this post was submitted on 29 Nov 2023
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SNOOcalypse - document, discuss, and promote the downfall of Reddit.

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Reddit might once again be flirting with an IPO (techcrunch.com)
submitted 11 months ago by lvxferre@lemmy.ml to c/snoocalypse@lemmy.ml
68 comments fedilink hide all child comments
 

IPO = Initial Public Offering, where shareholders offer to sell their shares to the public, shifting a company from a "private company" (it belongs to me, you, and that guy) to a "public company" (it belongs to anyone who pays enough for the shares).

The userbase has been always touchy when it comes to IPO, and rightfully so; they know that the new owners will only care about squeezing the platform dry. As such, I predict a new flood of Redditfugees to Lemmy and Kbin.

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[โ€“] lvxferre@lemmy.ml 42 points 11 months ago (1 children)

Vulture capital. They don't really care about what they're buying as long as they get some profit out of it.

[โ€“] empireOfLove@lemmy.one 14 points 11 months ago (3 children)

That would require reddit to actually be making a profit....

[โ€“] lvxferre@lemmy.ml 14 points 11 months ago

Or if Reddit can bullshit that the site can be profitable "soon".

[โ€“] neshura@bookwormstory.social 8 points 11 months ago (1 children)

during the entire API fiasco some people had a look at their financials and the conclusion was that they should be making a profit if their revenue numbers are remotely correct. Somewhere in this pit of dung they have several money pits of unknown nature

[โ€“] slurpeesoforion@startrek.website 1 points 11 months ago

Are they SBFing islands for their hoity parents?