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Then leave
It’s clearly a move for Huffman to cash out before bailing out. I wonder if things would have gone any differently with the last CEO? I forget her name.
Also buying into the stock early, seems stupid. For a company that’s never been profitable, during a time of mass tech layoffs, and how the valuation of other social media has tanked after an IPO, just seems like you’re gonna lose money investing in Reddit.
Ellen Pao.
Somebody needs to erase Huffman.
Pao something?
My guess is that they’re offering early sales because they predict that the stock value will tank after the public offering, so this way there’s a slightly higher margin of profit for the current shareholders. If that’s correct then it’s completely scummy. (i.e. extremely typical for Reddit)
Another possibility is that they’re trying to “force” power users to be more cooperative towards the platform, by giving them a financial incentive to do so - “if you shit here you’ll be tanking your own shares”.
Nothing like investors who they perceive will be less rational, and will buy / not sell at a price above what the fundamentals suggests is rational.
It could pay off for Reddit if they get a short squeeze - non-institutional investors might be slower to sell, and I bet a lot of people will be shorting the stock unless the IPO price is really low.
Stock options: “if you make the thing work, you’ll be able to cash in on the stock price increase”
Pre-sale: “pay us now, find about later”
One incentivizes cooperation, the other can be a way to get support from large investors to grow a new business… or a scam to cash out from a 19 year old unprofitable one.
Despite having been founded in 2005, the S-1 notes that Reddit is “in the early stages of monetizing our business and there is no assurance we will be able to scale our business for future growth.”
Did they seriously just say “although our company start 19 years ago, we only able to start figure out how to make money, and if you buy our stock, we can’t guarantee our company will grow further and give you more profits.”
Where’s the plan, Stevie?
AI.
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"there is no assurance we will be able to scale our business for future growth.”
Then why IPO? Lol.
Yes, we can’t make money and can’t grow. Invest pls?
These are very common things for CEOs to say because if they give assurances and it doesn’t happen they get in trouble with the FTC.
If you see how often Reddit comes up in search results, you will understand the value of the data. Potentially the most valuable single source of information on the internet.
Of course, all of that means nothing as long as AI companies are allowed to suck up and regurgitate any publicly available info on the web for profit.
Having data means nothing if you can’t monetize it.
As you say, AI can already access it all completely for free with nothing more complicated than a web crawler. Long term, charging AI firms for access is not a viable strategy unless the law changes.
And they’ve been trying for years to monetize visitors through advertising and other schemes, and so far come up consistently short.
That data is valuable, but I’m unconvinced that it belongs to Reddit. They didn’t create it.
I also don’t believe it should be free/legal for someone else to come along and take all that data off Reddit. While it was provided to Reddit by its creators, they haven’t consented for it to be used by another party.
How you go about stopping that, I have no idea. How you go about monetising Reddit, I’m not sure about that either. It isn’t by claiming you own everything though. Yes, you own the platform. But not the people, nor what they post. And those are the things that attract visitors.
Using IP laws to legislate this could also lead to disastrous consequences, like the monopolization of effective AI. If only those with billions in capital can make use of these tools, while free or open source models become illegal to distribute, it could mean a permanent power grab. If the capitalists end up controlling the “means of generation” and we the common folk can’t use it.
Having data means nothing if you can’t monetize it.
Lying on an S-1 isn’t an FTC problem; it’s an SEC one.
Yeah that one thanks
Potentially the most valuable single source of information on the internet.
I beg to differ, there’s Wikipedia
I did say “potentially”. Wikipedia has a lot of factual information but no opinions or experiences or troubleshooting.
To cash out
Spez is trying to outfit his doomsday bunker and wants the cash.
A lot of redditors hate reddit
That’s so reddit.
It’s a Love-Hate relationship. The core concept and idea of Reddit is wonderful. But the corporate decisions ruins it. Just like in good videogames…
The core concept and idea of reddit can be found in other places, such as right here. And without the corporate decisions ruining it.
Just like anything else that started good and had more pure intentions than “money at all costs!”
“I hate it here but i don’t wanna leave here because i love here.”
Pretty much why people stay in abusive relationships.
But won’t move anywhere else 🤷
Maybe they need to be told about the alternatives, along with a cost/benefit analysis ™
Why do boomers put a license link on public comments where the license has no value? I’d recommend removing it since having it automatically makes your opinions worth less.
From the notices section
You do not have to comply with the license for elements of the material in the public domain
Which means comments posted anywhere.
That’s not how public domain works.
You mean, how you waive your rights to what you post on a website? That makes them public domain.
It depends on the website hosting location. TOS, users location and relevant international copyright treaties.
It’s not a one-size-fits-all.
As a UK citizen I can’t claim my (US) first amendment right to call you a “cunt”.
