Redditors who took advantage of their privileged access to stock ahead of the IPO have seen Reddit share value rocket from $34 to $59.80 by yesterday’s close – an 86% increase.
Update: Subsequent share sales by the company’s CEO and COO – coupled to a report describing the stock as “grossly overvalued” – saw the price fall to $49.32, below the closing price on the day of the IPO …
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Following the company’s successful IPO, and a deal with Google to allow Reddit posts to be used as training data, the expansion of another Reddit data-sharing agreement has been signed – this time with Cision.
The data is likely to be used to help companies understand consumer perceptions of their brands, and insights into comments on their products …
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We don’t yet know the exact cost of Reddit shares when they go on sale, but the company has indicated that the initial public offering (IPO) price will be between $31 and $34 per share.
Selected Redditors will get priority access ahead of the IPO, and unlike most preferential access deals, they will be free to sell their shares immediately if they wish to …
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The first invitations to participate in the Reddit Directed Share Program (DSP) – in which moderators and very active users will get preferential access to shares – have now been issued.
Some moderators and other users with high Reddit karma have been invited to register, but so far vocal users seem unimpressed …
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The long-awaited Reddit IPO is finally official, as the company formally notified the Securities and Exchange Commission (SEC) of its plans to take the company public on the New York Stock Exchange with the ticker symbol RDDT.
Reddit has also revealed that the controversial $60M/year deal to provide access to user-generated content to an AI company was with Google …
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Prolific Redditors are to be given preferential access to Reddit shares in the company’s initial public offering (IPO), according to a new report.
The plan would see an as-yet-unknown proportion of the shares set aside for the 75,000 most active Reddit users …
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It’s being reported that a deal has been struck to allow an unnamed large AI company to use Reddit user content for training purposes …
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The Reddit moderator rebellion earlier this year doesn’t seem to have fazed CEO Steve Huffman, who says that AI moderation is part of the solution.
Huffman says that he stands by the company’s decision to charge for API access despite the fact that it was massively unpopular, and led to the demise of the leading Reddit app, Apollo …
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The Narwhal for Reddit app now has confirmed pricing, after surveying the views of users. The developer says that thoughts of tiered subscriptions have been abandoned, and that the app will instead have a single plan costing $3.99 per month.
This is the same as Now for Reddit, which also considered multiple tiers – while Android app Relay is going with usage-based pricing …
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Reddit moderators who participated in protests against the company’s API charges say that they have been replaced by individuals who lack subject matter expertise. They say this is leading to dangerous advice being posted and going unchallenged in subreddits ranging from food canning to 3D printing of firearms …
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A form of Reddit verification is currently being tested, in the form of an “official” label for some accounts confirmed as authentic.
For now at least, verification is only available to organizations, and not individuals, and the current test is extremely limited …
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Reddit protests have been continuing, despite threats by the company to take over subreddits which refuse to end them. The company has now carried out its threat against one of the biggest subreddits – a move which seems set to backfire.
Additionally, a fun crowdsourced art project on Reddit is now being used to post messages protesting against the company’s decision to charge extortionate amounts for API access …
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Reddit recently implemented significant changes to its API, which resulted in many third-party apps giving up on the platform. And now that the official Reddit app is pretty much the only way to access the social network on the phone, the company wants to push users to pay for its Premium tier.
This week, the Reddit iOS app was updated with an ugly new icon. And if you don’t like it, you’ll need to pay to change it.
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If you’re finding lots of your Reddit chats missing, that is a feature, not a bug, says the site. The company did actually announce the plan, but in a very low-key way …
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Reddit NSFW protestors – moderators who applied the Not Safe For Work flag to their subreddits to prevent monetization – have now been given a “final warning” to remove the label …
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When your business model is selling eyeballs to advertisers, it’s hard to imagine anything dumber than blocking access to your own site and telling users to go outside instead, yet somehow Twitter rate limits are a real thing.
But analysis suggests that this may be even dumber than we thought, as it appears to be a Twitter bug that created the “emergency” that saw the rate limits introduced in the first place …
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Apollo is probably one of the most popular Reddit clients on Apple platforms. However, due to the latest changes announced by Reddit, most third-party clients are being shut down – and Apollo is one of them. With its last-ever update, Apollo has added an option that lets current subscribers reject a refund when the app is removed from the App Store. At the same time, users can download a special set of wallpapers.
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Despite site-stopping protests by mods and users, Reddit leadership chose to brute force its way through any reasonable way of continuing third-party app support. Instead, the company hopes its luxury-priced API will be its secret shortcut to an overvalued IPO. As a result, Reddit’s official iOS app is being torpedo’d in the App Store.
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There’s no sign of any letup in the Reddit controversy. After the company threatened protesting moderators, it’s now facing pushback from moderators with disabilities …
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Reddit threatened multiple moderators of subreddits, after they made the decision to remain closed as a continuing protest against the upcoming API charges that killed the popular third-party app Apollo.
Effectively, they have been told that the subreddit will be taken away from them unless they re-open. Additionally, Reddit is forcing rule changes that are likely to reduce the quality of posts …
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The Reddit API backlash continues, with moderators finding a new way to protest: They’ve come up with a simple way to demonetize their subreddits, to ensure the company cannot profit from them.
The latest development has seen moderators removed, and then reinstated, with the company refusing to explain the U-turn …
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While CEO Steve Huffman may be dismissive of the thousands of subreddits going dark to protest his planned API changes, new Reddit usage metrics show that the protests had a definite effect.
Analytics data shows that daily visits dropped steadily as the protest unfolded, and average session length fell to the lowest level in three years …
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The situation surrounding Reddit’s changes to its API continues to get even weirder. Earlier this year, a ransomware group used a sophisticated phishing attack to steal 80GB of data from Reddit. Now, ransomware group BlackCat is claiming responsibility for that hack and threatening to release that information if Reddit doesn’t reverse its API changes and pay a $4.5 million ransom…
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“Anyone else feel like it’s getting hot in here?” That’s what Reddit CEO Steve Huffman would ask if he was remotely aware of the dumpster fire that he continues to fuel around the community he helped build. Instead, the former cofounder and current tyrant has a new plan of attack: Cross him and you’re fired… from moderating… for free… for years.
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