Reddit, the social media giant, has disclosed its intention to go public in the United States stock market, while revealing a narrowed net loss of $90.8 million and a revenue growth of approximately 21 per cent in 2023. <o:p></o:p>

According to Reuters, the company's IPO filing, made public recently, marks a significant milestone nearly two decades after its inception. <o:p></o:p>

Reddit's move toward a public offering is being closely watched, positioning itself against social media powerhouses like Facebook and X (formerly Twitter). <o:p></o:p>

With an average of 73.1 million daily active users and 267.5 million weekly active users reported in the last quarter of 2023, Reddit boasts a huge user base, with over 100,000 active communities and 1 billion cumulative posts.<o:p></o:p>

In an effort to strengthen its revenue streams, Reddit has struck a noteworthy deal with Alphabet's Google, according to sources familiar with the matter. <o:p></o:p>

The agreement entails making Reddit's content available to Google's artificial intelligence models, with the contract valued at approximately $60 million annually. <o:p></o:p>

CEO Steven Huffman holds Class B common stock as revealed by the IPO filing, which is dependent upon Reddit achieving a market capitalisation valuation of $5 billion post-offering. <o:p></o:p>

The social media platform's anticipated valuation and market performance are expected to resonate positively among investors, fostering confidence in Reddit's trajectory.<o:p></o:p>

Despite Reddit's presence in the social media landscape, questions linger regarding its monetisation strategy and content moderation practices. <o:p></o:p>

Compared to its counterparts like Meta (Facebook) and Twitter, Reddit's revenue figures are dwarfed, indicating a need to refine its advertising model and address concerns over content moderation. <o:p></o:p>

Nevertheless, Reddit has carved a niche for itself, particularly among younger demographics, bolstered by its acquisition of Dubsmash, a TikTok competitor, in 2020.<o:p></o:p>

The journey to IPO hasn't been without challenges for Reddit. <o:p></o:p>

Economic uncertainties coupled with volatile technology stocks compelled the company to delay its offering, despite confidentially filing for an IPO in late 2021. <o:p></o:p>

However, with Morgan Stanley and Goldman Sachs leading the underwriting efforts, supported by a consortium of other banks, Reddit's foray into the public market is poised for significant attention and scrutiny.

<o:p></o:p>

About the Reddit-Google deal for AI training<o:p></o:p>

Media reports note that Reddit has struck a $60 million deal with Google, granting access to its posts for AI model training. 

This collaboration aims to enhance Google's services, including Search, while Reddit gains access to Google's AI models for internal improvements. 

Despite concerns from moderators, the deal does not indicate data-driven changes to Reddit's functioning, as it operates differently from algorithm-driven platforms. 

Both parties must adhere to Reddit's user terms and privacy policy, ensuring deleted posts are removed entirely. 

For Google, the partnership provides valuable human-generated data to refine AI models, improving understanding of human interactions. 

Google praised Reddit as a repository of authentic experiences, aiming to enhance user access to Reddit content through its products, benefitting both platforms and simplifying user engagement.

<o:p></o:p>

Reddit, the social media giant, has disclosed its intention to go public in the United States stock market, while revealing a narrowed net loss of $90.8 million and a revenue growth of approximately 21 per cent in 2023.

Reddit, the social media giant, has disclosed its intention to go public in the United States stock market, while revealing a narrowed net loss of $90.8 million and a revenue growth of approximately 21 per cent in 2023. According to Reuters, the company's IPO filing, made public recently, marks a significant milestone nearly two decades after its inception. Reddit's move toward a public offering is being closely watched, positioning itself against social media powerhouses like Facebook and X (formerly Twitter). With an average of 73.1 million daily active users and 267.5 million weekly active users reported in the last quarter of 2023, Reddit boasts a huge user base, with over 100,000 active communities and 1 billion cumulative posts. In an effort to strengthen its revenue streams, Reddit has struck a noteworthy deal with Alphabet's Google, according to sources familiar with the matter. The agreement entails making Reddit's content available to Google's artificial intelligence models, with the contract valued at approximately $60 million annually. CEO Steven Huffman holds Class B common stock as revealed by the IPO filing, which is dependent upon Reddit achieving a market capitalisation valuation of $5 billion post-offering. The social media platform's anticipated valuation and market performance are expected to resonate positively among investors, fostering confidence in Reddit's trajectory. Despite Reddit's presence in the social media landscape, questions linger regarding its monetisation strategy and content moderation practices. Compared to its counterparts like Meta (Facebook) and Twitter, Reddit's revenue figures are dwarfed, indicating a need to refine its advertising model and address concerns over content moderation. Nevertheless, Reddit has carved a niche for itself, particularly among younger demographics, bolstered by its acquisition of Dubsmash, a TikTok competitor, in 2020. The journey to IPO hasn't been without challenges for Reddit. Economic uncertainties coupled with volatile technology stocks compelled the company to delay its offering, despite confidentially filing for an IPO in late 2021. However, with Morgan Stanley and Goldman Sachs leading the underwriting efforts, supported by a consortium of other banks, Reddit's foray into the public market is poised for significant attention and scrutiny. About the Reddit-Google deal for AI training Media reports note that Reddit has struck a $60 million deal with Google, granting access to its posts for AI model training. This collaboration aims to enhance Google's services, including Search, while Reddit gains access to Google's AI models for internal improvements. Despite concerns from moderators, the deal does not indicate data-driven changes to Reddit's functioning, as it operates differently from algorithm-driven platforms. Both parties must adhere to Reddit's user terms and privacy policy, ensuring deleted posts are removed entirely. For Google, the partnership provides valuable human-generated data to refine AI models, improving understanding of human interactions. Google praised Reddit as a repository of authentic experiences, aiming to enhance user access to Reddit content through its products, benefitting both platforms and simplifying user engagement.

