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Reddit Is Letting Power Users In on Its IPO. Not Everyone’s Buying
Reddit says it wants to reward users by letting them buy in on the company's public listing. Some say it's too risky, others that they won't pay a company they have already given hours of free labor.
In public Reddit forums, private chatrooms, and interviews with WIRED, several moderators and power users who on Thursday learned they will get the rare chance to buy IPO shares, at the same price as institutional investors, say they have little interest in sinking money into the company. “Whatever happens, I'm just very excited to be coming along for the ride.” But the initial skeptical reactions from some highlight the volatile relationship between the company and its users, who although attached to the online communities that the social platform hosts sometimes disdain its decisions on policing content, generating revenue, and launching new features. Cook, the gaming mod, who is based in the UK, says international availability of the shares wouldn’t have convinced him to buy in—but adds that Reddit’s inability to find a workaround or strive for fairness “doesn’t instill confidence.”
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