this post was submitted on 20 Mar 2024
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Reddit power users balk at chance to participate in IPO as Wall Street debut nears (www.cnbc.com)
submitted 7 months ago by [email protected] to c/[email protected]
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[–] [email protected] 48 points 7 months ago (2 children)

“It’s being mocked so much it’s almost a meme,” she said. “I think a lot of those jeering secretly don’t want to be left out of things if this turns into a GameStop.”

This line especially is funny, because the majority of the people who bought into the GameStop thing ended up losing their money because they didn't sell when it was up, or bought in too late. The loss denial from that is what led to the whole Bed, Bath & Beyond stock BS which led to many more people losing money. I think the people who "don't want to be left out" if Reddit goes that direction have a very rose-tinted view of what happened there.

[–] [email protected] 14 points 7 months ago (1 children)

I was sent an invite to participate, I assume just because the age of my account, but there's no way I'd jump into that unless I already knew how to actively play the market. I'm guessing there could be an initial surge from people investing who recognize the name but haven't been paying attention to the site in the past year, and then everyone is going to start jumping ship when they realize the stock isn't going anywhere or is going to lose money.

[–] [email protected] 8 points 7 months ago (4 children)

I got that invite, too, despite having not used my Reddit account for over a year, and having relatively little total karma and no non-deleted posts, so it probably is just an account age thing. Or they tried all of their preferred targets, didn't get enough takers, and started lowering their standards. I sure didn't bite.

[–] [email protected] 7 points 7 months ago

I'm curious to see what actually happens, but considering the shit-show from the past year (and even before then) I have zero interest in risking my money. Shorting the stock sounds like the way to go, but stocks are way outside my knowledge so I'll just grab the popcorn.

[–] [email protected] 4 points 7 months ago

The thing I saw a while back showed It was tiered, I think 5 tiers, based on karma, with the last wave of people getting the offer being those with like 5k or some ridiculously low number basically meaning they offered it to nearly everyone.

If they had sold the shares with the first few waves it wouldn’t have gotten to the low karma users, which probably means it wasn’t well received.

[–] [email protected] 1 points 7 months ago

Also invited.
Though as I am a resident in the EU I couldnt evem participiate as it's limited to US only.
It's not like they have the info in the account and many log entries of login history and origin of country.

[–] [email protected] 0 points 7 months ago

you should sell your account. you can edit, overwrite, delete each post & comment with a script

[–] [email protected] 12 points 7 months ago

Me and a friend bought in, knowing that it was probably too late. I made a decision that I would rather lose all my money than sell at a loss. The stock jumped like another $90 right after we bought and then the bottom fell out the next day. We waited about a week and my friend decided to sell at a loss, losing $800. I refused to sell. A couple weeks later it spiked back up early in the morning and my sell order executed. I ended up making a few bucks on the whole thing. The most important lesson I learned from that experience is that I'm not as risk tolerant as I thought I was. I decided never to buy meme stocks, or risky stocks again, and I think Reddit's IPO falls into at least one of those categories.

[–] [email protected] 18 points 7 months ago* (last edited 7 months ago)

Fingers crossed that it will be a total fucking shit show when they go IPO 🍿

Oh, and fuck Spez. Fuck him in the ass with a jackhammer and some glass

[–] [email protected] 13 points 7 months ago

So we shorting?

[–] [email protected] 13 points 7 months ago* (last edited 7 months ago) (2 children)

Early last year I promised myself I would delete all of my accounts and leave reddit for good the day they launched their IPO. I'm a few hours early but both of my accounts are now officially deleted.

-fuck u/spez

[–] [email protected] 7 points 7 months ago

When people shifted over to here last summer I remember issue with comments and accounts being un-deleted, or changed back to what they were. I don’t know if that’s still happening but the archive still has both your accounts and all content.

[–] [email protected] -1 points 7 months ago

now-a-days if you hurt someones feelings they ban you if you go to r/reddit there is a mention of a user (by name) who got banned for saying Wesley Crusher [a ficional character] is a soy-boy

If they keep banning people for shit like this, they won't have any customers. And the character was a soy-boy.

[–] [email protected] 13 points 7 months ago

It's 8% of the shares in total. Everything prior was purchased in venture capital drives well below the IPO price. We both know that the price is going to crater after that. My incentive is to buy in now and cash out the moment it launches, but that's also their incentive and they're doing so much quicker with far more shares. If I kept my shares, my only hope would be that whatever dividends it pays out cover the 24/7 customer service job of moderating at the state minimum wage. It wouldn't at the amount it allows me to invest. The people drawing much more profit from their much cheaper shares will make that 24/7 customer service job worse as the website becomes worse to use and everything I say on it is sold to train the LLMs that are threatening labour more broadly.

The gamble every person who got that message faces is whether or not they think they can cash out within the first day. After that there is no happy ending for reddit, its mods, its users, or people dumb enough to invest in the modern Myspace.

[–] [email protected] 10 points 7 months ago

IPO = exit liquidity

Fuck anything to do with this pos

[–] [email protected] 9 points 7 months ago

Reddit is looking for bag holders.

[–] [email protected] 7 points 7 months ago (1 children)

This might be a worse investment than meme crypto and that’s really saying something.

[–] [email protected] 0 points 7 months ago

No I'm pretty sure it will not.