Social media company Reddit filed its IPO prospectus with the Securities and Exchange Commission on Thursday after a yearslong run-up. The company plans to trade on the New York Stock Exchange under the ticker symbol “RDDT.”
Reddit said it had $804 million in annual sales for 2023, up 20% from the $666.7 million it brought in the previous year, according to the filing.
The company said it has incurred net losses since its inception. It reported a net loss of $90.8 million for the year ended Dec. 31, 2023, compared to a net loss of $158.6 million the year prior.
Its market debut, expected in March, will mark the first major tech initial public offering of the year. It’s the first social media IPO since Pinterest went public in 2019.
Reddit first filed a confidential draft of its public offering prospectus with the Securities and Exchange Commission in December 2021.
The big question, of course, is what can we do to help make sure it tanks?
I don’t think we have to make sure.
Spez doesn’t care. He’s made his money. Reddit can just die as far as he is concerned.
And neither he nor anyone else there seems to be interested in improving the user experience.
Yeah this is the rugpull.
Make sure what tanks? The IPO for reddit? The website whose CEO was a moderator on r/jailbait, the community for sexualizing minors?
I thoroughly dislike spez, and I think there are a lot of reasons to be critical of him, but this isn’t one of them. He was made a moderator of /r/jailbait at a time when people could be added as moderators without being notified or needing to accept any kind of invitation.
I’d rather see him criticised for the many awful things he’s said and done over the years than for some non-reason like that.
Cool, now explain away his decision to make a custom award specifically for the main mod of jailbait.
Also, fuck no I’m not giving him the benefit of the doubt over his own jailbait moderator status. No way he and the rest of the staff were not aware of that at any time.
Yet he stayed as one…
I’m pretty sure they won’t need any help with that.
It probably will. An IPO in a post ZIRP world for a company that isn’t profitable and isn’t a new high growth company isn’t likely to be a popular stock.
If you think it’ll tank, you’re just as deluded as the people that came here in the Exodus (myself included) who think Reddit is dying.
The vast majority of people still use it and it will make money.
Edit: Just look at how pretty much all the largest corporations can treat their customers and still make money. Reddit will force ads down everyone’s throats and sure some will leave, but the vast majority done care. Also, you have to factor in selling data for AI and and targeted ads etc.
You post that take on myspace too?
Nah Tom got the bag and dipped. Legend.
If you haven’t, peep his Instagram.
Dude just travels and takes epic photos. Living is best life.
I find it really hard to hate Myspace Tom. He’s very rich, he’s worth $70 million. He didn’t try to maximize that into $700 million or over a billion, stepping on everyone he could along the way. He just made a website a lot of people enjoyed, ended up making a decent chunk of personal income from selling it, and then just spent the next 20 years just seeing the world and taking photos.
As far as I know, he isn’t giving millions to the Sierra Club or whatever, but as far as people that rich go, he seems like he’s as not-evil as possible.
Living is indeed best life! Of course, living is only life. But only life is best life.
Why do I hear this in the voice of the Chamberlain in Dark Crystal?
I’ll see if I can find any elsewhere. Never been into the other social sites other than Reddit then here.
Thanks though.
Reddit has never been profitable and I don’t see a reason why it would change now all of a sudden.
It’s quite simple actually.
Only time will tell.
Don’t get it twisted I ain’t out here shilling for Reddit, just trying to take an objective look.
I strongly suspect trying to monetize their users to be profitable will necessarily make the user experience suck enough to drive people away. The only missing piece is a viable alternative, which will take some time but it will arrive. Maybe Bluestacks or whatever garbage will capture their users. I’m staying here, though. The pace could be a bit higher, but I don’t really miss the tens of millions of users.
Objectively, Reddit is no different than slashdot, fark, digg, etc that came before it. If they fuck up the user experience, the users will move on.
The value in reddit is the user base. It’s multiple times bigger than your examples.
In most conversations you’ll still see people using it for niche communities. It’s almost too big to fail
I think the fact that you say “still” is pretty telling. They’re already pushing users away and making the experience worse and they don’t even have investors chasing quarterly reports yet.
Niche communities tend to have few users though, and it doesn’t take long for people to get organised, pack their shit and move to another platform
As sad as it is I think you’re right. The same was said about facebook and even though they had a bumpy road it’s bigger than ever before. Nothing being sold at the stock market follows any logical rules, it’s so much emotion that sells stuff. And as long as it makes money, nobody cares about racism or pedophilia or any other bad thing. I thought that’s why we hate capitalism that much.
This is what I am saying. I am honestly surprised at the consensus on my comment, but I respect other people can have a different opinion.
Facebook went public at a time when they were THE social media site and everyone’s aunty was on it.
I’ve been on reddit for probably 12 years and know few people irl that use it (not usa mind you). Moreover they don’t really have a plan and they do have competition. Ignoring for a second that 99% of lemmy users are probably disgruntled ex redditors. Why should anyone invest som ofnl their savings in reddit going public, besides playing wall Street bets? Is there anything there to believe in? Do they have a credible plan to increase users and monetise that increase? In other words, any “step 3: profit” to buy into?