Reddit power users balk at chance to participate in IPO as Wall Street debut nears
Reddit power users balk at chance to participate in IPO as Wall Street debut nears
Reddit is inviting some users to participate in its IPO this week, but moderators told CNBC that they're not taking the company up on its offer.
You're viewing a single thread.
“It’s being mocked so much it’s almost a meme,” she said. “I think a lot of those jeering secretly don’t want to be left out of things if this turns into a GameStop.”
This line especially is funny, because the majority of the people who bought into the GameStop thing ended up losing their money because they didn't sell when it was up, or bought in too late. The loss denial from that is what led to the whole Bed, Bath & Beyond stock BS which led to many more people losing money. I think the people who "don't want to be left out" if Reddit goes that direction have a very rose-tinted view of what happened there.
I was sent an invite to participate, I assume just because the age of my account, but there's no way I'd jump into that unless I already knew how to actively play the market. I'm guessing there could be an initial surge from people investing who recognize the name but haven't been paying attention to the site in the past year, and then everyone is going to start jumping ship when they realize the stock isn't going anywhere or is going to lose money.
I got that invite, too, despite having not used my Reddit account for over a year, and having relatively little total karma and no non-deleted posts, so it probably is just an account age thing. Or they tried all of their preferred targets, didn't get enough takers, and started lowering their standards. I sure didn't bite.
I'm curious to see what actually happens, but considering the shit-show from the past year (and even before then) I have zero interest in risking my money. Shorting the stock sounds like the way to go, but stocks are way outside my knowledge so I'll just grab the popcorn.
The thing I saw a while back showed It was tiered, I think 5 tiers, based on karma, with the last wave of people getting the offer being those with like 5k or some ridiculously low number basically meaning they offered it to nearly everyone.
If they had sold the shares with the first few waves it wouldn’t have gotten to the low karma users, which probably means it wasn’t well received.
Also invited.
Though as I am a resident in the EU I couldnt evem participiate as it's limited to US only.
It's not like they have the info in the account and many log entries of login history and origin of country.you should sell your account. you can edit, overwrite, delete each post & comment with a script
Me and a friend bought in, knowing that it was probably too late. I made a decision that I would rather lose all my money than sell at a loss. The stock jumped like another $90 right after we bought and then the bottom fell out the next day. We waited about a week and my friend decided to sell at a loss, losing $800. I refused to sell. A couple weeks later it spiked back up early in the morning and my sell order executed. I ended up making a few bucks on the whole thing. The most important lesson I learned from that experience is that I'm not as risk tolerant as I thought I was. I decided never to buy meme stocks, or risky stocks again, and I think Reddit's IPO falls into at least one of those categories.