this post was submitted on 20 Mar 2024
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113
Reddit guides IPO may price at top of range or above, source says (finance.yahoo.com)
submitted 8 months ago by 1984 to c/technology@lemmy.world
16 comments fedilink hide all child comments
 

Get your shorts ready, this will be very interesting to follow. Seems like the stock will appear tomorrow already?

I fully expect a nosedive in stock price but who knows. Maybe a pump and dump.

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[–] stoly@lemmy.world 12 points 8 months ago (1 children)

They are essentially selling that percentage of the company to the public at large. Not enough for any shareholder to have any power over it, but enough for the company to get some spending money.

[–] tsonfeir@lemm.ee 12 points 8 months ago (1 children)

Which would be good considering they can’t make a profit. Although, I wonder how that makes them worth anything. The intricacies of legalized gambling and money laundering escapes me.

[–] ColeSloth@discuss.tchncs.de 2 points 8 months ago (2 children)

They're making money. It's just not a really high amount.

[–] mark3748@sh.itjust.works 5 points 8 months ago

It’s quite literally in the disclosures and the article you are commenting on. They lost $151MM in 2022 and $90MM in 2023.

[–] rambaroo@lemmynsfw.com 4 points 8 months ago (1 children)

Source? All the ones I can find say they're still losing money. 800M in revenue but 940M in expenses for 2023. https://www.marketwatch.com/amp/story/reddits-ipo-raises-questions-about-profitability-heres-how-it-makes-money-01f73f04

[–] Cogency@lemmy.world 4 points 8 months ago* (last edited 8 months ago) (1 children)
[–] admin@lemmy.my-box.dev 2 points 8 months ago

According to that link, his salary was "only" half a million. Or does he get 193 million in stock each year?