Fidelity estimates Reddit’s holdings are at $15.4 million, which is down over 7% from the fund’s estimates of $16.6 million from this past April.
I’m sorry for people losing money because they believed Spaz’s “This will blow over.” Not sorry to see Reddit tanking.
The only people losing money here are corporate private investors. I hope they lose every fucking cent.
I couldn’t care less about corporate investors. They deserve what they’re getting. But far too many ordinary people have been forced to put their retirement funds in the stock market (via 401(k) accounts instead of retirement plans), and I hope they’re safe.
Reddit hasn’t had their IPO yet. The only way that regular people are invested in it are by being invested in equity firms that own part of Reddit today. As best I can tell, the only one such company that (a) is invested in reddit, and (b) is public is Tencent.
So, for now, people are safe. It’s investment managers at private businesses that might get in trouble.
If one believes a CEO over financial data and technical analysis they are not an investor, they’re a gambler. As such it is appropriate and expected that they lose money over time. Reddit is not profitable and does not have a clear path to profitability. Anyone who would invest in such a company is a fool.