Reddit's IPO filing reveals narrowed losses, steady growth amid high anticipation

A woman recently set the cat among the pigeons on social media platform Reddit by claiming that her mother and her mother’s friend Lisa were ‘abducted’ by aliens when both of them were teenagers. She also claimed that while her mother doesn’t remember anything about the alleged encounter with aliens, Lisa remembers being kidnapped by aliens, not just once but four times.

The post on Reddit has now gone viral on social media.

According to the post, the woman’s mum and her friend were hanging out on their roof when suddenly they saw “a bright light in the sky". The post reads, “Next thing they know, the light is gone. The thing is, they think they've been on the roof for like 15 minutes, but something like three hours passed."

After this incident, the duo met with each other after a gap of 10 years, only to find out that the two had grown up into two different personalities altogether. According to the woman’s mother, Lisa would always appear with a very "dreamy" demeanour, "like she was really happy and at peace, for no good reason," the post stated.

Also read:&nbsp;<a data-jsarwt="1" data-usg="AOvVaw3USkDePq2fLx9kluN20r-t" data-ved="2ahUKEwixmZHCp-6DAxXtTGwGHVvYCs4QxfQBKAB6BAgJEAE" href="https://www.wionews.com/science/aliens-could-be-secretly-watching-us-but-with-a-3000-year-delay-study-681108" jsname="YKoRaf">Aliens could be secretly watching us but with a 3,000-year delay: Study</a>

The post added that Lisa still remembers her encounter with the aliens, something which happened at least four times. “She said that at first, it was all in bits and pieces and she couldn't remember any of it clearly. She was confused and scared and wanted to avoid discussing it. Then, as time passed, she began to remember more of it," the post read.

Watch:&nbsp;Aliens in Mexico? Sensational claim on aliens

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Lisa claims that she was kidnapped by aliens three more times after the initial incident and is now developing a “friendly relationship” with them. The woman writes: "When mum asks what 'the truth' is, Lisa just says that 'you will know eventually', and she says that once she learned of 'the truth', then 'everything became wonderful'."

Do aliens exist? That’s one of the most intriguing questions that our curious generation faces today. However, with rumours regarding their presence cropping up every now and then on social media, we have still not gotten any solid evidence hinting at their existence.&nbsp;

(With inputs from agencies)

A woman recently set the cat among the pigeons on social media platform Reddit by claiming that her mother and her mother’s friend Lisa were ‘abducted’ by aliens when both of them were teenagers.

A woman recently set the cat among the pigeons on social media platform Reddit by claiming that her mother and her mother’s friend Lisa were ‘abducted’ by aliens when both of them were teenagers. She also claimed that while her mother doesn’t remember anything about the alleged encounter with aliens, Lisa remembers being kidnapped by aliens, not just once but four times. The post on Reddit has now gone viral on social media. According to the post, the woman’s mum and her friend were hanging out on their roof when suddenly they saw “a bright light in the sky". The post reads, “Next thing they know, the light is gone. The thing is, they think they've been on the roof for like 15 minutes, but something like three hours passed." After this incident, the duo met with each other after a gap of 10 years, only to find out that the two had grown up into two different personalities altogether. According to the woman’s mother, Lisa would always appear with a very "dreamy" demeanour, "like she was really happy and at peace, for no good reason," the post stated. Also read: Aliens could be secretly watching us but with a 3,000-year delay: Study The post added that Lisa still remembers her encounter with the aliens, something which happened at least four times. “She said that at first, it was all in bits and pieces and she couldn't remember any of it clearly. She was confused and scared and wanted to avoid discussing it. Then, as time passed, she began to remember more of it," the post read. Watch: Aliens in Mexico? Sensational claim on aliens × Lisa claims that she was kidnapped by aliens three more times after the initial incident and is now developing a “friendly relationship” with them. The woman writes: "When mum asks what 'the truth' is, Lisa just says that 'you will know eventually', and she says that once she learned of 'the truth', then 'everything became wonderful'." Do aliens exist? That’s one of the most intriguing questions that our curious generation faces today. However, with rumours regarding their presence cropping up every now and then on social media, we have still not gotten any solid evidence hinting at their existence. (With inputs from agencies)

‘Aliens kidnapped my mom,’ woman leaves Reddit stunned with otherworldly claim

Social media giant Reddit is gearing up for its long-anticipated initial public offering (IPO) in March, marking the sector's first major debut since Pinterest in 2019.<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

Reddit, valued at approximately $10 billion in a 2021 funding round, faces fierce competition from platforms like TikTok and Facebook for advertising revenue. <o:p></o:p>

The IPO would also be a litmus test for Reddit users' willingness to support the company's stock market entry, considering the platform's history of fuelling "meme" stock rallies.<o:p></o:p>

The San Francisco-based company, founded in 2005, plans to make its public filing in late February, initiate its roadshow in early March, and complete the IPO by the end of the same month. <o:p></o:p>

