Reddit stock climbs sharply in first day of trading

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Originally published at: https://boingboing.net/2024/03/22/reddit-stock-climbs-sharply-in-first-day-of-trading.html

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I actually bought a few shares. Not a lot, I didn’t have a lot of spare cash to play with, but I bought a few shares. I’m debating going ahead and selling them for a quick profit of $80 lol.

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do it party hard GIF

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If you do, that will be more profit than reddit has made in 20 years.

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Thats Good Jada Pinkett Smith GIF by Red Table Talk

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Whelp, it’s already dropped a little. I think I’ll just hold onto it for awhile.

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Already! Jesus!

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Reddit gave some long time users (including me) a chance to buy in before the public opening today at a set price. I got 5 shares at $34. It opened at, I think, $49? It briefly went over $50, but now it’s dropped down to $48 or something. Technically, it’s dropped from its opening but I’m still ahead. Just not by as much.

ETA: I’m no stock expert, but my guess would be the drop is due to a bunch of people who bought a whole lot more shares than I did at that lower price selling quickly to make a quick profit. This is how millionaires and billionaires keep getting richer. Well…one way. They’re always able to get in early on these IPOs, buying thousands of shares, and then selling them early to make easy money.

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These stock blooms, wrapped around a company that has yet to turn a profit, always seem only slightly more real than crypto.

And then there’s Truth Social.

https://www.axios.com/2024/03/21/reddit-ipo-truth-social-share-prices

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And now its main value in the market is as feedstock for “AI”.

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This one is trash because Steve Huffman is trash.

It’s gonna be hovering around 3 bucks by year’s end

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Usually it’s a rollercoaster right after an ipo.

I have no idea how to estimate whether reddit is a good investment. It has potential actually, but does it matter? :woman_shrugging:

I actually credit frugality and finance subs for teaching me what my upbringing never did, but I think it’s becoming more of a FB/Twitter stye social media app and I distrust anything I see on there more and more. That doesn’t mean it won’t make a lot of money though. In theory, then it could become as profitable as FB and pre-X Twitter.

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