Reddit Insiders Selling Days After IPO; Shares Fall
Reddit Insiders Selling Days After IPO; Shares Fall
CEO Steve Huffman and others disclosed sales days after the IPO.
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Pump and dump. They sold all those shares to shareholders and they are going to answer to them now. They stopped listening to the users a long time ago. Enshittification is inevitable.
It's already fairly enshittified. The discourse has really gone downhill over the past few years. Remember how good the AMAs used to be? Or the AskReddit threads that were full of interesting stories?
They tried to pump up by selling to reddit users first. On a platform that literally has communities dedicated to fucking up stock prices.
Unfortunately, they somewhat succeeded. Greedy little pigboy got his $16m dump, right after using the Reddit users to pump.
Greedy little pigboy was always going to get his cut, that was the whole idea. Build something juust big enough to get bought out, and if that doesn't work, sell the parts as unethically as possible.
I look forward to him thinking he's a big dick player now and getting absolutely chummed by the real sharks