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Reddit: Return Of The Junk Stock IPO (www.forbes.com)

submitted 3 months ago by KingThrillgore@lemmy.ml to c/technology@lemmy.world

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[–] GregorGizeh@lemmy.zip 0 points 3 months ago* (last edited 3 months ago)

More specifically, Reddit notes in its S-1 that, as an emerging growth company, it will:

present only two years of audited financial statements in the S-1,

not be required to obtain an auditor’s attestation report on the company’s internal controls over financial reporting requirements of the Sarbanes-Oxley Act,

provide less extensive disclosure about executive compensation arrangements, and

will not require stockholder non-binding advisory votes on executive compensation or golden parachute arrangements,

That sure sounds like a solid investment

Also, the two classes of shares (new shares get 1 vote per share, existing shareholders get 10 per share)… what the fuck. Why would anyone buy that shit

[–] Ghostalmedia@lemmy.world 0 points 3 months ago (1 children)

When I look at those numbers I think “Apollo was made by 1 dude with some occasional help from another person. Reddit is throwing half its budget and 200+ bodies at its app and site, and it’s a fucking disaster.”

[–] bus_factor@lemmy.world 0 points 3 months ago (1 children)

Different goals. The goal of Apollo was to make a good app. The goal of the official reddit app is to show you ads and siphon money off you.

I guarantee you a good chunk of that R&D money is for making ads more profitable and other monetization.

[–] Ghostalmedia@lemmy.world 0 points 3 months ago (1 children)

To be fair, the point of Apollo was to also make money. But it was to make money by selling you things that made a nice experience nicer. Reddit makes money by selling you stuff that makes a shitty experience slightly less shitty.

[–] NateNate60@lemmy.world 0 points 3 months ago (1 children)

I said it before on Reddit and I will say it again here—

If Reddit has asked me for a premium subscription to use my favourite third-party app, I would have fucking paid.

Just bad business all around

[–] Kinglink@lemmy.world 0 points 3 months ago (1 children)

I don't know the right price point, but 1 dollar a month probably would have worked for most people. It just wasn't enough because they probably can make more than 1 by spoon feeding you ads now.

[–] KingThrillgore@lemmy.ml 0 points 3 months ago (1 children)

I'd go as far as 5 dollars a month, which is more than the buck thirty they make off users right now.

[–] gravitas_deficiency@sh.itjust.works 0 points 3 months ago* (last edited 3 months ago) (1 children)

It just boggles the mind.

They had the userbase. They had the community moderation. They had the power-users basically doing their job for them. They could have had a bulletproof, tied-to-world-population-growth metric - not super fast, but basically monotonically increasing. They basically could have turned it into a sustainable money printer, while not crushing user enthusiasm. Hell, they could have even done an opt- in policy for ML training datasets, either offsetting or outright paying users a commission for content that’s used as part of a training set. There were so many possibilities that didn’t involve pointing the ship at an iceberg.

Spez threw it away because he wanted the quick payout from ad revenue.

[–] Hackerman_uwu@lemmy.world 0 points 3 months ago (1 children)

Spez threw it away because he’s a libertarian tool. He doesn’t care how he gets the payout as long as it’s not ‘collectivist’. This commie shit your’e spouting in this post would not impress daddy Elon. GTFO.

[–] gravitas_deficiency@sh.itjust.works 0 points 3 months ago

The fuck are you on about with that last half?