Report: 75K loyal Redditors can snag shares before Reddit goes public
arstechnica.com
This is one of the more scathing pieces to come out on Ars about Reddit. As the site did not respond to inquiries, all that was available to report on was profoundly negative statements that Advance is unlikely to enjoy seeing.
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Gross, no thanks. The whole point of the IPO is so Huffman and all the other schmucks there with piles of equity can finally get their big pay day. Fuck the lot of them.
Yeah the fact they're deliberately targeting individual investors instead of institutional investors kind of underscores that this is a cashout.
Fully agreed, except that I would amend "get their big pay day" to "manage to unload their worthless-but-not-everyone-sees-it-yet equity before it tanks."
They'd planned to do that during or shortly after the IPO itself, but now that it's clear that whatever price they set for the IPO will merely form the high-water mark for the drubbing that follows, they need a new way to find some suckers. They will probably find a few. I think it's telling that they mentioned wallstreetbets as part of what justified this being a good idea in their minds.
I take some solace in the fact that they really mistimed the market for tech stocks. And it doesn't look like the interest rate money printer is cutting back on this year, so that should majorly kneecap them on this.
I.P.O. = come hold our bags 💼
Just look at the 5-year chart of Robin(the)hood $HOOD for a succinct preview
They're literally going to suck as much money off these schmucks as they can: First by selling their 'content' to AI, and then by just letting them give them money for shares that will pitfall.