A lot of Redditors hate the Reddit IPO
“Short the shit out of it.” | The Verge
If you are a certain kind of cynical, Reddit’s S-1 filing sets off alarm bells. There’s the mention of r/WallStreetBets. (Five mentions in total, actually.) There’s the stockpile it’s amassed of Bitcoin and Ethereum. And there’s the program to give certain power users the option of buying stock before it debuts on the public market.
The S-1 is a document filed with the US Securities and Exchange Commission before a company goes public. It discloses all sorts of things: revenue figures, risk factors, key data about the business. And it sends certain signals. In this case: I see some meme stock shit.
I can totally imagine corporate insiders figuring, well, Reddit is the place for meme stocks, so yolo, etc. Except here’s the thing:…