It’s against the website TOS and I’m not American.
Putting a license at the bottom clears any ambiguity.
Funnily enough you’re only highlighting your own “Zoomer” naivety of law by making your “Boomer” comment.
And the license means fuck all on any public website where you waive your right to privacy by using. Esp by federating across other websites, where rules are different across every place it’s federated to.
So, expecting to apply a CC license to comments made publicly, is like expecting to not be recorded or photographed when in a public place.
And nice try on the zoomer comment, but way wrong. People trying to license their comments has happened for quite a while and it’s always been shown as not binding. Trying to impose your licensing on a public website is laughable.
Also, the 1st amendment has nothing to do with what you can or can’t say to a private person. So, please don’t speak and try to compare things you obviously don’t understand.
So am I understanding you correctly? When I develop open-source software and put it on GitHub, the license, which GitHub offers you to set, is actually irrelevant because since the code is on a public website, it’s somehow automatically public domain?
Posting something on a website does not make it public domain. Typically, the website’s Terms of Service will require that you grant the website operator a license to use any content that you post on the site (so that they can display it to other users). That license does not extend to other visitors of the same website.
Of course, in practice, it’s very unlikely that someone would take you to court over copying a website comment. But if someone posts, say, an original work of art or a short story in a comment thread, you should be aware that it is still protected by copyright.
idgaf
Just automatically lowers the value of what you say when it has no bearing on anything.
I honestly agree that it seems silly and kind of detracts from your comments to add that to all of them, and may seem spammy to some people, but I also am pretty sure I get where you’re coming from and kind of admire that you’re sticking to it and not giving a fuck that some people think it’s dumb or whatever. That’s pretty cool.
And, really, it’s not like you’re hurting anyone by adding that link to your comments. Who cares? Do yo thang, buddy. :)
I actually find it a bit funny that a single line at the end of comments sparks so much ire in some. So much so, that they feel compelled to take more time out of their day to write a message than it took to read the line, and hurl insults at me. Not my problem 🤷
Thank you for understanding🙏 Have a good one.
I also find it odd that it automatically makes you a boomer. You’re not hurting anyone, and you’re not the only one doing this on the fediverse. I don’t think having a creative commons license at the end of your comment detracts from your comments at all. I agree with the above, keep doing you.
Online sovereign citizen?
This is the most interesting information I could find (while skipping a lot paragraphs): BTW Huffman is CEO Steve “u/spez”.
Altman was, and still is, the CEO of OpenAI. Altman’s also Reddit’s third-largest shareholder and owns more than twice as many shares as Huffman. Altman was the CEO of Reddit for eight days.
why was he ceo for only eight days??? did he quit??
https://en.wikipedia.org/wiki/Sam_Altman#Other_endeavors
Another CEO resigned, and he took over (for eight days).
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Altman and short stints regarding being CEO or not, name a more iconic couple.
It’s going to be a dumpster fire. I think any savvy investor can see straight through it. Institutional investors are fucking sick of these trainwreck, unprofitable tech companies. The only people lining up for these IPO shares are going to be a few FOMO folks, the CNBC crowd, and other uneducated idiots that want in at the beginning plus (lol) all their power mods. All of whom are going to be left holding the bag following the first earnings call.
Just curious here, because I don’t really know how this works - will they have to disclose how many shares they sold to power users prior to the IPO? I’d love for that number to be as close to zero as possible.
Of course we hate it. It will trigger a whole new phase of enshittification.
I still use reddit because for some things it’s still a valuable resource that Lemmy isn’t yet for lack of users. Hopefully more redditors will find lemmy as this proceeds.
One of the nice things this time around is that Lemmy has really crystallized as an ecosystem. It’s missing some significant niches, but now people who need a working example, and can’t just envision it based off of the concept, can see it truly in action, instead of just seeing Leninist wankery.
Future waves should, hopefully, be stickier.
It’s missing some significant niches
It’s missing some pretty mainstream interests, as well. Some of my favorite parts of reddit from the before times related to sports, television, music, etc., and there just isn’t a critical mass on any lemmy community to really get that robust dialogue going.
The biggest problem is that federation splits the communities between instances. So a single interest may have 5-10 different communities, all with fewer users than on an equivalent subreddit.
I’ve been saying this since the beginning, Lemmy needs a way to follow topics that allow you to subscribe to all related communities at once. And posting to a topic on one community allows it to show up across different communities of the same topic.
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It’s never been profitable but Huffman gets millions as CEO. Fuck spez.
I also got the message via email
My account is wiped and I don’t login since ages
Is it insider trading if wsb members short the stock, then make controversial content that frightens investors away?
If thousands of people contribute to it, even if it is insider trading, can it be reasonably investigated and prosecuted?