Reddit, seeking to sell about 10 per cent of its shares, will decide on the IPO valuation closer to the listing. <o:p></o:p>

While these plans could face delays, as seen in the past, sources caution that Reddit's IPO aspirations might encounter hurdles.<o:p></o:p>

Known for its niche discussion groups, Reddit generates revenue primarily through advertising and offers premium access for a monthly fee. Despite its popularity, the platform has yet to turn a profit. <o:p></o:p>

Reddit CEO Steve Huffman acknowledged the losses, attributing them to investments in the platform and lower user engagement with advertising compared to other social media. <o:p></o:p>

The company held off on its IPO plans until it neared profitability, also navigating market volatility that disrupted IPOs in recent years.<o:p></o:p>

The IPO move comes after Reddit expected to generate over $800 million in advertising revenue in 2023, reflecting a 20 per cent increase from the previous year. <o:p></o:p>

While the company looks to tap into its vast user base for financial gains, it introduced charges for accessing its application programming interface (API), causing discontent among users relying on third-party apps. <o:p></o:p>

This strategic shift signals Reddit's effort to monetise its services beyond traditional advertising models.<o:p></o:p>

Despite Reddit's delayed profitability, the broader social media sector has experienced a rebound, driven by a rally in technology stocks. <o:p></o:p>

Meta Platforms, operating Facebook, witnessed a threefold surge in shares over the past 12 months, while Snap's shares rose by 60 per cent during the same period.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Social media giant Reddit is gearing up for its long-anticipated initial public offering (IPO) in March, marking the sector's first major debut since Pinterest in 2019.

Social media giant Reddit is gearing up for its long-anticipated initial public offering (IPO) in March, marking the sector's first major debut since Pinterest in 2019. This is based on a Reuters report. Reddit, valued at approximately $10 billion in a 2021 funding round, faces fierce competition from platforms like TikTok and Facebook for advertising revenue. The IPO would also be a litmus test for Reddit users' willingness to support the company's stock market entry, considering the platform's history of fuelling "meme" stock rallies. The San Francisco-based company, founded in 2005, plans to make its public filing in late February, initiate its roadshow in early March, and complete the IPO by the end of the same month. Reddit, seeking to sell about 10 per cent of its shares, will decide on the IPO valuation closer to the listing. While these plans could face delays, as seen in the past, sources caution that Reddit's IPO aspirations might encounter hurdles. Known for its niche discussion groups, Reddit generates revenue primarily through advertising and offers premium access for a monthly fee. Despite its popularity, the platform has yet to turn a profit. Reddit CEO Steve Huffman acknowledged the losses, attributing them to investments in the platform and lower user engagement with advertising compared to other social media. The company held off on its IPO plans until it neared profitability, also navigating market volatility that disrupted IPOs in recent years. The IPO move comes after Reddit expected to generate over $800 million in advertising revenue in 2023, reflecting a 20 per cent increase from the previous year. While the company looks to tap into its vast user base for financial gains, it introduced charges for accessing its application programming interface (API), causing discontent among users relying on third-party apps. This strategic shift signals Reddit's effort to monetise its services beyond traditional advertising models. Despite Reddit's delayed profitability, the broader social media sector has experienced a rebound, driven by a rally in technology stocks. Meta Platforms, operating Facebook, witnessed a threefold surge in shares over the past 12 months, while Snap's shares rose by 60 per cent during the same period. (With inputs from Reuters)

Reddit plans IPO launch in March amid intense social media competition

Reddit has unveiled plans for its Initial Public Offering (IPO) set for march. With the IPO countdown underway, Reddit aims to capture a portion of the advertising market amid the resurgence of social media stocks.

Reddit eyeing stock market debut, plans IPO amid fierce competition

Reddit, one of the world's most popular social media platforms, has unveiled a plan to financially reward its top contributors for their valuable posts.

This initiative is set to launch initially in the United States, marking a significant departure from Reddit's traditional approach to content rewards.

<h2>A new era of content monetisation</h2>

Under this scheme, Reddit will share its revenue with users who are granted the coveted "gold" award by fellow community members.

These gold awards will be available for purchase, ranging in price from $1.99&nbsp;to $49. The individuals receiving these accolades will, in turn, pocket up to half of the purchase price, making it potentially lucrative for content creators.&nbsp;

Reddit's decision to monetise content creators is also a&nbsp;shift in its business model, especially in light of the backlash the platform faced in June.

During that tumultuous period, a significant portion of Reddit was rendered inaccessible as a form of protest against the company's senior management.

Also read |&nbsp;<a href="https://www.wionews.com/world/explained-why-thousand-of-subreddits-are-going-dark-on-reddit-603320">Explained: Why are thousands of subreddits going dark on Reddit?</a>

<h2>Evolution of Reddit's "gold"</h2>

Gold has been a fixture on Reddit for quite some time, initially serving as a virtual token of appreciation for exceptional posts or comments.

In the past, Redditors could purchase and gift gold to others, but it held no tangible real-world value; the funds were used to support the platform.

Also watch |&nbsp;NASA's spacecraft lands successfully | First-ever poetry written by AI&nbsp;

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However, receiving gold came with perks, such as an ad-free week of browsing Reddit. Later, a more exclusive platinum award offered a month of ad-free browsing.

