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

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.

  • NotMyOldRedditName@lemmy.world
    292·
    10 months ago

    As a public company, not disclosing that they manufacuter conversation and opinion with fake data and instead saying it’s all natural would be fraud and they would face fines or go to jail if discovered.

    Edit: reddit could turn a blind eye to others doing it, but they cant do it themselves and say otherwise.

    • Blue_Morpho@lemmy.world
      23·
      10 months ago

      As a public company, not disclosing that they manufacuter conversation and opinion with fake data

      You gave it backwards. As a public company, if they can make money doing that but choose not to, they can be sued by the shareholders.

      • NotMyOldRedditName@lemmy.world
        21·
        10 months ago

        I don’t think there’s any problems with doing it, as long as they aren’t claiming otherwise.

        If they lie about it it becomes fraud.

        Edit: And what are they going to do once asked on a public earnings call? Lie?

        Edit: Falsely posting stuff might also open up a can of worms around the site no longer being protected by being user generated content?