• CaptDust@sh.itjust.works
    86·
    10 months ago

    “These idiots bought Doge and AMC, of course they’ll give us money 🚀🚀💎👊” - Spez, probably.

  • ramble81@lemm.ee
    55·
    10 months ago

    I know this may not get seen but anyone who jumps in on this will basically end up linking their Reddit account name to their real info. Let that sink in.

  • grte@lemmy.ca
    52·
    10 months ago

    “Eligible” you note skeptically? Yes. Unfortunately, there are a ton of imposed legal restrictions defining when, who, and how we do this. So while our goal is to give all redditors the same access to stock as institutional investors (why should they have all the fun?), our lawyercats can confirm we must follow specific rules explained below.

    Really angling for a certain demographic, huh?

  • Lvxferre
    52·
    10 months ago

    My guess is that the current Reddit Inc. investors know that the price per share will sink in the initial public offering. So to squeeze a bit more cash, they’re trying to sell some shares to suckers who are emotionally invested into the platform, before the IPO.

    If that’s correct it’s extremely scummy, bait-and-switch behaviour. And damn stupid given that Reddit’s CEO Steve “Greedy Pigboy” Huffman was taunting and pissing off powerusers and moderators not too long ago.

    • givesomefucks@lemmy.worldEnglish
      38·
      10 months ago

      Probably consumer protection…

      Reddit is trying to profit off everyone they can, and these idiots are about to tie real name and contact info to their reddit profiles.

      That makes the data reddit has much more valuable to people who buy data.

    • Tar_Alcaran@sh.itjust.works
      28·
      10 months ago

      Europe has a shitload of requirements that shares must meet in order to be sold to your average private person, including stock info in your native language, and a proper risk assesment.

    • fossilesqueOPEnglish
      5·
      10 months ago

      I’d move to Europ again to avoid this. Probably would be cheaper too.

      • Zaktor@sopuli.xyzEnglish
        131·
        10 months ago

        That’s not relevant to whether someone can buy stock. Lots of Europeans own stock in American companies.

        • WarmSoda@lemm.ee
          116·
          10 months ago

          Apparently it is, because Europeans cannot buy these stocks.

          But feel free to inform me that they can.

      • VaultBoyNewVegas@lemmy.world
        13·
        10 months ago

        That also has to have an address somewhere in Europe to operate in it. Do you think Facebook/Amazon/Microsoft dont have offices in the EU? Usually American companies will open European offices in Ireland because they have lower corporation taxes.

        • WarmSoda@lemm.ee
          214·
          10 months ago

          None of that changes the fact that it’s a US based company.

          Reddit (/ˈrɛdɪt/) is an American social news aggregation, content rating, and forum social network.

  • loobkoob@kbin.social
    19·
    10 months ago

    Part of me hopes none of them are dumb enough to fall for this. Part of me hopes redditors somehow end up as the majority owners of Reddit and either a) return it to being a good website or b) wreak absolute havoc.

      • BlackPenguins@lemmy.world
        2·
        10 months ago

        ELI5 How would a pump and dump work here. If you buy stock to pump it up then everyone dumps. Isn’t it just back to where it started in value?

        • ramble81@lemm.ee
          12·
          10 months ago

          For that to happen the pre-IPO price would have to be lower than the perceived peak which is a gamble here. The goal would be to buy as much as possible and sell it as soon as it goes up to make a profit off of it, and be rid of it before you’re left when it crashes. The problem I see is that window is hopefully gonna be very short and you’re not gonna be able to time it. So it’s a serious risk.

          • Lionheart_xa@lemmy.world
            31·
            10 months ago

            Well you can do this risk free if you understand the bare minimum of how to use a stock trading account.

            Once you have your shares you immediately put a limit sell trailing percent or dollars order on the security. What this does is automatically sells the stock the very second it drops by the amount you set.

            So with reddit you set it to sell at something like 2% and then the second it drops below that you cash out with your money.

    • deur@feddit.nl
      3·
      10 months ago

      They seem to imply they dont want to even sell that many shares if its too popular so theyre probably precisely rigging it in their favor.

    • Seasoned_Greetings@lemm.ee
      3·
      10 months ago

      It’s all about perspective. There’s no backfiring if your goal was to make money with no regard to the longevity of the platform.

      Do you think Reddit cares if the platform tanks after they make all their money?

    • OpenStars@startrek.websiteEnglish
      10·
      10 months ago

      Ding ding ding ding - yes, with the “option” for users to pay them. It’s a Trump/Musk/Spez specialty: do whatever the fuq you want, but make it sound nice and people will be lining up just to fall for it.

      I would add the joke “What’s next - crypto?”… but at this point that is not even funny anymore:-(.

  • fossilesqueOPEnglish
    81·
    10 months ago

    I’m very sad I can’t reply to this.

  • TimewornTraveler@lemm.ee
    2·
    10 months ago

    “This special program lets redditors purchase stock!”

    Wow, you’re gonna LET ME GIVE YOU MONEY? Go fuck yourselves