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If I’m reading this right, the last estimate ($5.5 billion valuation for Reddit) is from May 31, right before the revolts.
Either way this doesn’t surprise me at all. Contrariwise to what Steve “greedy pigboy” Huffman might believe, investors aren’t stupid; they know that the main asset of a social media site like Reddit is its userbase, and that if you piss off the most contributive users there, the value goes down considerably.
I really wonder if they aren’t going to just sell it to a language model company and walk away from it
Nah. Why would someone buy it, if they can scrape it? They don’t even need API usage, let alone buy Reddit.
We did it Lemmy
We identified the Boston Bomber!
Ooph. Those were wild times.
Companies finally realized enshitification is not a good long term strategy.
Can we gaslight discord into thinking this is bc they got rid of their native apps
absolutely not to defend them but im gonna be honest the new react android app is better than the old java native one especially on bigger screens
I seem to be out of the loop on the Discord side of this situation. What did they screw up?
Fidelity Blue Chip Growth Fund valued its holdings in Reddit at $15.4 million as of May 31, according to the fund’s monthly disclosure released Friday. That’s down 7.36% from $16.6 million mark at April’s closure and altogether a slide of 45.4% since its investment in August 2021. The updated share value suggests a $5.5 billion valuation for Reddit.
The longer this lasts and the worse it gets for Reddit, the better. The only way you can hurt corporations is in their wallets, but it needs to be sustained. If they don’t undo the damage they’ve self-inflicted, they’re going to end up about as relevant as Digg.
