IPO = Initial Public Offering, where shareholders offer to sell their shares to the public, shifting a company from a “private company” (it belongs to me, you, and that guy) to a “public company” (it belongs to anyone who pays enough for the shares).
The userbase has been always touchy when it comes to IPO, and rightfully so; they know that the new owners will only care about squeezing the platform dry. As such, I predict a new flood of Redditfugees to Lemmy and Kbin.
That would require reddit to actually be making a profit…
Or if Reddit can bullshit that the site can be profitable “soon”.
during the entire API fiasco some people had a look at their financials and the conclusion was that they should be making a profit if their revenue numbers are remotely correct. Somewhere in this pit of dung they have several money pits of unknown nature
Are they SBFing islands for their hoity parents?