this post was submitted on 07 Jan 2024
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In unsurprising news, Reddit prepares IPO (www.businessinsider.com)
submitted 7 months ago by [email protected] to c/[email protected]
157 comments fedilink hide all child comments
 

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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[–] [email protected] 113 points 7 months ago (17 children)

The only way reddit is worth $15 billion is if they have plans to sell user data to AI companies.

[–] [email protected] 77 points 7 months ago (2 children)

Nah, they don't need to do that when they can already influence user decisions by faking a consensus.

They "fuzz" votes. They give themselves "gold" and promote articles. Then they have the first few comments all say the same opinion in a few different ways, and suddenly people start agreeing for fear of being "in the out-group". It takes so much effort to flip the tone of the components section once it's got a vibe.

If not, delete and restart until it works.

[–] [email protected] 27 points 7 months ago* (last edited 7 months ago) (2 children)

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.

[–] [email protected] 11 points 7 months ago (2 children)

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

[–] [email protected] 2 points 7 months ago

Oh, and FTX

[–] [email protected] 2 points 7 months ago

Theranos had a 10b valuation at one point?

[–] [email protected] -1 points 7 months ago (1 children)

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.

[–] [email protected] 1 points 7 months ago* (last edited 7 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?

[–] [email protected] 7 points 7 months ago

Yea imagine for a small country like slovakia πŸ‡ΈπŸ‡° or some crap a few thousand dollars can go a long long way for a local election or whatever through reddit xitter facebook

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