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.