Reminder that shorting is a high risk play and you should never make investment decisions out of spite.
this post was submitted on 24 Feb 2024
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The market can remain irrational longer than you can remain solvent.
Holy shit put that on a t-shirt
A reminder that the stock market and any kind of high level money market of any kind including digital money .... is a rich man's game where poor are by design destined to lose.
This is a gross over simplification. Yes, rich people can have higher risk tolerance, but that doesn't mean people shouldn't be going long on index funds and otherwise safe, low risk investments for retirement with what they can afford to.
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Instructions unclear, purchased Lemmy stock using Amazon gift cards
¡Alert! Your Lemmy account may be suspended in 2 days unless you send Google Play gift card codes to me right now!
Ohh dear
Sorry, I only have Steam Gift cards... 😕
DO NOT REDEEM!!
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100%, this is a trap being set for retail investors... not touching this even if I had a 1000ft pole.
Playing the stock market at all is a form of gambling. You should never gamble money you aren't completely willing to lose.
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And while Huffman now thinks that Reddit as a corpus of training data for AI is valuable, he let his board member Sam Altman siphon off Reddit data for free; 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.
Say what now
Huffman also made $193 million bucks, according to the article.
How much is a dollar buck in USD?
It's equivalent to four quarter dollar bucks.
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Holy crap I did not know that! This is huge
Nobody’s doing shit with this stock.
It’s all a manufactured cover story for hedge fund/institutional manipulation to blame retail for volatility and attempted fleecing.
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Also this scrambling to make Reddit "profitable" and fucking Spez pays himself nearly $200 million a year. Fucking ridiculous. Burn it down. Build something better that hasn't been captured by complete twats.
Nintendo CEO cutting his salary in half to avoid laying off workers after the Wii U fails versus whatever the fuck Reddit is doing
Satoru Iwata was a treasure.
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I hate Huffman as much as the next guy, but the $193 million factoid is misleading clickbait nonsense. His actual salary is apparently $400k, the rest is "stock value" or whatever. Reddit is not giving 25% of its yearly revenue to the CEO.
This argument is oft repeated but It's Bullshit. If it wasn't valuable why is Spez okay with it?
Stock grants not being direct Income isn't clickbait nonsense. It's actually DELIBERATE: Spez doesn't pay income taxes on a majority of his income. Capital gains tax has a lot of loopholes that can be exploited.
This just gives spez more money and he can cash out in the IPO.
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I don't care about my ex
While I also feel like the past is better left in the past, I am certainly not above a little schadenfreude, either.
Leopards ate my face. They are acting like this is a new betrayal that needs stopping. These are the same people who were telling us the 3rd party app changes aren't a big deal.
I don’t get why, if these people hate Reddit so much and they want the IPO to fail, why are they still using the platform?
Once people get burned with that stock purchase email, they are going to have even more pissed off users.
FOMO.
Kept me on Reddit for a lot longer than it should have.
As someone on wsb and totally going to short the stock. They named the sub in their Ipo and that we were going to short the shit out of them.
I think it would be rude not to deliver on said promise. Honestly from what I've gathered on the wsb discord we kinda just wanna see reddit on fire. At least that's the general sentiment I've perceived.
Also the main thought has been that as soon as they IPO they're gonna get their board taken over and kick us out first thing.
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Does anyone remember this?
Reddit hackers demand $4.5 million ransom and API pricing changes
Still waiting -- and hoping -- for the other shoe to drop.
This feels like another "Netflix are coming after password sharing, HOW DARE THEY, EVERYONE WILL CANCEL AND THEY WILL BE BANKRUPT IN 6 MONTHS" circlejerk we recently read.
Then Netflix announces a pretty good quarter and all of a sudden these people are silent.
This feels like it'll be that. I could be wrong. But it really feels like the echo camber will lose its mind again in a few months when the stock is priced above zero and maybe actually doing quite well.
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Reddit warned us that its users were a risk factor
This means they're positioning themselves solely as a source of training data. If their users are a risk factor, not the entire product, they're completely uninterested in maintaining a user base and think that what they have is all they'll ever need to sell.
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Predicting the long-term results of the reddit IPO is tricky, because it involves two large groups of highly irrational actors. 'Tis a silly place.
I speculate (hope) it will go very poorly for them. But anything could happen. They might fail upwards and print money.
Will be interesting to watch.
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I have a feeling that if a pump and dump happens, all the people who are actually involved (who aren't already rich) will have their funds completely taken from them and the companies behind it will claim it as an attempt to stop fraud or some other bullshit they know is fake news.
What's an IPO?
Company goes on the stock market so anyone can buy stock in that company.
Usually means that said company makes a ton of money but also have to keep these new investors happy and make the company more profitable. Can often lead to enshitification.
Is there a case where it actually hasn't led to enshitification?
Has always led to enshittification
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