Reddit's IPO is almost here, but users aren't happy. Here's why there could be a revolt. — TradingView News
Perhaps it's the CEO's pay package of $193 million for 2023, while the company reported a net loss of $91 million. Meanwhile, volunteer mods did the work for free.
- Wannabe publicists should disclose their financial information before listing. And that's what has angered Reddit communities left and right. The company, which relies on the work of unpaid volunteer moderators, posted a sizable loss of $91 million in 2023 on revenue of $804 million.
- Now comes the worst:CEO Steve Huffman gobbled up nearly 20% of that revenue, paying himself a hefty total compensation of $193 million. Of course, the home of subreddits like WallStreetBets didn't like that. It may be worth noting that these people bankrupted a $7.8 billion hedge fund that had bet against GameStop
![]()
GME– Reddit’s favorite meme stock. - Reddit's IPO RRDDT An exact valuation is not yet available, but 2021 estimates have valued the social media platform at $10 billion. Analysts believe the float could take place at $5 billion or more. Reddit's public market debut will be a sight to behold. And maybe, just maybe, the folks at WallStreetBets could make this the flop of the year if they decided to do so.
Comments are closed.