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this post was submitted on 01 Jul 2023
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they already lost 4.5bn because of this. Their valuation was cut down to 5.5bn from 10bn just the other day
And if I remember correctly that value cut was from before all this happened so it’s probably fixin to drop even more
Here's hoping. (yeah, I'm an unreasonable, hateful bitch. I despise what they did with the Apollo dev (and others) and I hope it bites them in the arse.)
I wish it lives. May we never forget Aaron's dream for the platform. May we never forget it. It's my goal in life to carry on in his and other's footsteps so we may use what we have made to help others.
I think if he was still around, he’d be all for ActivityPub and stuff like Lemmy/Kbin.
He definitely would have been all about ActivityPub, if not involved with bringing it about. Still amazes me that he was one of the inventors of RSS, arguably a proto-ActivityPub.
https://techcrunch.com/2023/06/30/fidelity-deepens-valuation-cut-for-reddit-and-discord/
Valued at 10 billion when fidelity bought an ownership stake in 2021.
Currently they estimate Reddit is worth 5.6 billion
Well done team, I bet the investor calls are going great!
How it started: what if we built a platform where people create and moderate the content, but we just make all the money?
How it's going:
Only 5.5 billion more to go
Buy shorts? Buy puts?I need some ill advise, where's wallstreetbets when you need them?
Check sub.rehab
We need an unethical life tips here on how quickly we can bankrupt reddit
That’s not them actually losing money, though. They’re a private company, not a public one. Their valuation is just what analysts think that they’re worth—it has nothing to do with how much money they have.
Private companies (which is most businesses) are still worth something. If big investors like Fidelity value your business at $1bn, banks will absolutely consider that as collateral for loans and so on. And if they say your business has halved in value, they’ll consider that too.
But valuation is a very real predictive measure on IPOs, and what Reddit is making all these bad decisions in preparation for. They tried to cut a little more pie by dragging third party app users onto their app to try and increase revenue and bump valuation, it's just that it was so terribly misguided and executed that it had the opposite effect and blew up in their face.
True, but the valuation is for investors and per fucknut, Reddit isn’t making any money, hence the api push to a paid platform.
Also, Reddit is going public soon when they IPO and investors aren’t going to want to invest in a bot ridden, non active community.
I’d say 75%+ used Reddit on their phones and many of them used 3rd party apps.
The point is, Reddit IPOing soon and then this fiasco is the worst thing for them.