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In unsurprising news, Reddit prepares IPO (www.businessinsider.com)
submitted 10 months ago by cygnus@lemmy.ca to c/snoocalypse@lemmy.ml
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Now the social media platform is aiming for an IPO in the first quarter of 2024 with a valuation of $15 billion, and has been in talks with potential investors like Goldman Sachs and and Morgan Stanley, per Bloomberg.

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[-] NotMyOldRedditName@lemmy.world 27 points 10 months ago* (last edited 10 months ago)

As a public company, not disclosing that they manufacuter conversation and opinion with fake data and instead saying it's all natural would be fraud and they would face fines or go to jail if discovered.

Edit: reddit could turn a blind eye to others doing it, but they cant do it themselves and say otherwise.

[-] Anticorp@lemmy.world 11 points 10 months ago

When was the last time you saw anyone in charge of a 15 billion dollar company go to jail for fraud?

[-] NotMyOldRedditName@lemmy.world 2 points 10 months ago

Theranos had a 10b valuation at one point?

[-] NotMyOldRedditName@lemmy.world 2 points 10 months ago

Oh, and FTX

[-] Blue_Morpho@lemmy.world -1 points 10 months ago

As a public company, not disclosing that they manufacuter conversation and opinion with fake data

You gave it backwards. As a public company, if they can make money doing that but choose not to, they can be sued by the shareholders.

[-] NotMyOldRedditName@lemmy.world 1 points 10 months ago* (last edited 10 months ago)

I don't think there's any problems with doing it, as long as they aren't claiming otherwise.

If they lie about it it becomes fraud.

Edit: And what are they going to do once asked on a public earnings call? Lie?

Edit: Falsely posting stuff might also open up a can of worms around the site no longer being protected by being user generated content?

this post was submitted on 07 Jan 2024
475 points (95.6% liked)

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