Get your shorts ready, this will be very interesting to follow. Seems like the stock will appear tomorrow already?
I fully expect a nosedive in stock price but who knows. Maybe a pump and dump.
Get your shorts ready, this will be very interesting to follow. Seems like the stock will appear tomorrow already?
I fully expect a nosedive in stock price but who knows. Maybe a pump and dump.
The source: reddit and its bankers. Like I’m going to believe that.
Also, the valuation works out to only $750m? That seems low considering how much they’ve been hyping it.
Edit: the valuation is $6.5b but the IPO would fetch $750m. Not sure how that math works.
They are essentially selling that percentage of the company to the public at large. Not enough for any shareholder to have any power over it, but enough for the company to get some spending money.
Which would be good considering they can’t make a profit. Although, I wonder how that makes them worth anything. The intricacies of legalized gambling and money laundering escapes me.
They’re making money. It’s just not a really high amount.
Source? All the ones I can find say they’re still losing money. 800M in revenue but 940M in expenses for 2023. https://www.marketwatch.com/amp/story/reddits-ipo-raises-questions-about-profitability-heres-how-it-makes-money-01f73f04
To be fair that means they’d be making money without spez’s 193 million salary. https://fortune.com/2024/03/19/reddit-ceo-steve-huffman-defends-193-million-compensation-following-backlash-unpaid-moderators/