The announcement of this innovative content monetisation strategy has generated mixed reactions among Reddit users. While some Redditors express concerns that it might adversely impact the platform's overall quality, others remain cautiously optimistic.

Also read |&nbsp;<a href="https://www.wionews.com/technology/google-admits-reddit-blackout-affected-search-experience-as-users-were-unhappy-609981">Google admits Reddit blackout affected search experience as users were 'unhappy'</a>

A few months back&nbsp;thousands of communities on Reddit had gone dark. Meaning, these subreddits had locked themselves as a sign of protest against the site's 'ludicrous' new decision to try to monetise access to its data.&nbsp;

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Reddit, one of the world's most popular social media platforms, has unveiled a plan to financially reward its top contributors for their valuable posts. This initiative is set to launch initially in the United States, marking a significant departure from Reddit's traditional approach to content rewards.

Reddit, one of the world's most popular social media platforms, has unveiled a plan to financially reward its top contributors for their valuable posts. This initiative is set to launch initially in the United States, marking a significant departure from Reddit's traditional approach to content rewards. A new era of content monetisation Under this scheme, Reddit will share its revenue with users who are granted the coveted "gold" award by fellow community members. These gold awards will be available for purchase, ranging in price from $1.99 to $49. The individuals receiving these accolades will, in turn, pocket up to half of the purchase price, making it potentially lucrative for content creators. Reddit's decision to monetise content creators is also a shift in its business model, especially in light of the backlash the platform faced in June. During that tumultuous period, a significant portion of Reddit was rendered inaccessible as a form of protest against the company's senior management. Also read | Explained: Why are thousands of subreddits going dark on Reddit? Evolution of Reddit's "gold" Gold has been a fixture on Reddit for quite some time, initially serving as a virtual token of appreciation for exceptional posts or comments. In the past, Redditors could purchase and gift gold to others, but it held no tangible real-world value; the funds were used to support the platform. Also watch | NASA's spacecraft lands successfully | First-ever poetry written by AI However, receiving gold came with perks, such as an ad-free week of browsing Reddit. Later, a more exclusive platinum award offered a month of ad-free browsing. The announcement of this innovative content monetisation strategy has generated mixed reactions among Reddit users. While some Redditors express concerns that it might adversely impact the platform's overall quality, others remain cautiously optimistic. Also read | Google admits Reddit blackout affected search experience as users were 'unhappy' A few months back thousands of communities on Reddit had gone dark. Meaning, these subreddits had locked themselves as a sign of protest against the site's 'ludicrous' new decision to try to monetise access to its data. WATCH WION LIVE HERE:

Reddit to start paying top contributors for popular posts

An employee took to Reddit to talk about his toxic work culture. He shared that his boss asked him to clock-out every time he took a bathroom break. Do the hours clocked in ensure productivity? Is is time to change redundant HR policies? Molly Gambhir tells you more.

Gravitas | Output vs outcome: Boss asks employee to sign out for bathroom breaks

Reddit began shutting down some third-party apps after weeks of outrage over its API pricing beginning July 1. The API changes entail Reddit disallowing free API access except for certain non-commercial apps, The new API pricing ($12,000 per 50 million API requests) is now a reality.

<h2>Apollo, BaconReader, Sync appear&nbsp;to have shut down</h2>

Apollo, an iOS app, no longer loads any content from the platform. In a Reddit post on the eve of its death, Apollo thanked its users. "If they wanted something that could work for everyone, they would have simply made an effort to listen, instead of being dishonest, callous, and punitive in pricing," it wrote.

BaconReader, another popular app, shows an error message: "Request failed: client error (429)."&nbsp; 
Sync, an Android app, has also stopped working.

<h2> 
Outrage over new API pricing</h2>

More than 8,000 communities have gone dark in recent weeks in the protest of Reddit's API pricing. Many apps, such as Narwhal, Now and Relay, remain available.

Also read |&nbsp;<a href="https://www.wionews.com/world/explained-why-thousand-of-subreddits-are-going-dark-on-reddit-603320">Explained: Why are thousands of subreddits going dark on Reddit?</a> 
 
More than 2,000 subreddits remain private in protest of the API changes. Makers of popular game Minecraft also joined in on the online show of protest against Reddit this week when it announced that they will no longer share updates related to their game on the platform. 
 
"Because of these changes, we no longer feel that Reddit is an appropriate place to post official content or refer our players to," a developer from Minecraft’s development company, Mojang, was quoted as saying by Forbes. 
 
Reddit has reasoned that it requires millions of dollars in costs to support the third-party apps.

Also watch |&nbsp;Popular online game Wordle bought by New York Times

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Reddit CEO Steve Huffman told The Verge that his company incurs "about $10 million" in infrastructure costs as a result. 
 
API, or Application Programming Interface, is data that developers have been using to create their third-party apps.

The uproar appears to have diluted since the third week of June. However, its lasting effects are being seen in conversations across internet.

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Reddit began shutting down some third-party apps after weeks of outrage over its API pricing beginning July 1. The API changes entail Reddit disallowing free API access except for certain non-commercial apps, The new API pricing ($12,000 per 50 million API requests) is now a reality.