But more seriously, not a lawyer, but no I don’t think so. The users don’t know any non-public business information about future Reddit business decisions (i would assume) and compete fairly with other potential shareholders. It’s not like other shareholders couldn’t do the same thing, after all.
In the MOONs sunsetting, some moderators got a 1 hour advance warning before the public announcement… and some sold before it was made.
For the IPO, it would depend on the kind of user: if some mods decided to short Reddit, then stage a sub locking protest like during the APIcalypse, they would have both information and means not available to other public investors.
A lot of Redditors don’t have enough self-respect to stop using Reddit.
Reddit’s pretty good for niche support communities that still manage to have an active userbase. I wish I could cut the cord entirely but Lemmy just isn’t there yet.
There aren’t even a lot of specific game related communities that are active here. Even big games like Elden Ring, which recently announced the release date and gave us a huge trailer for the upcoming DLC, have little to no activity here on Lemmy. And that makes me sad. Because I’m not going back to Reddit just to get hype and deep dive into the imagery show in the trailer even though I hella want to 😬
Elden Ring isn’t that popular. You should be looking at AAA mass market masterpieces like !warframe@dormi.zone
I know it’s a joke but don’t hurt me like this.
In all seriousness the reason Warframe moved to the Fediverse is that it’s a leftist game. The core gameplay loop is slaughtering capitalists, monarchists, and imperialists using an array of sci-fi and ninja weapons. The player character in Warframe is someone who’s been burned by the control of an empire, and now manages their own tech. It’s the same situation as with the Star Trek community moving here because Star Trek is woke. /pos
You don’t have to tell me. I was sold on it when I first got to Fortuna and heard the banger that is We All Lift Together, which kinda summarizes the people’s plight. They don’t even own their own bodies, man!
When you get to The New War you’ll meet an awesome Grineer character who gives us a similar look into Grineer leftism
It doesn’t help that you’ve joined an instance that defederated from the largest (world). Welcome, by the way!
The fact that the largest is still so significantly bigger than the rest that this can be a concern shows that Lemmy still hasn’t come anywhere close to being where it needs or is supposed to be.
The network should not rest one the shoulders of one or two websites.
…I totally forgot that was a thing, thank you. It’s been a while since I was active on the fediverse.
And thanks!
Nobody is upset that Reddit is not good for active support comminities. They’re upset that they’re having their options taken away and being exploited for profit.
Lemmy will never “be that way” so long as people like you perpetuate a self-fulfilling prophecy.
I didn’t mean that was a complaint against reddit, I just meant it’s a reason a lot of people have been reluctant to leave. I’d love to see the site die personally, but I still think it’s a little more complicated than self respect.
Also while yeah I hate to be a person who complains and then doesn’t take any action, I know for a fact that I don’t have it in me to moderate a support group between jobs.
but I still think it’s a little more complicated than self respect.
It’s not. You’d rather let Reddit exploit you so you can continue participating in those communities than to lose access to those communities.
I don’t have it in me to moderate a support group between jobs.
You don’t have to do anything additional. All you have to do is stop going to Reddit.
Yup, there’s a handful of niche communities that just don’t exist on lemmy. I joined their discords instead, some of the content crosses over anyway
I am not sure why anyone cares. As far as Reddit, I moved on last year.
I did too. My life is all the better for it. The fediverse is much more positive overall, and even if you don’t like something, just find a different instance then. You don’t lose the ability to peacefully use the product. Unlike Reddit…
I care because its a good drama.
I care about it like Facebook or Twitter. It has a big influence on our society, even if I don’t use it.
🤖 I’m a bot that provides automatic summaries for articles:
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On r/technology, the top comment on the IPO story is, “The beginning of the end.” There’s gloomy speculation about the measures management may take to make the company profitable — which subreddits might be banned, how much users might have to pay to post, a heavier ad load.
“While the rest of the internet is all a giant mess, Reddit still feels like a place where you can learn things and have fun,” says u/itsreallyreallytrue, who also received an invitation and is considering buying into the share program.
Events such as the war in Ukraine and the release of the video game Elden Ring — these are Reddit’s own examples — lead to spikes in user engagement.
Sure, Reddit’s trying to diversify its revenue by selling its data to help train AI; I don’t think the timing of that Google deal, just days before the S-1 became public, was a coincidence.
(During the peak of NFT hype, some of these assets sold for millions — and now the majority of NFTs are “worthless.”) It also had to end the Community Points product, which was a disaster for many whose tokens suddenly had no value.
He’s said that the API price increase last year that led to user protests, for instance, was partly because “Elon Musk did it.” (How’s Twitter — sorry, I mean X — doing with advertisers, spez?)
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