SHARES SLIPPED ALMOST 25 PERCENT IN JUST TWO DAYS.

Boom and Bust

It was only a matter of time.

Reddit shares are cratering right now, plunging almost 25 percent in just two days, as CNBC reports.

The social media company went public last week at an IPO price of $34, and initially rallied to around $65.

This week, however, shares started slipping, following Hedgeye Risk Management releasing a report calling the stock "grossly overvalued," and expecting it to fall around 50 percent, much closer to its original price.

The drop — to about $49 by press time — highlights an expected course correction, in which initial investor enthusiasm was met by a reality check.

Reddit has centered its IPO on AI, an attempt to cash in on the hype surrounding the tech. But in its 20-year history, the company has yet to turn a profit. In 2023, the platform lost a whopping $90.8 million.

Meanwhile, the company's much-loathed CEO Steve Huffman gifted himself an eyebrow-raising $193 million compensation package, which is more than the CEOs of Meta, Pinterest, and Snap combined.

In other words, Reddit's rocky start on Wall Street shouldn't come as much of a surprise. Without a clear path to profitability, with or without AI, the company isn't exactly likely to suddenly shake off its financially shaky past.

To analysts, Reddit choosing the latter half of March was intentional, potentially foreshadowing weaker quarters to come.

"The deal was oversubscribed, the float small, valuation range looked reasonable, and they timed the IPO coincident with easy comparisons where the company is going to post accelerating revenue and user growth the first quarter out of the gate as a public company," Hedgeye analyst Andrew Freedman wrote in the report.

But the proof is in the pudding. Following this year's first quarter, all eyes will be on Reddit to see whether it can start implementing its plans to attract new users to the platform and drive up revenue.

Was Reddit's initial bump following its IPO a finite burst of enthusiasm? Is this week's tumble a sign of what's still to come?

The public offering was a bit of an outlier, following a two-year-long drought in tech companies going public — and Reddit's future is as uncertain as ever.

…. Bardfinn and other janny bag holders on suicide watch.

A jury on Thursday found a Minnesota man guilty on all charges in connection with the fatal stabbing of a teenager during a tubing trip in western Wisconsin in the summer of 2022.

Nicolae Miu, who's now 54, was found guilty of first-degree reckless homicide in the death of 17-year-old Isaac Schuman of Stillwater during a confrontation on the Apple River. The verdict was read just after 11 a.m. in St. Croix County Circuit Court in Hudson, Wis.

Miu was also found guilty of four counts of first-degree recklessly endangering safety, in connection with four people who were wounded in the stabbing — Alexander Martin, Dante Carlson, Anthony Carlson and Ryhley Mattison.

Miu also was found guilty on a count of battery.

He had been charged with first-degree intentional homicide, and four counts of attempted first-degree intentional homicide.

But KARE 11 reported that the jury was given the option to find Miu guilty on less-severe charges of reckless homicide and recklessly endangering safety — and exercised that discretion in their verdict.

!chuds !nooticers @arsey the zoomies won

seethe about anti-vaxxers

https://old.reddit.com/r/news/comments/1c1ozae/us_measles_elimination_status_threatened_due_to/?sort=controversial

🚨#BREAKING: Mass Casualty has been Declared after a Large Container Ship Collides with Key Bridge Causing it completely Collapse⁰
📌#Baltimore | #Maryland

Currently, numerous agencies, including the Coast Guard and fire department have just declared a mass casualty incident as… pic.twitter.com/wvOTOVbvHE

— R A W S A L E R T S (@rawsalerts) March 26, 2024

wild vid

Reactions

Nothing much on reddit yet.

https://old.reddit.com/r/europe/comments/1bcro6a/andrew_tate_and_his_brother_tristan_detained_in/?sort=controversial

https://old.reddit.com/r/news/comments/1bcrro6/andrew_tate_and_brother_detained_in_romania_over/?sort=controversial

https://old.reddit.com/r/h3h3productions/comments/1bcrow8/andrew_tate_detained/?sort=controversial

https://old.reddit.com/r/Destiny/comments/1bcrdik/the_tate_bros_have_been_arrested_again_at_the/?sort=controversial

https://old.reddit.com/r/facepalm/comments/1bcsjg2/ladies_and_gentlemen_we_got_him_the_onlyfans_pimp/?sort=controversial

https://old-reddit-com.translate.goog/r/Romania/comments/1bcqvw5/andrew_%C8%99i_tristan_tate_re%C8%9Binu%C8%9Bi_la_solicitarea/?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=wapp

https://twitter.com/EndWokeness/status/1767459211733004566

https://twitter.com/TateNews_/status/1767460511866646644

https://twitter.com/stillgray/status/1767461720937869607

https://twitter.com/FearedBuck/status/1767454112352752021

https://twitter.com/WarRoomExposed/status/1767442127552692638

https://twitter.com/SalfordMe2023/status/1767456991151030623

And more https://twitter.com/search?q=andrew+tate+arrested

Controversial social media influencer Andrew Tate and his brother Tristan have been arrested in Romania over allegations of sexual aggression.

The brothers were detained on Monday night on charges that date back to between 2012 and 2015.

They were handed an arrest warrant issued by Westminster Magistrates Court in London - and an investigation is pending.

Andrew, 37, and Tristan, 35, deny all allegations against them. Their representatives said they were "fully committed to challenging these accusations with unwavering determination and resolve".

The brothers are facing r*pe and human trafficking charges in Romania, where they live, and had previously been in jail and later under house arrest since they were detained in December 2022.

They were charged alongside two Romanian women who are accused of being part of the alleged organised crime group.

It is alleged all four formed the group in 2021 to commit human trafficking in Romania and other countries - including the US and UK.

Tate won an appeal in August 2023 to be released from house arrest as he awaits trial on a date which has yet to be decided.

The brothers were told they were able to travel anywhere within Romania but could not leave the country.

Read more: Who is Andrew Tate?

In January, a Romanian court also overurned a decision to seize Tate's assets, which saw him regain access to his supercars, properties and designer watches.

Prosecutors said in January last year that they had seized 15 luxury vehicles and more than 10 properties and homes belonging to the suspects to prevent the assets from being sold or hidden.

Fourteen designers watches, two ingots - blocks of usually precious metal - and cash, were also confiscated, with authorities saying at the time the seized property was worth €3.6m (£3.12m).

Tate, a former kickboxer and Big Brother contestant, gained millions of fans on social media in recent years after styling himself as the "king of toxic masculinity".

He has 8.9 million followers on X, formerly Twitter, but has been banned on several other platforms including TikTok for his misogynistic views.