Reddit began shutting down some third-party apps after weeks of outrage over its API pricing beginning July 1. The API changes entail Reddit disallowing free API access except for certain non-commercial apps, The new API pricing ($12,000 per 50 million API requests) is now a reality. Apollo, BaconReader, Sync appear to have shut down Apollo, an iOS app, no longer loads any content from the platform. In a Reddit post on the eve of its death, Apollo thanked its users. "If they wanted something that could work for everyone, they would have simply made an effort to listen, instead of being dishonest, callous, and punitive in pricing," it wrote. BaconReader, another popular app, shows an error message: "Request failed: client error (429)." Sync, an Android app, has also stopped working. Outrage over new API pricing More than 8,000 communities have gone dark in recent weeks in the protest of Reddit's API pricing. Many apps, such as Narwhal, Now and Relay, remain available. Also read | Explained: Why are thousands of subreddits going dark on Reddit? More than 2,000 subreddits remain private in protest of the API changes. Makers of popular game Minecraft also joined in on the online show of protest against Reddit this week when it announced that they will no longer share updates related to their game on the platform. "Because of these changes, we no longer feel that Reddit is an appropriate place to post official content or refer our players to," a developer from Minecraft’s development company, Mojang, was quoted as saying by Forbes. Reddit has reasoned that it requires millions of dollars in costs to support the third-party apps. Also watch | Popular online game Wordle bought by New York Times × Reddit CEO Steve Huffman told The Verge that his company incurs "about $10 million" in infrastructure costs as a result. API, or Application Programming Interface, is data that developers have been using to create their third-party apps. The uproar appears to have diluted since the third week of June. However, its lasting effects are being seen in conversations across internet. WATCH WION LIVE HERE

Third-party apps shut down as Reddit rolls out API pricing

Google has admitted that the blackout protest by thousands of subreddits earlier this month had a negative effect on user experience. The search results yielded generic outcomes, often boosted by SEO algorithms which did not answer a user's query adequately.&nbsp;

According to a CNBC report, Prabhakar Raghavan, Google’s senior vice president in charge of search, told employees that despite making new changes, the search results were not as comprehensive as Reddit search results during the blackout.&nbsp;

“Many of you may wonder how we have a search team that’s iterating and building all this new stuff and yet somehow, users are still not quite happy,” Raghavan said. “We need to make users happy.”

Raghavan was responding to an employee's comment about negative user feedback.&nbsp;“What can we do to improve the user experience on the core product that made Google a household name,” the employee asked.&nbsp;

While Google yielded exhaustive search results in its initial years, lately it has been offering robotic responses that do little to answer the query.&nbsp;As a result, most Google users employ adding 'Reddit' to any query to receive better results which an ordinary Google search is not able to provide. However, since major subreddits had gone dark (private or closed), as a sign of protests, the queries lost relevance and returned empty results.&nbsp;

<a href="https://www.wionews.com/world/explained-why-thousand-of-subreddits-are-going-dark-on-reddit-603320">Also read |&nbsp;Explained: Why are thousands of subreddits going dark on Reddit?</a>

<h2>Why did the subreddits go dark?</h2>

The blackout decision was taken by moderators after Reddit announced plans of charging developers, for access to its API (Application Programming Interface), starting July 1.&nbsp;The changes clocked in will introduce hefty charges for "premium access" to Reddit's data which will effectively kill third-party apps such as Apollo, Narwhal, Relay, and Infinity.

The aforementioned apps would have to fork out as much as $5 per user each month simply to pay the new fees to Reddit, according to Christian Selig, Apollo's sole developer. At their current rate of API usage, the ballpark annual figure would be more than $20 million.&nbsp;

<a href="https://www.wionews.com/videos/gravitas-us-to-ban-kids-from-social-media-platforms-586781">WATCH |&nbsp;Gravitas: US to ban kids from social media platforms?</a>

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<h2>What is Reddit saying?</h2>

Reddit has claimed that it needs to be paid adequately for the millions it spends on operating the platform. It adds that the knowledge the platform has amassed over the years is too prized to give away for free.&nbsp;&nbsp;

“More than any other place on the internet, Reddit is a home for authentic conversation. There’s a lot of stuff on the site that you’d only ever say in therapy, or AA, or never at all. But we don’t need to give all of that value to some of the largest companies in the world for free,” Reddit’s CEO and co-founder Steve Huffman said in an interview with the New York Times.&nbsp;

(With inputs from agencies)

&nbsp;

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Google has admitted that the blackout protest by thousands of subreddits earlier this month had a negative effect on user experience. The search results yielded generic outcomes, often boosted by SEO algorithms which did not answer a user's query adequately.

