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u/[deleted],

tl;dr – you’re invited to a special program that lets redditors purchase stock at the same price as institutional investors when we IPO. Details about eligibility and next steps follow. This (long, dense) email has all the info we can provide due to legal restrictions.

As you may have heard, Reddit has taken steps toward becoming a publicly traded company with the initial public filing of our registration statement with the U.S. Securities and Exchange Commission on February 22, 2024. Yes, it’s happening.

And because you have helped make Reddit what it is today, you now have the opportunity to become Reddit owners at the same price as institutional investors.

We’re offering a Directed Share Program (“DSP”) that invites eligible users and moderators who have contributed to Reddit to participate in our initial public offering (“IPO”). (Including you!)

Program Requirements While being selected to pre-register is the first step, there are certain legal and regulatory requirements to participate in the DSP that are outside of Reddit’s control. Bear with us here…

To be eligible for the DSP, you must:

Be a current U.S. resident;
    You will be asked to provide the DSP Administrator a valid social security or permanent resident number, along with other personal information. Reddit will not have access to this data.
    Please note that U.S. residents using a VPN may face application limitations if the VPN locates them in certain non-U.S. jurisdictions.
Be at least 18 years old;
Provide your full legal name and an email address;
Not be a current or former Reddit employee (FTE).

When the DSP launches (a few weeks after pre-registration ends), individuals who have been confirmed for the program will be contacted by our external DSP Administrator. You will then be asked to provide additional information securely to the DSP Administrator to confirm your eligibility.

How to pre-register The number of people who can participate in the DSP is limited; we will offer this opportunity to as many redditors as we are able to accommodate. If capacity is reached before the deadline, you will be added to the waitlist. Based on demand, we may also limit the number of shares available.

If you are interested in being part of Reddit’s DSP, please go to https://reddit.com/dsp on desktop to complete the pre-registration form. If you are one of the confirmed participants, we will follow up with an email with more details in the coming weeks. You can also refer to the Frequently Asked Questions for more information. Due to regulatory restrictions (yeah… we know…) we are not able to respond to further inquiries or questions.

Pre-registering does not guarantee that you will be invited or able to participate in the DSP; it also does not obligate you to purchase shares.

As with any investment opportunity, you should make an individual decision based on your own personal circumstances and risk tolerance. Therefore, we urge you to review the preliminary prospectus, when available, before deciding whether to invest in Reddit.

The deadline for pre-registering for the DSP is March 5, 2024. If capacity is reached before the deadline, you will be added to the waitlist.

What happens next? While there won’t be a confirmation email immediately after you pre-register, everyone who pre-registers will receive an email in the coming weeks from “noreply@redditmail.com”, telling them whether they can proceed with the next steps for the DSP.

This is an automated message (beep, boop, beep) and does not receive replies. Please refer to the FAQ for more information. Per our lawyercats, we are not able to respond to further inquiries or questions.

Prospectus and Important Disclosures The offering will be made only by means of a prospectus. When available, a copy of the preliminary prospectus related to the offering may be obtained from: Morgan Stanley & Co. LLC, Prospectus Department, 180 Varick Street, New York, New York 10014, or email: prospectus@morganstanley.com; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316, or email: prospectus-ny@ny.email.gs.com; J.P. Morgan Securities LLC, Attention:c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: 1-866-803-9204, or email: prospectus-eq_fi@jpmorgan.com; and BofA Securities, Inc., NC1-022-02-25, 201 North Tryon Street, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department, telephone: 1-800-294-1322, or email: dg.prospectus_requests@bofa.com.

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This notification shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

No offer to buy the securities can be accepted and no part of the purchase price can be received until the registration statement has become effective, and any such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any time prior to the notice of its acceptance given after the effective date. An indication of interest in response to this notification will involve no obligation or commitment of any kind.

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[-] veeesix@lemmy.ca 17 points 8 months ago

I got one as well. Didn’t know we had to cross a karma threshold to get an invite. I initially thought it was an open invitation to all users.

[-] snooggums@midwest.social 17 points 8 months ago* (last edited 8 months ago)

I got one pretty early (Feb 22nd) and laughed hard. Have a few hundred thousand comment karma on that account, so my guess is they are working their way down the karma ladder on the invites.

