Reddit Inc.'s stock-trading enthusiasts made it a household name by backing companies that Wall Street wouldn’t. For Reddit’s own initial public offering, a group of them are about to flip the script.
In the days after the social-media company filed for an IPO, thousands of members of the WallStreetBets forum — which boasts around 15 million users and helped popularize meme stocks like GameStop Corp. — voted to boost a forum post about shorting the company, a sharp reversal of their typically bullish ways. Their avowed reasons varied from the company’s lack of profitability to competitive concerns, and mostly centered on spite.
(paywalled on Bloomberg website)
Reddit doesn’t care what 15,000 broke-ass gamblers do.
Reddit certainly seems to be interested in trying to sell them their stock, though
I wonder what the actual karma cut-off for that offer was. I received one, and I haven’t even used reddit since the API fiasco thingy. I did use it for six years before that though and have a fair amount of karma. I’m super curious what is actually going to happen with the IPO. I feel like it could skyrocket on IPO day, or plummet through the floor. They have something really special there, being the oldest social media that still has millions of users, but they’re also openly malicious towards their users and seem pretty incompetent and out of touch. I feel like it could go either way.
I got it for both my accounts. One of which has been retired for years. So it doesn’t seem all that high. All my karma was simply from comments, no posts.