1y ago

Reddit shares plunge almost 25% in two days, finish the week below first day close

www.cnbc.com

Reddit @lemmy.world

Hubi @feddit.de

1y ago

Reddit shares plunge almost 25% in two days, finish the week below first day close

www.cnbc.com /2024/03/28/reddit-shares-on-a-two-day-tumble-after-post-ipo-high.html

29 comments

No one could have foreseen this. No one. Not a sausage.
- But now we will see next week... Everyone thinks it will take a nose dive, but sometimes the market surprises us. I would not be surprised if it goes up 6% on Monday.
  
  Dead cat bounce before it settles into its long-term valuation
  
  Then:
  Fomo
  Dives 60%
  ...
  profit?
- Facebook was also down after a couple days and in its first couple weeks. Look how that turned out.
Well, spez and the COO sold over a million shares. I thought they'd be tied down by some kind of lock-in period.
- Considering that 'opportunity' they gave to long term reddit users it seems like this fleecing was planned from the get go.
  
  Quite frankly, this scam was so obvious, I have zero sympathy for anyone who fell for it.
  
  Narrator: it was.
  
  Yup, this is why I didn't buy. I didn't smell a good intention. (Although, I refrained from judging whether the price would go up or down.)
- Did they?? Fucking grifters
  
  Corpo exit scam?
- I mean, an IPO is a pretty reasonable point to allow insiders to trade. You've just published a huge amount of information about the company, so the insider advantage is at a relative low. It's somewhat common for blackout periods to exist prior to things like earnings announcements, but after the announcement is usually when trading is permitted.
Reddit emailed me to buy their shares even though I had deleted my account, which should be protected by LGPD (brazilian GDPR) and therefore my email should no longer be stored. Fun times.
- Did you make the request to delete your data? Simply deleting the account is usually not enough.
  https://www.reddit.com/policies/privacy-policy?rdt=34844#policy-h2-7
- The shares they offered to redditors were meant to drive price up in case it would tank on the first day. Once it looked good they rejected purchases.
  Looks like they now want people to bump the price now (if I understand you correctly)
Well when the CEO gives himself 25% of the companies revenue as his annual pay, it doesn’t set a good precedent for investment growth
- Sure it does. All they have to do is fire the CEO and they'll have so much more money.
Fuck yeah. Burn baby burn.
- Flames a getting hottah!
If he dies, he dies
honestly, im shocked it stayed over the ipo price so far.
i was expecting a drop, kinda like robinhood
Sucks to suck
Perhaps they shouldn't have driven away a significant number of their most engaged content creators.
What stock is going to crash faster, Reddit or Truth Social?
- Reddit went public earlier, on the other hand truth social doesn't generate much of revenue, on the other hand foreign entities could purchase truth social stock.
only 25%? still some ways to go
Folks just taking profit

29 comments