Reddit Migration

The surefire way of getting your ass in trouble: Pissing off rich, powerful people.

That said, it would be such poetic justice if WSB somehow ate reddit's tail because of this.

The app owners will work with him to prevent AI training from taking data from the site for free. And any issues the third party apps have doing that will be shared by the official app. They're not special in that regard. You can't really have public secrets behind a paywall. It doesn't really work.

There are many, many options here that are only being held back by Huffman's ego. Imagine losing billions in valuation because of personal ego. I bet investors are thrilled.

I’m not surprised that Fidelity is losing faith in Reddit. The way Steve completely alienated the whole community, well he's basically shooting himself in the foot.

u/spez, you listening?!?

Clearly he hasn't for even a brief moment.

Note that this cut in valuation has nothing to do with the blackout. It's actually old news. Forbes did mention it in their most recent article, but the majority of the drop in valuation was last year.

https://techcrunch.com/2023/06/01/fidelity-reddit-valuation/

Fidelity, the lead investor in Reddit’s most recent funding round in 2021, has slashed the estimated worth of its equity stake in the popular social media platform by 41% since the investment.

Fidelity Blue Chip Growth Fund’s stake in Reddit was valued at $16.6 million as of April 28, according to the fund’s monthly disclosure released over the weekend. That’s down 41.1% cumulatively since August 2021 when the asset manager spent $28.2 million to acquire the Reddit shares, according to disclosures the firm has made in its annual and semi-annual reports. […]

The substantial markdown of Reddit’s value by Fidelity predominantly occurred by the previous year. Nevertheless, it merits pointing out that Fidelity has persistently implemented minor reductions in the worth of Reddit’s shares in the ensuing months.