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Started By
Message
Reddit goes public, move comes as platform plans to sell post data to AI companies
Posted on 3/21/24 at 11:10 am
Posted on 3/21/24 at 11:10 am
Reddit will be selling data to AI companies so the AI can learn how humans post/talk/converse better.
The world becomes closer to 1984, Dune, and Skynet every day...
The world becomes closer to 1984, Dune, and Skynet every day...
quote:
Reddit is the first major social media company to go public since Pinterest in 2019. Reddit priced its IPO at $34 per share Wednesday evening, valuing the company at $6.4 billion and positioning the company and its shareholders to raise $748 million.
That pricing was in line with expectations, and at the highest end of the range the company had set earlier, of $31 to $34 per share.
In response to indications that the stock could start trading up to $12 higher than its initial pricing, co-founder and CEO Steve Huffman told Yahoo Finance Thursday morning that “the price is the last thing on my mind…it’s an exciting moment, but we’re building this for the long run.” Huffman said institutional investors “are very interested in where this company can go.”
Reddit’s IPO has been in the works for years, with the company hiring a CFO in preparation to go public in 2021. That’s because Reddit is still a money-losing company, posting a loss of $91 million in 2023.
The site also relies on its volatile Redditors to generate content, and its success (via ad revenue) depends on their willingness to continue posting on the site. But the platform faced hurdles as hackers breached its network in February 2023, and later that year, Redditors protested new API pricing.
16
Posted on 3/21/24 at 11:11 am to Jack Ruby
nudes?
Posted on 3/21/24 at 11:11 am to Jack Ruby
Isn't it filled with bots already?
Posted on 3/21/24 at 11:11 am to Jack Ruby
AI finna geaux fruit loops...
This post was edited on 3/21/24 at 11:12 am
Posted on 3/21/24 at 11:14 am to Jack Ruby
(no message)
This post was edited on 4/21/24 at 11:20 am
Posted on 3/21/24 at 11:15 am to Jack Ruby
Mix the poli board in there with Reddit to keep AI from going full retard to the left
Posted on 3/21/24 at 11:16 am to Jack Ruby
I'll be looking forward to Congress cracking down on Reddit since they're super duper serious about keeping our data out of the wrong people's hands.
Posted on 3/21/24 at 11:17 am to 4x4tiger
If you mix full retard of the left and full retard of the right, what do you get?
Posted on 3/21/24 at 11:20 am to saint tiger225
quote:
If you mix full retard of the left and full retard of the right, what do you get?
The worst that humanity has to offer.
Posted on 3/21/24 at 11:23 am to Jack Ruby
quote:
The 19-year-old social media company set aside 8% of the shares in its offering for certain users and moderators, along with some company insiders and their friends and family members. Airbnb, Rivian and Doximity employed a similar model when they went public, as a way to reward power users or early customers.
Reddit’s directed share program, or DSP, is intended for certain U.S.-based users with high site-wide reputations — measured in so-called Karma points — or for moderators, as a way to “recognize those who have contributed significantly to Reddit over the years,” the company said in explaining the offering. In total, Reddit said underwriters have reserved 1.76 million of the 8 million shares in the IPO for the DSP.
CNBC- they aren't buying
quote:
Some invitees say they’re worried about the company’s financial situation. Reddit recorded a net loss of $90.8 million last year, an improvement from 2022, when its deficit came it at $158.6 million. The company said in its prospectus that it’s racked up a cumulative loss of $716.6 million.
A moderator with username BuckRowdy, who spoke on condition that his real name not be disclosed, told CNBC that he’s passing on the IPO, and said his sentiment appears to be widely shared.
Posted on 3/21/24 at 11:24 am to Jack Ruby
Can Elon Musk buy Reddit too?
Posted on 3/21/24 at 11:25 am to Jack Ruby
quote:
Reddit will be selling data to AI companies so the AI can learn how humans post/talk/converse better.
Well I assume a lot of the posts on reddit already are AI/bots, so might as well double dip and get paid for it too I guess.
Posted on 3/21/24 at 11:26 am to saint tiger225
quote:
If you mix full retard of the left and full retard of the right, what do you get?
The US Congress?
Posted on 3/21/24 at 11:26 am to saint tiger225
Poli board is tame compared to reddit
Posted on 3/21/24 at 11:29 am to Jack Ruby
quote:I wonder if my /ladyboners submission will provide any assistance to the AI?!
Reddit will be selling data to AI companies so the AI can learn how humans post/talk/converse better
Posted on 3/21/24 at 11:31 am to CocomoLSU
Post of the year material 
Posted on 3/21/24 at 11:35 am to Jack Ruby
Just what the world needs, computers running everything thinking on the same level as your average redditor dipshit.
This is how the world ends.
This is how the world ends.
Posted on 3/21/24 at 11:56 am to TigerintheNO
(no message)
This post was edited on 4/21/24 at 11:19 am
Posted on 3/21/24 at 11:57 am to Jack Ruby
Commies buying stock. The irony.
Posted on 3/21/24 at 12:00 pm to Jack Ruby
quote:
1984, Dune, and Skynet
How is dune like 1984 or Skynet?
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