this post was submitted on 25 Feb 2024
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They're just trying to get people to tie their real names, addresses, email, and financial information to their profiles, especially the ones with established post histories going back years.
They can figure some of that out, but all rolled up and verified by the account holder?
That makes their data on users waaaaaay more valuable to the people who buy data.
Now this is one part where I believe them. Public companies have strict controls on their investor relations. I can believe that they are going out of their way to keep their investor info separate from their user info. They will probably get fined by the SEC if they don't.
That doesn't make it a good investment, of course. I don't want to be King Steven's exit liquidity.
Yeah, I think they just want memestock-like bag holders, people invested in reddit "as a company/platform" who are unlikely to sell
With Spez at the helm I'd be surprised if they didn't wind up getting in trouble either way, guess time will tell.
I actually got an email from Reddit about the offering today. They specifically, in bold, say they don't have access to this information as it is only provided to the plan administrator.
You would still have to be idiotic to join this IPO.
I seriously doubt it, because if someone isn't verifying that you hold the account it was sent to. People could "sell" their invites and I feel like this is already walking a fine line with the SEC with the whole "early access" thing.
It would be trivial to write a bot that pm'ed accounts that met this metric to receive an invite offering a tiny amount for their codes.
Hell, someone could do that and never follow thru with buying accounts as it would make some users more likely to buy.
This whole thing is likely to go horrible, because reddit never thinks shit thru.
This is really nothing special in the world of IPOs, companies offer their initial shares to specific parties before the public is able to puchase them. These are typically investors, employees, etc.
It would be a pretty big problem if it was found that the financial company administering the IPO was to share personally identifiable information to Reddit. SEC rules actually have teeth, so I wouldn't be too worried about them lying about it. It does look like you have to provide them a name to register so sure they might have that associated with your account if they don't already, but it does help prevent selling the opportunity to buy.
It isn't helpful to spread FUD here when you are discussing something like the offering of securities products which have very defined procedures that the offering party must follow. This is one area you don't want to fuck around and find out about.