Because it has no business model, lol. What with shitty looking avatars and the community shitting on eachother and themselves by the hour? What business model? lol
I don't really get how these "IPOs" work. Someone actually has to pay that money for Reddit, right? Even if they manage to get Reddit temporarily profitable, are people really going to get fooled into investing just from that? Or are they guaranteed to get whatever Reddit's value is at the time of the IPO somehow?
IPOs are typically a cash grab. Stock is offered for purchase at a price, and usually there’s a bump in price. The first investors will sell for a profit at peak price, and then it will drop to whatever value the market decides. And that could be higher or lower than the initial price per share.
I trust Reddit enough to manipulate the numbers to make the situation better than it looks like.
That said, some increase in short-term profit is to be expected, when a company exploits its own value: getting rid of third party apps, decreasing running costs by locking LLM training bots out, being rather aggressive on pushing towards the official app to anyone who “dares” to use a plain mobile browser, wrestling control of the subreddits from the “landed gentry”, so goes on. The problem will be only quantified later, as profits will drop and “nobody will know” why.
So it’s a lot like eating the seeds for your next season. Sure, you’ll be fuller now, but you’ll starve later.
Doesn’t matter as long as the people who did it got their money and are sailing to the sunset in their private yachts.
What do they care if yet another fantastic website got turned into a steaming pile of enshittification in the process.
You made me realise that I worded it really, really bad. (I need to fix it.)
I’m glad that you guys got the meaning that I was trying to convey though - that Reddit Inc. is scum, you can trust on the fact that they’re scum, and spez et al. are likely distorting the situation to make Reddit look more profitable than it is.
Thanks for reminding me of this. For those not aware, in 2016 Spez secretly edited users’ reddit comments. It’s fascinating that he survived as CEO after that given that it shows an absolutely breathtaking failure of judgment and self-control.
I still keep reddit as a read-only resource, and yes, plenty of people still use it. There are niche communities that I sure do wish could hit a critical mass on the threadiverse, and the archive of advice and (mostly) human reviews of stuff are helpful.
That said, either it's reddit or it's me, but any community that's even slightly large seems to have a lost a little thoughtfulness and vibrancy. The takes are more boring, the jokes more repetitive, and I run across others' "goodbye overwrites" a lot more often than I thought I would, and generally in places where it seems like the original posts were genuine attempts to be helpful. Reddit is not gone, but it is reduced, and must eventually fade into the west.
The company is moving ahead with its plans to go public more than two years after it first confidentially filed with the US Securities and Exchange Commission. Reddit’s listing is closely watched as a bellwether of an IPO market in the midst of a tentative rebound from a two-year dearth of first-time share sales.
Looks like the enshittification is about to get even worse than it was. Perhaps we might see another exodus to lemmy/kbin once this happens?
Honestly, I think spez was offended last spring when he realized that every. Single. AI had included most of rexxit's content in their training data - and that rexxit had paid the infrastructure and bandwidth costs for that to happen. And that he was angry about that, and afraid that he'd once again missed the boat, just like he did with rexxit crypto and rexxit NFTs. He really is an astoundingly incompetent CEO.
While traffic has not changed substantially, many users report the quality of content and the kinds of posts that are surfaced on user homepages now seem different.
This was on the front page a day or 2 ago, right near the top:
Obligatory "fuck Spez." I'm sure I'm not the first.
Points two and three break my heart, and exemplify why I have no interest in contributing content over there. I don't go on sites like that to make money. There are a few - esp in niche hobbies - who do, and that's fine, but it's hardly the primary purpose and some folks from the FP sub have survived and thrived in the time since.
Aside from the occasional Google search that leads me to reddit, I do not post on reddit anymore. Not going to invest my time in a site that will become more unstable overtime or recognize user/moderator contributions to said site.
For now, it's still a very good way to find reviews and rundowns that were (probably) written by real humans, and for the more niche communities it's often still the only community with a critical mass of people participating. Its content is a resource that was created by the users, and I'm not going to cut off my nose to spite my face.
Now that said, I never post anything there anymore, and I never browse without adblock, and I refuse to download their garbage app. It's a read-only resource for me now, and I'll survive just fine if it locks itself down completely.
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