months ago

        Same here! I gave them a fake email and didn’t want to do myself to them. Glad you brought that up.

        • Ultragigagigantic@lemmy.world
          2·
          9 months ago

          On the desktop version of reddit you can click through the screen that asks for an email. I never gave reddit my email.

          Had to make a new email for lemmy though.

    • Lucidlethargy@sh.itjust.works
      2·
      9 months ago

      I thought about it, and I refused on a moral ground to support reddit. It still may go up, despite everything.

      Rich people don’t usually have morals… That’s the difference between us and them.

    • Jordan117@lemmy.worldEnglish
      1·
      9 months ago

      There are no guarantees an IPO will pop, even a buzzy one. Uber debuted at the low end of their estimate and trended downward, for ex, and didn’t recover for over a year.

      • Boozilla@lemmy.worldEnglish
        1·
        9 months ago

        My instinct was that there would be irrational exuberance for the stupid stock. And ignored it.

        The market is often pure speculation and gambling until the sobriety kicks in.

        Anyway, I missed out on this one because of my caution and contempt for reddit. No point crying over it.

    • Stovetop@lemmy.world
      35·
      9 months ago

      I feel like he is Ellen Pao-ing himself now.

      His purpose is to implement all of the unpopular shit, take off with his golden parachute, and then a new CEO steps up promising better mod tools and maybe better performance in the mobile app. They’ll make the users think Reddit is headed in a positive new direction with Huffman gone, even though all of it has been preordained and effectively nothing will change, but at least the users will have their bread and circuses.

      • Jordan117@lemmy.worldEnglish
        6·
        9 months ago

        Problem is Pao cracked down on the toxic hate shit that was making Reddit risky to invest in. It was controversial but ultimately a net positive for the community. Huffman is essentially selling seed corn by betraying developers and power users for short term gain (unfettered bot traffic, juicing native app usage, selling out to AI companies). A net loss for community morale and cohesion.

        • Stovetop@lemmy.world
          6·
          9 months ago

          Ellen Pao was also the face of Victoria’s firing (who was actually fired by Alexis Ohanian). Other events outside of Reddit (her failed gender discrimination lawsuit and her husband’s own legal issues) also provided fuel for the then-nascent alt-right movement to position her as a feminist, POC bogeyman.

          It is also hilarious reading the things she was vilified for back then. How quickly the “free speech absolutists” revealed their true colors when they tried to make their own platforms like Voat. I remember reading shortly afterwards how the sites became “taken over” by the alt-right as the MAGA crowd got more vocal, but the truth was they were there from the beginning.

      • Ultragigagigantic@lemmy.world
        1·
        9 months ago

        Not only is bread not free, but it has increased 20-30% in price.

        That’s why the circuses have to be so ridiculous.

        Trump vs Taylor swift? The writers are getting lazy…

    • Ultragigagigantic@lemmy.world
      62·
      9 months ago

      There is no ethical consumption under capitalism. Especially the consumption of free labor from commentors and moderators.