this post was submitted on 07 Jan 2024
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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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[–] davel@lemmy.ml 193 points 10 months ago (24 children)

As of 7 months ago, spez claimed that the company still wasn’t profitable. If, after 18 years, a social media link aggregator still isn’t profitable, then what are they going to do with the IPO capital other than burn through it as well?

[–] BudgieMania@kbin.social 12 points 10 months ago (5 children)

I think there are a lot of extreme measures that would theoretically increase its profitability that they have not yet taken, most of which I have to assume are in the cards in the foreseeable future.

Most of them are, of course, measures that would severely impact user experience in a very negative way, but it's clear at this point that they are drunk on hubris and believe users will stay no matter what.

[–] Bipta@kbin.social 27 points 10 months ago (1 children)

They only have to be profitable long enough to sell their bags.

[–] BudgieMania@kbin.social 3 points 10 months ago* (last edited 10 months ago)

That's true, I have to imagine a significant amount of the people driving the push for the IPO are only doing so to drive value up, cash out and vanish

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