SNOOcalypse - document, discuss, and promote the downfall of Reddit. @lemmy.ml cygnus @lemmy.ca 11 mo. ago

In unsurprising news, Reddit prepares IPO

www.businessinsider.com Reddit's cofounder said that at first the company felt like 'a homework assignment that got out of hand' rather than a business

Reddit's cofounder Steve Huffman said in its early days he filled up most of the site with content using different accounts until it got more users.

Reddit's cofounder said that at first the company felt like 'a homework assignment that got out of hand' rather than a business

Now the social media platform is aiming for an IPO in the first quarter of 2024 with a valuation of $15 billion, and has been in talks with potential investors like Goldman Sachs and and Morgan Stanley, per Bloomberg.

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Genuine question: how can a website that's never turned a profit be worth $15 billion dollars?
- Because now it's sanitized for capitalism's protection.
  
  Does that mean now it will start generating profit?
  
  Most people still aren't paying for it though.
  
  Advertisers do.
- Uber has also never turned a profit. Share prices aren't based on the value of the company, they're based on how much people think the company will be worth in the future

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