Reddit users say share plans 'beginning of the end'

[phenomlab]

Reddit users have been reacting with deep gloom to the firm saying it plans to sell shares to the public.

The “beginning of the end”, “good while it lasted”, and “they ruined it”, are just some of the comments made by Redditors, as they are known, since the announcement on Thursday.

The company has said its plans are “exciting” and will offer the business opportunities for growth.

However many users worry the move will fundamentally change the website.

Reddit, which was founded almost twenty years ago, is an online forum where users can post questions and comment on topics that interest them.

Source - BBC News

https://www.bbc.co.uk/news/business-68372755

Whilst I have my own views surrounding this (it’s something I’ve seen before elsewhere where an IPO and rounds of fundraising were attempted) and this fell flat on its face - to the point where the community and ultimately, the brand folded as a result., I think this is certainly worthy of discussion. Think what you may of Reddit, but it’s one of the oldest and largest forums on the planet.

There is also the distinct possibility that the IPO is a step in the direction of attempting to make the platform more appealing to investors - in the form of potentially a sell off.

[phenomlab]

https://www.bbc.co.uk/news/articles/cxe92v47850o

[DownPW]

oh my god

[phenomlab]

@DownPW Just what I thought!

[crazycells]

@phenomlab lol, this will poison ChatGPT

[phenomlab]

@crazycells yes, I think the same.

[crazycells]

@phenomlab well I guess it could have been worse (4chan)

[phenomlab]

@crazycells now there’s a worrying concept!

[phenomlab]

This is interesting - $116m bet on share positions?

https://news.sky.com/story/gamestop-stock-resurgent-as-influencer-roaring-kitty-places-116m-bet-on-retailer-13147356

Anyone else think this sounds very much like insider trading?