Members of the now - infamous “ meme blood line ” vigilante subreddit radius / WallStreetBets may have ground their ultimate target — the mothership itself . The subreddit has beenfilledwith drug user discussing the prospect of deploying some of the same successful tactic used to pump the stock ofGameStopandAMCearlier this class and apply them to Reddit itself , which justannouncedits purpose to go public .
Reactions to the IPO news were n’t all confirming though .
“ You either die a hero , or live long enough to become a public company that will monetize the shit out of us , ” Reddit user renameCoreisaid . That fundamental doubt of whether or not r / WallStreetBet would basically be monetise from the IPO came up again and again . Users also voice concerns Reddit ’s IPO could welcome a new wave of content censorship on the platform . Meanwhile , othersaskedthe evenly crucial question of whether or not they would be able to bribe shares with Reddit karma points
Screenshot: WallStreetBets
have ’s back up for a bit . Redditannouncedit had confidentiality filed an S-1 with the U.S. Securities and Exchange Commission this week but it has yet to make up one’s mind the number of shares that would be offered or the price range for the offering . This issue forth less than six calendar month after Reddit reached a evaluation of around 10 billion buck , a hefty price tag drive in large part by the attention the caller earn from daily news headlines mother in large part by r / WallStreetBets , the Wall Street Journalnotes .
Reddit carbon monoxide gas - father and CEO Steve Huffman have previously credited the gas constant / WallStreetBets crew for serve bring in zillion of new users and newfangled advertizing money to the chopine . In August , the companyrevealedthat it had made $ 100 million in advertising revenue in the second quarter of 2021 , a huge gain represent a 192 % increase from the same time a year before .
“ This whole event is show the mogul of orotund community of everyday people , ” Huffmantoldthe Journal at the time . “ Not just monumental institutional and professional investors get to participate in the stock market . ”
Reddit is bulking up as well . before this year the company say it be after to double its stave to around 1,400 employees by the ending of 2021,according toThe brink . The IPO will nock a pivotal instant for the society found in 2005 . Reddit was sold to Condé Nast in 2006 foraround$10 million and then spun off in 2011 .
For anyone who forgot , r / WallStreetBets rattled the investing world before this twelvemonth when its extremity pumped up video secret plan retailer GameStop ’s stock , bleedingout some hedgerow fund along the way . ( One of those hedging monetary fund , Square Capital , wasforcedto shut down earlier this year ) . Though GameStop was the most memorable case , r / WallStreetBets also had a hand in boosting the stocks ofAMCandBlackberryas well .
One thing r / WallStreetBets users are doubtless right about is the fact that their fights with hedgerow stock likely helped push back up Reddit ’s evaluation . While it would be meet for those user to use the same tactic to pump up their host ’s value , Reddit differs from the likes of Game Stop or Blackberry in that just about everyone else sees its value .
GameStopInternet memesR / wallstreetbetsRedditRobinhoodShort sellingSteve Huffman
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