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In unsurprising news, Reddit prepares IPO (www.businessinsider.com)

submitted 10 months ago by [email protected] to c/[email protected]

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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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[–] [email protected] 29 points 10 months ago* (last edited 10 months ago) (1 children)

I get it, but like I said, that's ephemeral. Compare that to say Meta or alphabet with YouTube. They have distinct advantages in serving their content that prevents them from completely losing out. Then you've got Reddit, who pays hosts that could decide themselves to spin up a competing service pretty quickly and already isn't profitable due to those harsh hosting costs and isn't particularly stand out in its advertising business compared to those two.

[+] Aux -11 points 10 months ago (1 children)

Everything is ephemeral. Money is ephemeral, countries are ephemeral, etc. It's just we as a society decided that things have value. That's it.

[–] [email protected] 2 points 10 months ago (1 children)

Money and countries aren't "ephemeral", whatever you mean by that. Countries are large collections of individuals and groups united by common culture, language, geography, economies, religion, etc. They're as real as your family or friends group is, because they're based on voluntary association.

Money is "real" because governments accept it for payment of taxes. Taxes are not optional, thus businesses find it convenient to ask for payment in local currency. This creates a common medium of exchange as long as people have faith that the current government will survive.

So no, they don't just have value because "we decided" they do. We can't change our minds tomorrow and shift all the countries and money around because they are based on reality.

[–] Aux -1 points 10 months ago

You literally just support my comment and contradict yourself, lol.