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Reddit downplays risks of developer backlash, decentralized social media in its IPO filing
Reddit's long-awaited IPO is nearing, promising to be the largest social media IPO since Pinterest. But in the company's S-1 filing, Reddit fails to fully
But in the company’s S-1 filing, Reddit fails to fully address the complications that arose from changes to its developer platform and API pricing, which late last year led to site-wide protests, communities going dark, site stability issues, and traffic declines as moderators and Reddit users alike protested how the company was putting popular third-party apps out of business with its increased API fees. In its IPO prospectus, Reddit only mentions its developer platform as a means of enhancing its own site — by building bots and creating features “that shape their communities,” it reads. The impetus for this growth has to do with consumer demand for networks that are no longer under the control of a single corporate entity and its various whims — or, after the sale of Twitter to Elon Musk, those of an erratic billionaire.
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