• @xantoxis
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    8421 days ago

    Wait, they’re leaving their users holding the bag? Who could have predicted this

  • @[email protected]
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    7321 days ago

    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.

    • @[email protected]
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      3221 days ago

      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?

    • @[email protected]
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      1421 days ago

      They tried to pump up by selling to reddit users first. On a platform that literally has communities dedicated to fucking up stock prices.

      • @pivot_root
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        1521 days ago

        Unfortunately, they somewhat succeeded. Greedy little pigboy got his $16m dump, right after using the Reddit users to pump.

        • @[email protected]
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          1421 days ago

          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

  • BudgieMania
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    3421 days ago

    I don’t remember names, but many users around here called this to the letter

    • @pivot_root
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      2521 days ago

      Anyone with half a brain would have expected this. Fuck u/Spez.

  • @[email protected]
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    3221 days ago

    They’re getting the payday they promised themselves and they are doing it now because the share price will probably never be this high again.

    If Spez was paid $93 million last year and all but $600k of it were shares, you can bet he still has plenty left.

  • Bigfoot
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    2621 days ago

    How in heck is Truth Social worth more than twice Reddit

    • @[email protected]
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      3921 days ago

      Because the stock market is mostly based on mob thinking/human psychology rather than being based on reality.

      • @[email protected]
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        1121 days ago

        Not mostly, but people are buying Truth Social shares not because they think it’s a sound financial decision, but because they support the company. It’s meme stock logic.

  • Sibbo
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    1421 days ago

    So this is not normal for a company going public, or is it?

    • @xantoxis
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      21 days ago

      It is not. This is deeply unethical.

      If a company takes its stock public, the shares sold generate cash which is held by the company selling them, and used to build the business. Nobody who bought them, including the insiders, is really forbidden from selling them (except insofar as insider trading laws apply), but if an insider sells shares this early it indicates a deep distrust by the seller of the underlying value of their own company. Doing so while letting outside investors spin is therefore unethical because it signals that the people who built the company are planning to abandon it and let the stock tank.

      See also: lock-up period, which is not required during an IPO (news to me!) but the absence of a lock-up period sure seems like a red flag someone should have noticed. Although, I suppose, many people did.

    • @[email protected]
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      1721 days ago

      This is normal when a company goes public and is overvalued. It’s precisely what you expect the insiders to do.

  • @[email protected]
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    821 days ago

    I remember reading somebody saying they were going to buy it and put a sell order for when it hit 69. Just looked and too bad for them. It seems to have maxed out at 68 dollars.

    • @NOT_RICK
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      321 days ago

      I’m seeing it hit 73.47 Tuesday morning

      • @[email protected]
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        320 days ago

        You are correct, I looked at the month long view and I guess it was there for such a short time that it didn’t register on the longer timeline.

    • K0W4L5K1
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      121 days ago

      Maybe that’s why that backed out at 68 they wanted the last laugh

  • TacoButtPlug
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    320 days ago

    I kinda expected it to be another Lyft stock comedy. Idk why.

  • Possibly linux
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    -821 days ago

    Maybe we could all just start buying shares for no reason. At some point the community will get bored and the stock will tank

    • @pivot_root
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      821 days ago

      This only works to fuck short sellers, not people who already have shares. If you buy shares right now, you’re not only screwing yourself while the other bag-holders minimize their losses by selling, but keeping the stock overvalued until greedy little pigboy can dump the rest of his stocks.