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Reddit's Meme Stock Forum Users Threaten to Bet Against Its IPO (Bloomberg, via archive.today) (archive.is)
submitted 8 months ago* (last edited 8 months ago) by spider@lemmy.nz to c/reddit@lemmy.ml
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Reddit Inc.'s stock-trading enthusiasts made it a household name by backing companies that Wall Street wouldn't. For Reddit's own initial public offering, a group of them are about to flip the script.

In the days after the social-media company filed for an IPO, thousands of members of the WallStreetBets forum — which boasts around 15 million users and helped popularize meme stocks like GameStop Corp. — voted to boost a forum post about shorting the company, a sharp reversal of their typically bullish ways. Their avowed reasons varied from the company's lack of profitability to competitive concerns, and mostly centered on spite.

(paywalled on Bloomberg website)

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[-] DogPeePoo@lemm.ee 20 points 8 months ago* (last edited 8 months ago)

Yeah, Reddit was offering shares to high profile users/moderators. The CEO paid himself very near $200 million last year— and the company has never been profitable.

🚩🚩RED FLAGS 🚩🚩🚩🚩

I will stay far away from anything to do with it. (See Robinhood)

[-] photonic_sorcerer@lemmy.dbzer0.com 6 points 8 months ago* (last edited 8 months ago)

Pretty sure it was anyone who reached a certain karma threshold... I'm far from high profile and got multiple emails asking me to invest

[-] NuXCOM_90Percent@lemmy.zip 3 points 8 months ago

Think account age also had to do with it.

Been getting spammed on the email I have tied to the account I registered to squat my "real" online name. Think I made a grand total of one comment on that account something like a decade ago.

[-] nilloc@discuss.tchncs.de 1 points 8 months ago* (last edited 8 months ago)

Yeah I think it’s age too. I had 100k-ish fake internet points on a 13 year old account and got 2 messages about it, but not until last week. I think they’ve been Working their way down a list by account age.

Slightly tempted to throw a couple hundred bucks at out for lols.

I think todays the deadline though.

[-] stewie3128@lemmy.ml 5 points 8 months ago

I got a bunch of those emails too. Was not high profile, but had some karma.

Any money I put into that company via stock purchases would just line Steve Huffman's pockets during his exit ~~scam~~ plan.

[-] B0rax@feddit.de 2 points 8 months ago

They offered shares to me as well, and I am anything but high profile…

[-] DogPeePoo@lemm.ee 3 points 8 months ago

Lol They want your 💰💴💵

[-] Anticorp@lemmy.world 1 points 8 months ago

They didn't offer shares, they offered the ability to purchase shares at institutional purchase prices before the IPO opens to the general public. The price will likely surge after opening, so it's a pretty good offer.

this post was submitted on 05 Mar 2024
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