Reddit Inc.'s stock-trading enthusiasts made it a household name by backing companies that Wall Street wouldn’t. For Reddit’s own initial public offering, a group of them are about to flip the script.
In the days after the social-media company filed for an IPO, thousands of members of the WallStreetBets forum — which boasts around 15 million users and helped popularize meme stocks like GameStop Corp. — voted to boost a forum post about shorting the company, a sharp reversal of their typically bullish ways. Their avowed reasons varied from the company’s lack of profitability to competitive concerns, and mostly centered on spite.
(paywalled on Bloomberg website)
Diamond stonks was all about fucking over the masses so that the rich could buy low and sell high.
We’ll see similar with the IPO. I doubt anyone is smart enough to really know how that stock will behave, but expect similar “Hey, we need to hold on to this for just long enough to prove that it is a failure. Oh, my portfolio? Don’t ask questions”