Psiczar ,

They’re getting the payday they promised themselves and they are doing it now because the share price will probably never be this high again.

If Spez was paid $93 million last year and all but $600k of it were shares, you can bet he still has plenty left.

BudgieMania ,

I don't remember names, but many users around here called this to the letter

bigfoot ,
@bigfoot@lemm.ee avatar

How in heck is Truth Social worth more than twice Reddit

SorteKanin ,
@SorteKanin@feddit.dk avatar

Because the stock market is mostly based on mob thinking/human psychology rather than being based on reality.

itsonlygeorge ,

HAHHAHAHAHAHA! GET FUCKED u/spez

jonne ,

He's probably one of the ones that made bank selling, unfortunately.

xantoxis ,

Wait, they're leaving their users holding the bag? Who could have predicted this

Sibbo ,

So this is not normal for a company going public, or is it?

xantoxis ,

It is not. This is deeply unethical.

If a company takes its stock public, the shares sold generate cash which is held by the company selling them, and used to build the business. Nobody who bought them, including the insiders, is really forbidden from selling them (except insofar as insider trading laws apply), but if an insider sells shares this early it indicates a deep distrust by the seller of the underlying value of their own company. Doing so while letting outside investors spin is therefore unethical because it signals that the people who built the company are planning to abandon it and let the stock tank.

See also: lock-up period, which is not required during an IPO (news to me!) but the absence of a lock-up period sure seems like a red flag someone should have noticed. Although, I suppose, many people did.

SorteKanin ,
@SorteKanin@feddit.dk avatar

Pump and dump. They sold all those shares to shareholders and they are going to answer to them now. They stopped listening to the users a long time ago. Enshittification is inevitable.

BongsForJesus ,

It's already fairly enshittified. The discourse has really gone downhill over the past few years. Remember how good the AMAs used to be? Or the AskReddit threads that were full of interesting stories?

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