Google has admitted that the blackout protest by thousands of subreddits earlier this month had a negative effect on user experience. The search results yielded generic outcomes, often boosted by SEO algorithms which did not answer a user's query adequately. According to a CNBC report, Prabhakar Raghavan, Google’s senior vice president in charge of search, told employees that despite making new changes, the search results were not as comprehensive as Reddit search results during the blackout. “Many of you may wonder how we have a search team that’s iterating and building all this new stuff and yet somehow, users are still not quite happy,” Raghavan said. “We need to make users happy.” Raghavan was responding to an employee's comment about negative user feedback. “What can we do to improve the user experience on the core product that made Google a household name,” the employee asked. While Google yielded exhaustive search results in its initial years, lately it has been offering robotic responses that do little to answer the query. As a result, most Google users employ adding 'Reddit' to any query to receive better results which an ordinary Google search is not able to provide. However, since major subreddits had gone dark (private or closed), as a sign of protests, the queries lost relevance and returned empty results. Also read | Explained: Why are thousands of subreddits going dark on Reddit? Why did the subreddits go dark? The blackout decision was taken by moderators after Reddit announced plans of charging developers, for access to its API (Application Programming Interface), starting July 1. The changes clocked in will introduce hefty charges for "premium access" to Reddit's data which will effectively kill third-party apps such as Apollo, Narwhal, Relay, and Infinity. The aforementioned apps would have to fork out as much as $5 per user each month simply to pay the new fees to Reddit, according to Christian Selig, Apollo's sole developer. At their current rate of API usage, the ballpark annual figure would be more than $20 million. WATCH | Gravitas: US to ban kids from social media platforms? × What is Reddit saying? Reddit has claimed that it needs to be paid adequately for the millions it spends on operating the platform. It adds that the knowledge the platform has amassed over the years is too prized to give away for free. “More than any other place on the internet, Reddit is a home for authentic conversation. There’s a lot of stuff on the site that you’d only ever say in therapy, or AA, or never at all. But we don’t need to give all of that value to some of the largest companies in the world for free,” Reddit’s CEO and co-founder Steve Huffman said in an interview with the New York Times. (With inputs from agencies) WATCH WION LIVE HERE:

Google admits Reddit blackout affected search experience as users were 'unhappy'

Starting June 12, thousands of communities on social media platform Reddit have gone dark. Meaning, these subreddits have locked themselves as a sign of protest against the site's 'ludicrous' new decision to try to monetise access to its data.

Starting June 12, thousands of communities on social media platform Reddit have gone dark. Meaning, these subreddits have locked themselves as a sign of protest against the site's 'ludicrous' new decision to try to monetise access to its data. The drastic decision comes after Reddit announced its plans of charging developers for access to its API (Application Programming Interface), starting July 1. The changes clocked in will introduce hefty charges for "premium access" to Reddit's data which will effectively kill third-party apps such as Apollo, Narwhal, Relay, and Infinity. The aforementioned apps would have to fork out as much as $5 per user each month simply to pay the new fees to Reddit, according to Christian Selig, Apollo's sole developer. At their current rate of API usage, the ballpark annual figure would be more than $20 million. But wait a minute...what is API? In layman's terms, API is a structured way of letting one programme offer services to other programmes. Suppose you want butter chicken at your home. You go to the kitchen, assemble the ingredients and prepare the meal. However, what if you want spaghetti and don't have the ingredients? You go to the nearby Italian restaurant. But you don't enter their kitchen and start making the dish, right? You walk to their counter and place an order and wait for them to cook it for you and later serve it to you as a takeout or dine-in dish. A similar analogy can be used with Reddit. Imagine you are a third-party app and need user data that can be utilised to make the app efficient and customise it further. Reddit, till now, was not charging any premium for it. However, the next time you reach the Reddit API counter for data, you will have to cough out some cash...a lot of cash, as it turns out. It is important to note that despite being launched in 2005, Reddit did not have an official app until 2016. Even now, the app is excessively buggy with posts taking their sweet time to open and videos buffering and in some cases, not even starting. However, for years, people used third-party apps to scroll through Reddit. It became their preferred choice, so much so that they have stuck with them and never used the official one. But after Reddit announced the changes, the likes of Apollo have announced that they will be shutting shop on June 30. What is Reddit saying? Reddit has claimed that it needs to be paid adequately for the millions it spends on operating the platform. It adds that the knowledge the platform has amassed over the years is too prized to give away for free. “More than any other place on the internet, Reddit is a home for authentic conversation. There’s a lot of stuff on the site that you’d only ever say in therapy, or AA, or never at all. But we don’t need to give all of that value to some of the largest companies in the world for free,” Reddit’s CEO and co-founder Steve Huffman said in an interview with the New York Times. "Expansive access to data has impact and costs involved; we spend multi-millions of dollars on hosting fees and Reddit needs to be fairly paid to continue supporting high-usage third-party apps. Our pricing is based on usage levels that we measure to be comparable to our own costs." The company added that by introducing a pricing mechanism, the developers would be forced to make their maps 'more efficient' to reduce the number of API calls required. WATCH | Gravitas: US to ban kids from social media platforms? × What are the Reddit mods saying? Ever since the change in Reddit policies was announced, thousands of subreddits across the platform arrived at a common consensus that they will go dark in solidarity with the developers and third-party apps. Popular subreddits with millions of followers such as r/todayilearned, r/funny and r/gaming amongst others have announced they are closing their doors for 48 hours. In a joint statement, Reddit mods said the increase in API pricing rendered it unaffordable for third-party app developers to continue their services. Moreover, the mods added that their work, which was made a tad easier by the third-party apps was also about to become difficult. "Many of us rely on third-party apps to manage our communities effectively. Let's just rip the band-aid right off: in many cases these apps offer superior mod tools, customisation, streamlined interfaces, and other quality of life improvements that the official app does not offer," read the statement. "The potential loss of these services due to the pricing change would significantly impact our ability to moderate efficiently, thus negatively affecting the experience for users in our communities and for us as mods and users ourselves.," it added. Also read | Reddit violated publicity rights: WallStreetBets founder Jaime Rogozinski's big claims in lawsuit The mods said they understand Reddit's financial obligations but for the longevity and success of the platform, it was important to conserve the rich ecosystem built over the years that includes the third-party apps. "We ask for a solution that recognizes the vital role these third-party apps play and takes into consideration the negative impacts this decision might have on both users and moderators. A sustainable pricing model that encourages rather than discourages these apps' growth and innovation will only strengthen the Reddit community." Why is Reddit so popular? Unlike any other social media platform, Reddit is the one true place on the internet where users can have genuine interaction and more often than not, find solutions to most obscure of their real-life problems. According to reports, the platform and its content have been heavily used to train Language Learning Models (LLM) which have contributed to the success of artificial intelligence chatbots such as ChatGPT and Google Bard. Despite allegations of harbouring a certain ideological bent with mods playing sides, Reddit as a platform is one of the most intriguing and immersive platforms out there. The API battle, however, may put a dent in the platform's popularity. (With inputs from agencies) WATCH WION LIVE HERE

