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Reddit users downvote stellar Wall Street debut

Reuters · 1y ago

Reddit users downvote stellar Wall Street debut

Reddit's stock market debut saw its value reach nearly $9 billion, but users on its trading forums expressed doubts about its future. Many users on Reddit's "wallstreetbets" forum questioned the outlook for the money-losing company's shares and discussed strategies for betting against it. Despite reservations, Reddit's stock surged 48% on its first day of trading, closing at $50.44 per share. The IPO's success reflects investors' increasing appetite for IPOs after a risk-averse period caused by rising interest rates in 2022. Nasdaq plans to list options on Reddit starting next week, allowing investors to bet against the stock.

Related News

Reddit launches free tools to help businesses grow their presence on the site ahead of IPO

TechCrunch · 1y ago

Reddit launches free tools to help businesses grow their presence on the site ahead of IPO

Reddit has just launched Reddit Pro, a suite of free tools aimed at helping businesses grow their presence on the platform. The suite includes AI-powered insights about trending topics and brand mentions, publishing tools for drafting and scheduling posts, and performance analytics to track engagement. Additionally, businesses can easily convert their posts into paid advertisements on Reddit without leaving the platform. Reddit Pro, currently in beta testing, has already attracted over 200 businesses, including Taco Bell, Wendy's, the NFL, and The Wall Street Journal. More features are planned to be added throughout the year.

Reddit reveals how much karma you'll need for a chance to buy into its IPO early

Business Insider

Business Insider · 1y ago

Reddit reveals how much karma you'll need for a chance to buy into its IPO early

Reddit has outlined six tiers in its IPO paperwork that will determine which users will have the opportunity to buy its stock at the IPO price ahead of its public debut. The tiers are based on factors such as user karma and moderator actions. The first tier is reserved for users and moderators who have made significant contributions to Reddit community programs. Reddit plans to offer stock to select users in addition to larger money managers, a move that is relatively uncommon in IPOs. Up to 75,000 Redditors are expected to have access to the directed share program in March.

Wall Street analysts bullish on Circle after blockbuster IPO, but warn on sky-high valuation - The Economic Times

Economic Times

Economic Times · 1m ago

Wall Street analysts bullish on Circle after blockbuster IPO, but warn on sky-high valuation - The Economic Times

Wall Street analysts are optimistic about Circle Internet Group after its successful IPO, despite concerns over its high valuation post a 161% share surge. Circle, a prominent blockchain infrastructure player known for USD Coin (USDC), saw its shares debut at $69, exceeding its $31 IPO pricing. Analysts like Barclays affirm Circle's digital dollar network's market leadership, while J.P. Morgan cautions about potential risks, initiating an 'underweight' rating with an $80 price target.

Reddit's US IPO filing reveals $90.8 million losses, 21% revenue growth in 2023

Economic Times

Economic Times · 1y ago

Reddit's US IPO filing reveals $90.8 million losses, 21% revenue growth in 2023

Reddit has revealed that its net loss for 2023 narrowed to $90.8 million, with revenue growth of around 21%. The financial disclosure coincided with the public release of the company's initial public offering (IPO) filing ahead of its planned debut on the US stock market in March. Reddit reported an average of 73.1 million daily active users and 267.5 million weekly active users in the last quarter of 2023, with over 100,000 active communities on its platform. The company has also entered into a deal with Google to make its content available for training the search engine's artificial intelligence models, worth about $60 million per year.

Reddit’s IPO Filing Is Missing Something: Cofounder Alexis Ohanian

Wired · 1y ago

Reddit’s IPO Filing Is Missing Something: Cofounder Alexis Ohanian

Reddit cofounders Steve Huffman and Alexis Ohanian, who lived together for several years, playing World of Warcraft and working on Reddit, have had a strained relationship since 2020 due to disagreements over how to handle hateful content on the platform. In Reddit's recent filing with the SEC to go public, Ohanian was not mentioned, indicating the schism between the two. Huffman has been leading Reddit in recent years, developing strategies for consistent profits. Ohanian sold his ownership in Reddit in 2006 but still has some shares. Reddit plans to debut on the stock market next month.

Apple’s AI moment is still a ways off

Livemint

Livemint · 6m ago

Apple’s AI moment is still a ways off

Apple's fiscal first-quarter report revealed a slight decline in iPhone revenue, missing Wall Street predictions. Despite launching iPhone 16 with AI tools, it failed to energize consumer interest. Users are retaining their iPhones longer due to high prices, impacting upgrades. Apple's AI initiatives, while promising, require users to adopt new devices which hasn't happened yet. Investors remain optimistic, hoping for growth with future models, and Apple shares have risen despite these challenges.

X weighs adding a downvote button to replies — but it doesn't want to emulate Reddit

TechCrunch · 1y ago

X weighs adding a downvote button to replies — but it doesn't want to emulate Reddit

Twitter, now known as X, is considering bringing back a downvote feature for posts. This feature was previously tested in 2021 and involves users being able to downvote replies. Code references found in the X iOS app suggest that the company is exploring the addition of downvotes to improve how replies are ranked. While this doesn't confirm that the feature will be rolled out, comments from an X engineer and owner Elon Musk indicate support for leveraging negative signals to enhance ranking systems. This approach is similar to X's use of negative ratings in its Community Notes feature. X's potential reintroduction of downvotes could help identify better replies in long threads and inspire similar tools on other platforms. In addition, a new user interface design might hide engagement buttons by default in favor of a gesture-based menu for accessing actions.

Reddit may need to ramp up spending on content moderation, analysts say

Economic Times

Economic Times · 1y ago

Reddit may need to ramp up spending on content moderation, analysts say

As Reddit goes public, analysts are warning that the company's heavy reliance on volunteer moderators is not sustainable and could put it at risk of condoning objectionable content. With the increased scrutiny that comes with being a public company, Reddit will face the need for substantial investment in content moderation. This could result in a rise in expenses and the need to hire more staff for trust and safety efforts. Additionally, Reddit will need to address concerns regarding offensive content in order to retain advertisers. Despite these challenges, Reddit had a successful IPO, gaining 48% on its debut.

Reddit debuts AI-powered discussion search—but will users like it?

Arstechnica

Arstechnica · 8m ago

Reddit debuts AI-powered discussion search—but will users like it?

Reddit is testing a new AI-powered search feature called "Reddit Answers" that generates summaries from existing Reddit posts to provide responses to user questions. Unlike traditional search engines, Reddit Answers only focuses on content within Reddit's platform. The feature aims to compete with other AI search tools like OpenAI and Perplexity. Reddit will initially roll out Reddit Answers to English-speaking users in the US before expanding to other languages and regions. However, there are concerns about the accuracy of information provided by the AI and the potential for intentional manipulation by users.

Spotify's monthly user growth, subscribers beat expectations

Reuters · 1y ago

Spotify's monthly user growth, subscribers beat expectations

Music streaming platform Spotify reported strong fourth-quarter performance, with monthly active users and premium subscribers surpassing expectations. The company’s user base increased by 23% to 602 million, while premium subscribers grew by 15% to 236 million. Spotify aims to reach 1 billion users by 2030 and has expanded into podcasts and audiobooks. Despite positive trends, Spotify's first-quarter forecast for total users and revenue came in below Wall Street expectations. The company posted a fourth-quarter operating loss of €75 million, reduced from €231 million in the same period the previous year.

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