Reddit shares rise 30% to start week after social media company’s IPO
Reddit shares were up 30% to $59.80 at the market’s close on Monday.
The social media company’s stock has been rising ever since it went public last week and raised roughly $750 million from the IPO, of which the company brought in about $519 million.
First Mover Americas: GBTC Discount Continues to Narrow; Reddit’s Crypto Tokens Plummet
The for Grayscale’s Bitcoin Fund (GBTC), the world’s largest bitcoin investment vehicle, on Tuesday on optimism a bitcoin spot exchange-traded fund (ETF) might be on its way in the U.S. The gap between GBTC shares and the trust’s net asset value (NAV) shrank to 12%, the closest they have traded to NAV since December 2021, according to data from TradingView. GBTC has traded at a discount since February 2021 and reached a record low of nearly 50% in December last year during the prolonged crypto winter. The company said on...
Survivors of Buffalo Shooting Sue Reddit, YouTube, Gun Dealers
Survivors of a 2022 mass shooting at Buffalo, New York, are suing social media giants and gun vendors in a rare pair of lawsuits that are likely to test the limits of the legal privileges afforded to both Silicon Valley and the firearms industry. One lawsuit was filed on Wednesday at the Erie County state supreme court. It alleges that the social media giants Reddit and YouTube “transformed and addicted” the shooter, Payton Gendron, by showing him racist videos and blogs. Gendron was sentenced to life in prison earlier this...
No, Ron DeSantis’ high school yearbook quote does not mention ‘Sir-Mixes-a-Lot’
CLAIM: The quote below Florida Gov. Ron DeSantis’ high school yearbook photo reads: “My Mount Rushmore is Jesus, Sir-Mixes-a-Lot, and Nintendo 64.”
AP’S ASSESSMENT: False. An image of DeSantis’ entry in his yearbook was edited to add the quote. A spokesperson for the school district that oversees DeSantis’ alma mater confirmed to The Associated Press that the yearbook photo is authentic, but that there is no quote beneath it.
Social Media Posts Fabricate DeSantis High School Yearbook Quote
Earlier this year, Florida Gov. Ron DeSantis’ high school yearbook photo was posted to Reddit by a person claiming to be a former schoolmate. But Instagram posts show an altered version of the yearbook entry that includes a fake quote from DeSantis referencing rapper Sir Mix-a-Lot and Nintendo 64.
In April, a Reddit user who said he attended Dunedin High School with Florida Gov. Ron DeSantis posted the 2024 Republican presidential candidate’s yearbook photo online. DeSantis graduated from the school — which is in Dunedin, Florida — in 1997.
Fact Check: No, Image Does Not Show Ron DeSantis’ Yearbook Quote
DeSantis recently stated he would refuse to be former President Donald Trump’s running mate if given the opportunity to join him on the ticket, according to NBC News. DeSantis, who has struggled to compete with Trump in primary polling, stated that he’s not “a number two guy,” Fox News reported.
A Twitter photo purports to show DeSantis’ high school yearbook quote. The image shows the Florida governor in a black and white headshot wearing a collared shirt.
“My Mount Rushmore is Jesus, Sir-Mixes-a-Lot, and Nintendo 64,” the quote allegedly reads.
Reddit Hackers Threaten to Leak Stolen Data If Company Doesn’t Pay $4.5 Million, Abandon Fees
A hacker group is threatening to leak confidential information it stole from Reddit if the social-media company doesn’t pay a $4.5 million ransom and abandon plans to start charging fees to some third-party developers.
The Reddit blackout, explained: Why thousands of subreddits are protesting third-party app charges
Thousands of Reddit discussion forums have gone dark this week to protest a new policy that will charge some third-party apps to access data on the site, leading to worries about content moderation and accessibility.
“Reddit is killing third-party applications (and itself)," multiple subreddits wrote in posts seen on the platform's homepage this week.
The new fees are part of broader changes to Reddit's API, or application programming interface, that the company announced recently.
The Reddit Blackout Is Breaking Reddit
It's pretty easy to piss people off on Reddit. Less so to piss off seemingly everyone on the platform.
Still, Reddit’s management has succeeded in doing just that as it weathers protests over its decision to charge for access to its API. That ruling risks putting the company in a death spiral as users revolt, the most dedicated community caretakers quit, and the vibrant discussions move to other platforms.
Reddit faces massive protests as thousands of communities 'go dark' over new company policy
A number of popular subreddits restricted users from accessing information from June 12-14 as a form of protest against Reddit's new policies that they say are severely hampering third-party apps.
A subreddit is a topic-specific community on the website Reddit.
Subreddits range from broad topics such as "r/WorldNews" to more niche interests, such as specific sports teams, locations or hobbies.