My assumption is that if they can get enough gullible redditers to buy the stock they can use that to show 'demand' at the IPO to jack up the valuation or to milk the redditers for what they can get before the stock tanks. Either way it seems shady as hell.

[-] Hux@lemmy.ml 10 points 8 months ago

I have the “opportunity” to invest in a platform which has operated for years without ever turning a profit?

This is known as “Eloning”, and I am not interested.

[-] jqubed@lemmy.world 9 points 8 months ago

A lot of comments have had people claim that Reddit is trying to associate real identities with their most active posters for AI training purposes. Looking at this it seems like the real identities will not be provided directly to Reddit for connection with accounts?

[-] scytale@lemm.ee 8 points 8 months ago

And not even active posters. I got one too even though I barely post anything. I have around 38k karma but that's mostly from comments over several years, not content creation.

[-] yoyolll@lemmy.world 8 points 8 months ago

I got one even though I deleted all my posts and comments months ago. I have not engaged on Reddit since then.

Also, what is the threshold? I only have 14k post and 19k comment karma which is pretty low considering the size and age of Reddit. I don’t think I’ve ever even posted anything in a large sub, just niche hobby ones.

Are they just asking everyone now?

[-] Aidinthel@reddthat.com 7 points 8 months ago* (last edited 8 months ago)

The official FAQ says at least 25k karma (or a mod with at least 500 mod actions). Open registration isn't supposed to be until the first. If you don't meet either of those criteria then I guess that's just a lie.

https://redditforcommunity.com/Directed-Share-Program

[-] yoyolll@lemmy.world 8 points 8 months ago

I guess it’s combined 25k since I got the message. A massive number of casual users will qualify for that considering Reddit has been around for over a decade.

Are they really just spamming out a scam email to hundreds of thousands of their users? They can’t get a good enough valuation with real investors so they’re banking on having enough non-financially savvy people in their massive user base to be able to cash out with a valuation they know is bullshit? Really?

Considering there are legal requirements to become an accredited investor for private companies, I’m surprised something like this (and on this scale) is even allowed. Isn’t this fraud?

[-] ramble81@lemm.ee 2 points 8 months ago

25k? Shit my porn alt has that much. Not happening though.

[-] the16bitgamer@lemmy.world 3 points 8 months ago

My karma equates to: 17K post, 12K comment.

[-] btaf45@lemmy.world 2 points 8 months ago* (last edited 8 months ago)

I got mine today. Email and a reddit message. 9k post 21k comment. I stopped posting anything around 2012 when I found that posting is a great way to get yourself banned. I love that with lemmy/kbin I can finally post things again.

No way would I sink money into a badly mismanaged company that isn't even profitable, but could have been with better management.

[-] ed_cock@feddit.de 5 points 8 months ago* (last edited 8 months ago)

I got one, even though they must know that I'm not a US resident. Hope the people who didn't leave at least aren't dumb enough to give them money. "Special program" bullshit reads like a scam mail.

[-] Crashumbc@lemmy.world 2 points 8 months ago

Like most things Reddit, they don't care or are to lazy to check. They are sending it out based solely on an account's karma it seems.

[-] Kekzkrieger@feddit.de 5 points 8 months ago

Got the invite, realized i delted my comments but never my account -> deleted my account.

Thanks for the reminder tho reddit.

[-] verity_kindle@lemmy.world 4 points 8 months ago

By the hammer of Grabthar.....wottadeal.

[-] TheFerrango@lemmy.basedcount.com 4 points 8 months ago

I somehow feel offended by the fact that I received one too

[-] Rhynoplaz@lemmy.world 2 points 8 months ago

I got an invite, but I'm probably going to wait a few weeks for the price to go down.

[-] verity_kindle@lemmy.world 2 points 8 months ago

I had juust enough karma to "qualify" for this hot garbage, but have not been contacted. Guess my hands are clean! Time to invest in that time share instead ...where the hell is my gift bottle of shampain?

this post was submitted on 28 Feb 2024
61 points (95.5% liked)

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