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Reddit’s IPO Filing Shows Lots Of Losses After Nearly 20 Years
(www.forbes.com)
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this post was submitted on 28 Feb 2024
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I made a comment below about which of my old accounts were receiving the buy-shares offer. I don't know if what they're doing raises any speculation to someone with your background, but I'd be interested in hearing if it does.
Vonage did something similar where they let users get in on the IPO. Then got sued in a class action lawsuit because the stock tanked.
https://web.archive.org/web/20121104141751/http://news.cnet.com/2100-1036_3-6079765.html
Reading through that article you could probably find/replace with Reddit.
Oh, ouch! If this is similar, it's a bit ironic that they've pissed off the people who would've been most likely to invest in the IPO.
I would have totally been one of those IPO investors. I'm seriously considering shorting the shit out of it now.
Their R&D costs seem alarmingly high, when the most 'innovative' things we've seen come out of Reddit in recent years have been canned features like their own cryptocurrency and RPAN.
Other than that and Spez being paid a buttload in stock options...
I'd be really interested to see their R&D costs for 2022. I'm wondering how much of 2023's R&D was spurred by restricting the API code, and then allowing certain applications access; having to finally take seriously their decade-old promise to develop mod tools with no planning or preparation; their total surprise at having to provide access to disabled people; and having to update their app. Those are all areas where they were extremely happy to let languish, and which they suddenly had to provide expedited support for after the protests.
And from what I understand they haven't even gotten close to what third party apps had done for mod tools or accessibility.