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If I’m reading this right, the last estimate ($5.5 billion valuation for Reddit) is from May 31, right before the revolts.
Either way this doesn’t surprise me at all. Contrariwise to what Steve “greedy pigboy” Huffman might believe, investors aren’t stupid; they know that the main asset of a social media site like Reddit is its userbase, and that if you piss off the most contributive users there, the value goes down considerably.
I really wonder if they aren’t going to just sell it to a language model company and walk away from it
Nah. Why would someone buy it, if they can scrape it? They don’t even need API usage, let alone buy Reddit.
We did it Lemmy
Companies finally realized enshitification is not a good long term strategy.
Fidelity Blue Chip Growth Fund valued its holdings in Reddit at $15.4 million as of May 31, according to the fund’s monthly disclosure released Friday. That’s down 7.36% from $16.6 million mark at April’s closure and altogether a slide of 45.4% since its investment in August 2021. The updated share value suggests a $5.5 billion valuation for Reddit.
In what drunk world is Reddit a blue chip?