One user said that they would be disappointed if the stock didn't become the biggest meme stock.
LightRocket via a photo by Rafael Henrique/SOPA Images.
Members of the 11 million strong Wall Street Bets community have found their next meme stock target after Reddit confidentially filed paperwork with the Securities and Exchange Commission to go public.
While it is known for its heavy usage of profanity and meme, it had mixed reactions to the announcement that it plans to list on the stock market. Most joked about wanting to pump the platform's shares once they go public.
One person on the subreddit said they would be disappointed if the site didn't become the biggest meme stock.
Retail investors banded together to boost the shares of heavily- shorted stocks like AMC and GameStop in defiance of hedge funds and investing standards, in the meme stock frenzy of January.
"If we all bought shares we could control Reddit," said 'porcupineapplepieces'. Just sayin.
Wallstreetbets.
Wallstreetbets.
Some members weren't happy. One user predicted mass censorship, while others pointed to changes to the site as indicative of a remolding of the brand.
That is depressing to hear. A lot of changes are going to happen, probably for the worst, because of the place I call home online, Reddit. I guess nothing lasts forever.
The Wall Street Bets subreddit was founded in 2012 to empower the "little guy" investors of the world against Wall Street's mighty financial institutions and hedge funds.
"When r/WallStreetBets was first created, the idea was to bring the fight to powerful institutions and use the wisdom of the community to beat the pros in the market," said the founder of WallStreetBets.
The offering size and price range of the upcoming IPO are not yet known, according to the website. The initial public offering is expected to occur after the SEC completes its review process, subject to market and other conditions.
The company was valued at $10 billion in a private fundraising round in October, and is looking at a 15 billion valuation by the time it lists.
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Business Insider has an original article.
