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Reddit wants to raise $748M with IPO, sets value at $6.4B (go.theregister.com)

submitted 8 months ago by jeze@lemm.ee to c/technology@lemmy.world

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[–] Mereo@lemmy.ca 115 points 8 months ago (13 children)

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.

[–] Neato@ttrpg.network 17 points 8 months ago (4 children)

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.

[–] dhork@lemmy.world 5 points 8 months ago (2 children)

250k karma was enough to get into the first round of invitations

[–] veroxii@aussie.zone 2 points 8 months ago (1 children)

Link or comment karma?

[–] dhork@lemmy.world 1 points 8 months ago

Comment karma

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