Reddit wants to raise $748M with IPO, sets value at $6.4B

https://lemm.ee/post/26474778

Reddit wants to raise $748M with IPO, sets value at $6.4B - lemm.ee

Reddit is planning six tiers of early access based on each “participant’s contributions to Reddit,” the company said in its updated SEC filing. Those tiers are based on a user’s “karma” score, ostensibly an aggregate total of up/down votes on posts and comments.

The first tier of users will be those “who have meaningfully contributed to Reddit community programs,” though what that means isn’t explained more clearly. After that come tier 2 users, who must hold at least 200,000 karma points or have taken at least 5,000 moderator actions. Tier three includes users and moderators who hold at least 100,000 karma points and have taken 2,500 moderator actions. Tiers 4 and 5 are each half of the previous tier’s total, and tier 6 includes everyone else, with a waitlist available if the total number of shares purchased exceeds the original 1.76 million.

Basically people who karma farm with low effort posts. This will only encourage low quality posts.

I got offered a while ago and I had 1,500 link and 0.5M comment karma after a decade. I was never a moderator or did anything important. I can’t imagine that was considered meaningfully contributed. At least I hope not.

I got invited with just a bit over 100k; I considered it, just out of ‘fuck it, why not’ but didn’t follow through. I have like 6 posts of maybe, maybe 300 upvotes combined, the rest is comments; either helpful, amusing, but not really ‘meaningful’. Account since 2013, lurker for a while before that. Though I got out of my shell and shed a ton of social anxiety with those comments, so personal growth woo.

I’m really curious about how it’s going to launch, and the first few months.