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Reddit is pretty useless for getting any kind of advanced information on any topic. The impression I had of the US election based on it was completely out of line with reality, so in that case it couldn't be trusted as an accurate source of information on current affairs.
People are addicted to it, but you'd have to be pretty sad to pay for it.
Blocking ads on it is a trivial matter. It never made any money.
The question is why did anyone think it would ever be worth much at all.
The impression I had of the US election based on it was completely out of line with reality
I've largely switched to Lemmy for the past two years, but this was really the last nail in the coffin for reddit for me too. It's an enforced echo-chamber and no longer a reliable source of information. It's hard to notice how bad things are when the politics are leaning in your direction, but once you see it, you can't unsee it, and it feels gross.
Lemmy is obviously pretty politically homogeneous too, but the difference is that I don't feel like someone is trying to trick me. Topics and and sources are clearly influenced by the individual posters' opinions, but it doesn't feel like there's a coordinated behind-the-scenes effort to push an agenda, which makes for a better vibe.
For me, it was the massive uptick in bans that proved the manipulation was real
Are you an Apollo exile?
I was a "Reddit is Fun" user for at least a decade
I literally just uninstalled both rif and rif premium 1 minute ago. Their last update was June 2023. I can't believe it's been that long.
Its value is equal to its usefulness as a propaganda organ. Twitter wasn't purchased to make money. A megaphone is more of a tool than an investment.
Reddit is pretty nice as a source of information, but mostly on smaller and more obscure things, not big political topics like US elections.. that's what the last year has taught me, at least.
Now what I under understand (not condone) is the reddit leadership trying to cash out.
What I cant understand is why a VC / big investor would want to touch it with a 10ft pole. There is nothing unique or proprietary on Reddit. Its value commercially is in the existing content and paid ads. With ads you’re limited because you can only saturate so much before you see user drop off.
Now they took it one step further and are censoring the content creators that make it all possible in the first place. As if anyone is stuck on that site - I know I’m not.
Anyway - nice to meet everyone. Fled digg for Reddit; now thankful this island appeared after fleeing once again.
Reddit has a huge user base, that is their value. They generate a lot of data every second, which can be sold. Of course this is technically possible on other platforms, but they do have it right now right here.
Did Luigi save us from reddit? What can’t this man do?
General rule for posting stock prices: sometimes things are obvious when you zoom out a bit.
In this particular case, Reddit stock price is still up several percentage points from the Trump rally that affected just about every tech stock after 2024-10-30 about. Same applies to other stocks like Tesla.
So at this point it's nothing more than a return to normal. No need to attribute anything more to it. But sure, if this descends keeps going for some time more, it'll be different.
A lot of overpriced stocks are pulling back. A recession is bad for ad dependent media.
When you start banning long-term users over bullshit. This happens. Hope it crashes and burns all the way to the ground.
You can't shove ads to people if you ban them all the time.
I don't know the actual numbers but that would only apply if their base of active users has significantly declined
That was a joke. I don't know where Reddit gets money from, so no idea on what the price of their shares depends on.
I know only that they are morons and degenerates.
There are more than enough bots to prop up those numbers.
Eventually that backfires hard. There are ways to measure the effectiveness of ads and bots don’t buy shit. The number one ad on reddit is “buy some ads, people love seeing and clicking on reddit ads!”
Reddit ads are terrible, no one clicks them, they all use clickbait post titles, and there’s more each day.
There was a smart way to monetize reddit, their choices make it clear what kind of people are making decisions at reddit.
This particular decline was caused by a bunch of insiders, including one greedy pigboy, selling some of their shares.
That's not necessarily a sign of any problems at the company, though. These insiders are probably carrying this equity from before it ever went public and sell shares periodically as part of their (insane) compensation. For instance, the aforementioned greedy little pigboy sold $2m according to that article, but still holds more than $90m at current valuations.
There have been multiple sellers since the end of Feb that have had an impact. Pays to be an insider lol.
Specifically, insider Benjamin Seong Lee sold 92,299 shares of the firm's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total value of $14,523,247.65. Following the transaction, the insider now directly owns 115,001 shares of the company's stock, valued at approximately $18,095,407.35. This trade represents a 44.52 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Michelle Marie Reynolds sold 11,965 shares of the business's stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $157.41, for a total transaction of $1,883,410.65. Following the transaction, the chief accounting officer now owns 48,418 shares in the company, valued at $7,621,477.38. The trade was a 19.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, CEO Steve Ladd Huffman sold 14,000 shares of the business's stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $160.30, for a total transaction of $2,244,200.00. Following the transaction, the chief executive officer now directly owns 597,515 shares in the company, valued at $95,781,654.50. The trade was a 2.29 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.
Uhh guys I hate reddit too but the entire economy is tanking.
This isnt a reddit thing and has nothing to do with reddit itself
Compare to s&p 500, nyse, NASDAQ, etc.
It's down all around but not 40% down
Not yet anyway
Reddit sucks! 12 year user and getting banned for upvoting 'promoting violence'! I hope it goes to 0
Deleted my 14 year old account today; wasn't banned (yet) but fuck if I'm sticking around for this 1984 bullshit.
Welcome! Glad to see all the new users here.
Thanks! I'm sure more users will come over given what they're doing
I'm a 12 year too and just switched over when they blocked Boost last week (so, right before this Luigi stuff). I have to say, after a little learning curve, I like this experience a lot better (still on Boost, BTW). Keep on tanking, Reddit; the more users that jump ship, the better. I'm planning on backing up my post/comment history before I delete my account, but otherwise I won't be looking back.
I'm all for shitting on Reddit, but the overall market has cratered in the past week or so. Everything is down a ton. This is just cherry picking situational graphs to push an anti reddit agenda. Again, fuck Reddit, but at least make an effort..
Yes, but 40% is insane. Thats not just the markets 1-2% blood red days
When there’s a sellout "meme" and tech stocks with a lot of hype are amplified, and Reddit is 100% that.
See: it’s still up 165% over a year. The gyrations are insane and not tethered to its actual value, but basically a bunch of gamblers.
It was wildly overvalued to begin with. Even at 40% down its overvalued. It has a negative EPS. It can be replaced with a ragtag group of federated instances.
Its not worthless, but its not worth 133 a share cmon...
This may just be a general trend. I don't know if you looked at your portfolio recently but everything has tanked.
How the heck were they ever valued at $US200 per share?
Edit: (from ~$34. Market cap 6.4B initially, at $200US I estimate as ~36B, here shows a high of $38B)
Price of the share is irrelevant. Please reference market cap.
Edited to include more info, thank you for pointing it out. I'd known in my head the share price started in lower double digits without major changes in supply of shares, added it all for context.
Yep if they remove/ban us for gaslighting us in to policing our free speech we remove them!
Free speech for the parasitic class of exploiters censoring for the 99%, no war but class war. It’s not left verses right it’s top verses bottom.
Fuck pacifism especially during tyranny and oppression don’t obey in advance we have only gained rights through disruptive riots and other direct actions . Luigi #Luigi @Luigi
$134? Actually insane
Pretty simple - same folks who bought Xitter and Trump are pulling their $ out until Reddit starts censoring shit they don't like. It's not a coincidence that "Luigi" became a banned word last week.
If you back out the view to 6+ mo. it matches the overall decline of the market in general. You could grab many stocks and ask the same question and it would be correlation, but not any cause by the particular company.