Explained: Why are thousands of subreddits going dark on Reddit?

An image of Pope Francis sporting a stylish white puffer jacket went viral on social media, fooling thousands of netizens into believing that it is a real image contrary to the fact that it was created using artificial intelligence (AI) technology.

The AI image, in which the Pope is seen donning a bejewelled crucifix and holding in one hand what looks like a coffee cup, was posted for the first time on Reddit on Friday with the title "The Pope Drip" as part of a subreddit called r/midjourney. The image was generated using an AI programme called Midjourney.

ALSO READ | <a href="https://www.wionews.com/world/pope-extends-law-to-hold-lower-rung-leaders-responsible-for-sex-abuse-575700">Pope extends law ambit to hold lower-rung leaders responsible for sex abuse</a>

Slowly, the image started circulating on other social media platforms like Twitter where the posts received hundreds and thousands of likes and many took it as a real photo. Among those who got bluffed by the AI image were various celebrities and even high-profile social media personalities.

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What would be the name of the Pope Francis lifestyle brand? <a href="https://t.co/PQf8ogP3PD">pic.twitter.com/PQf8ogP3PD</a>
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Reacting to the image, Model and TV personality Chrissy Teigen tweeted. "I thought the pope's puffer jacket was real and didn't give it a second thought. no way am I surviving the future of technology."

Shortly after the pictures went posted on Twitter, there was a sudden increase in searches for the pope, as per Google Trends.

WATCH | Pope Francis: priest celibacy can be revised

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Amongst the many puffer pictures shared, one tweet of puffer pictures was retweeted over 25,000 times till Monday afternoon.

The man who created the picture, Pablo Xavier who is a 31-year-old construction worker, while speaking to Buzzfeed said, “I just thought it was funny to see the pope in a funny jacket.” He added that it is “definitely scary” to see that “people are running with it and thought it was real without questioning it”.&nbsp;

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An image of Pope Francis sporting a stylish white puffer jacket went viral on social media, fooling thousands of netizens into believing that it is a real image contrary to the fact that it was created using artificial intelligence (AI) technology.

An image of Pope Francis sporting a stylish white puffer jacket went viral on social media, fooling thousands of netizens into believing that it is a real image contrary to the fact that it was created using artificial intelligence (AI) technology. The AI image, in which the Pope is seen donning a bejewelled crucifix and holding in one hand what looks like a coffee cup, was posted for the first time on Reddit on Friday with the title "The Pope Drip" as part of a subreddit called r/midjourney. The image was generated using an AI programme called Midjourney. ALSO READ | Pope extends law ambit to hold lower-rung leaders responsible for sex abuse Slowly, the image started circulating on other social media platforms like Twitter where the posts received hundreds and thousands of likes and many took it as a real photo. Among those who got bluffed by the AI image were various celebrities and even high-profile social media personalities. What would be the name of the Pope Francis lifestyle brand? pic.twitter.com/PQf8ogP3PD — Don Moynihan (@donmoyn) March 25, 2023 × Reacting to the image, Model and TV personality Chrissy Teigen tweeted. "I thought the pope's puffer jacket was real and didn't give it a second thought. no way am I surviving the future of technology." Shortly after the pictures went posted on Twitter, there was a sudden increase in searches for the pope, as per Google Trends. WATCH | Pope Francis: priest celibacy can be revised Amongst the many puffer pictures shared, one tweet of puffer pictures was retweeted over 25,000 times till Monday afternoon. The man who created the picture, Pablo Xavier who is a 31-year-old construction worker, while speaking to Buzzfeed said, “I just thought it was funny to see the pope in a funny jacket.” He added that it is “definitely scary” to see that “people are running with it and thought it was real without questioning it”. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Netizens fooled by AI-generated viral images of Pope Francis in white puffer jacket

Reddit has been sued by Jaime Rogozinski - the founder of a popular forum 'WallStreetBets' that fueled meme stocks frenzy in 2021 - over ousting him from the community. In his complaint, Rogozinski has claimed that the American discussion and aggregation website infringed his trademark to WallStreetBets and violated his publicity rights. He invested years in the forum, founded in 2012, which reached the milestone of 1 million subscribers by 2020. Amid a wide reach, he wrote a book - "WallStreetBets: How Boomers Made the World’s Biggest Casino for Millennials" - and launched other WSB-related ventures.

