this post was submitted on 19 Jul 2023
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SNOOcalypse - document, discuss, and promote the downfall of Reddit.

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submitted 1 year ago* (last edited 1 year ago) by [email protected] to c/[email protected]
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Two IMO on-point excerpts of the article:

The highest-ranked replies are very critical of the post. “What good is our feedback when reddit seems perfectly happy to ignore all of it?” wrote one user. “What’s the point?” Another pointed out that Huffman called mods “landed gentry.” “Show, don’t tell,” wrote another user — to which the admin replied, “Agreed.”

“A beginning of what?” replied one user. “This solves nothing, and just wastes everybody’s time.”

Reddit's administration is sounding more and more like an abusive SO trying to gaslight you into staying in the relationship. "Baby I'll listen to you, I swear."

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[–] [email protected] 6 points 1 year ago* (last edited 1 year ago) (1 children)

Not if the stock price for IPO can be pumped enough for the investors to dump for a profit. The problem is they don't realize Steve is too dumb to do that for them. They need a Bernie Madoff with grifter skills and no morals, they've got a spez with a chew toy and no sense instead.

[–] MidwestMayonaiseSalad 11 points 1 year ago (1 children)

The “they” you are talking about are the ones who say it is worth 20% less. article

I think “they” know

[–] [email protected] 5 points 1 year ago (1 children)

From the article you linked:

Fidelity now estimates that Reddit’s holdings could be around $15.4 million as of May 31, which is down over 7% from the fund’s estimates of $16.6 million from this past April.

This was from before the whole shit fiesta actually happened.

[–] [email protected] 9 points 1 year ago (2 children)

Further in the article

This new figure is is also a reported 45.4% slide since Reddit secured Series F funding in August 2021, when an asset manager acquired the platform’s shares for $28.2 million.

That asset manager was also from Fidelity, who are the investors who keep writing off Reddit value.

[–] [email protected] 3 points 1 year ago

Yes, we will not see affects from that until their next reporting quarter. But they haven’t just devalued by 7% overall. It’s quarterly reporting. Stay tuned to q3 to see if they think Reddit really screwed up.

[–] [email protected] 2 points 1 year ago

Yes, and? That doesn't change the fact the article talks about numbers that came from before any of the protests happened.

Fidelity's devaluation (along with the increased overall desperation in SV venture capital) is a cause of the API changes and heavy handed suppression of the protests, not a result of them. It's an attempt to halt/reverse that slide by asserting control and taking concrete measures to better extract value from Reddit.