Fidelity estimates Reddit's holdings are at $15.4 million, which is down over 7% from the fund’s estimates of $16.6 million from this past April.

Fidelity estimates Reddit’s holdings are at $15.4 million, which is down over 7% from the fund’s estimates of $16.6 million from this past April.

  • Richard@lemmy.worldEnglish
    11·
    1 year ago

    Fascinating. Should this be legit, this is solid proof for the protest having a tangible financial impact, right?

    • Botree@lemmy.worldEnglish
      8·
      1 year ago

      Impact is already more than evident through search results. Google has had to tweak their search functions because of this and Microsoft pulled out from Minecraft subreddit, and both made sure to announce to the world that it’s because of spez and the protest.

    • qprimed@lemmy.mlEnglish
      4·
      1 year ago

      I would agree. injects the poison more deeply than it would have otherwise gone.

      doing something > just complaining

    • dismalnow@kbin.social
      3·
      1 year ago

      Nah. Doesn’t even account for the protest.

      FTA:

      this most recent valuation only accounts for the worth of the company’s holdings up to May 31.

      They are PROPER fucked for Q3.

      • mustardman@discuss.tchncs.deEnglish
        2·
        1 year ago

        I think they are going to run out of funding by the end of the year (or sooner) with mass layoffs of their currently overinflated staff.

    • deejay4am@lemmy.worldEnglish
      2·
      1 year ago

      Nope, this is only though May 31st, per the article.

      Reddit was already bleeding value and Spez went on a panicked power trip. The true Musk way.

    • Perry@kbin.social
      1·
      1 year ago

      The IT tech industry isn’t doing great currently. Everything was fine as long as there were a practically infinite amount of money going around, but lately investors have been increasingly demanding signs of profitability over “limitless” expansion and growth.

      That’s why a lot of companies have been doing these seemingly drastic changes lately. It may absolutely result in long term damages, but that is not their main concern at the moment. In some cases this is also somewhat a moment for these companies to show their cards and prove that they actually deserve the evaluation that they been given. I suspect that there will be quite a lot of agitated people in the coming months and years.

    • SJ_Zero@lemmy.fbxl.netEnglish
      01·
      1 year ago

      Remember that there is a general decline in tech stocks at the moment. A few names are being elevated by the AI boom, but for the most part the party has been over for quite a while now. If you keep an eye open, you’ll see stories about a number of different tech stocks declining.

      Every time I see such a story, I tend to reply with “why would Elon Musk do this?” Since people acted like Twitter was a unique case being caused exclusively by his leadership, but we’ve seen massive declines in many companies including Meta and Netflix.