Reddit suspended him, Rogozinski said, two weeks after he submitted the trademark application in 2020, according to reports. This cost him "hundreds of thousands of dollars of sales for his book". His firm, Rogozinski further claimed, lost a contract and he suffered huge losses. He filed the complaint in a federal court in Oakland, California, on Wednesday (February 15). &nbsp;

He further alleged that the premise for banning him - "attempting to monetise a community" - was a pretext to keep him from trying to control "a famous brand that helped Reddit rise to a $10 billion valuation" by late 2021. The contention is also linked to Reddit claiming ownership of popular forums before going public.&nbsp;

A spokesperson for the social network has termed the complaint "a completely frivolous lawsuit with no basis in reality". “Jaime was removed as a moderator of r/WallStreetBets by Reddit and banned by the community moderators for attempting to enrich himself. This lawsuit is another transparent attempt to enrich himself," the spokesperson has been quoted as saying by news agency Reuters.&nbsp;

In his lawsuit, Rogozinski mentioned 1989 Hollywood sports and fantasy drama "Field of Dreams", while attacking the social media giant as he wrote: "If you build it, they will come." He has sought $1 million in damages for violation of contract and violation of publicity rights.&nbsp;

WallStreetBets dominated market headlines in 2021 over meme stocks. For the uninitiated, meme stocks are stocks that rally periodically because of internet popularity.&nbsp;

(With agency inputs)&nbsp;

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Reddit has been sued by Jaime Rogozinski - the founder of a popular forum 'WallStreetBets' that fueled meme stocks frenzy in 2021 - over ousting him from the community.

Reddit has been sued by Jaime Rogozinski - the founder of a popular forum 'WallStreetBets' that fueled meme stocks frenzy in 2021 - over ousting him from the community. In his complaint, Rogozinski has claimed that the American discussion and aggregation website infringed his trademark to WallStreetBets and violated his publicity rights. He invested years in the forum, founded in 2012, which reached the milestone of 1 million subscribers by 2020. Amid a wide reach, he wrote a book - "WallStreetBets: How Boomers Made the World’s Biggest Casino for Millennials" - and launched other WSB-related ventures. Reddit suspended him, Rogozinski said, two weeks after he submitted the trademark application in 2020, according to reports. This cost him "hundreds of thousands of dollars of sales for his book". His firm, Rogozinski further claimed, lost a contract and he suffered huge losses. He filed the complaint in a federal court in Oakland, California, on Wednesday (February 15). He further alleged that the premise for banning him - "attempting to monetise a community" - was a pretext to keep him from trying to control "a famous brand that helped Reddit rise to a $10 billion valuation" by late 2021. The contention is also linked to Reddit claiming ownership of popular forums before going public. A spokesperson for the social network has termed the complaint "a completely frivolous lawsuit with no basis in reality". “Jaime was removed as a moderator of r/WallStreetBets by Reddit and banned by the community moderators for attempting to enrich himself. This lawsuit is another transparent attempt to enrich himself," the spokesperson has been quoted as saying by news agency Reuters. In his lawsuit, Rogozinski mentioned 1989 Hollywood sports and fantasy drama "Field of Dreams", while attacking the social media giant as he wrote: "If you build it, they will come." He has sought $1 million in damages for violation of contract and violation of publicity rights. WallStreetBets dominated market headlines in 2021 over meme stocks. For the uninitiated, meme stocks are stocks that rally periodically because of internet popularity. (With agency inputs) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Reddit violated publicity rights: WallStreetBets founder Jaime Rogozinski's big claims in lawsuit

A unique coin found by a man in the United States has created a huge buzz on the internet for its interesting designs. Jordan, who hails from Michigan, posted a picture of the coin on Reddit and it showed an alien head minted on one of its surfaces. He said that he found the coin in a “roll of quarters” which he was skimming through for high silver content. However, the coin caught his fancy and he decided to post the picture on social media in order to learn more about it.

Also read |&nbsp;<a href="https://www.wionews.com/technology/grandmas-voice-from-amazon-alexa-is-freaking-out-the-internet-491608" hreflang="en">Grandma's voice from Amazon Alexa is freaking out the internet</a>

&nbsp;“Checking coin rolls is a hobby of mine that I love to do in my spare time. In one of the rolls, I was immediately startled by an odd coin featuring the bust of an extra-terrestrial. It stood out in stark contrast to the bust of Washington present on the other coins,” Jordan told Newsweek.

However, it turned out to be a ‘hobo nickel’ when he took it to a local pawn shop.

Also read |&nbsp;<a href="https://www.wionews.com/world/cost-of-hangover-japanese-man-loses-usb-drive-with-entire-citys-personal-data-after-night-out-491631" hreflang="en">Japanese man loses USB drive with entire city's personal data after night out</a>

"He reassured me that the federal reserve isn't being run by aliens and that the coin isn't all that rare. He identified it as a hobo nickel, worth around $10-$20 to collectors," Jordan said.

The Hobo nickels were created by homeless people who carved out a number of designs on the coins and it was quite popular in the 20th century. A user on Reddit even found a link to Hobo nickels being sold on eBay and the average price was around $14, or roughly Rs 1,100.

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A unique coin found by a man in the United States has created a huge buzz on the internet for its interesting designs. Jordan, who hails from Michigan, posted a picture of the coin on Reddit and it showed an alien head minted on one of its surfaces.

A unique coin found by a man in the United States has created a huge buzz on the internet for its interesting designs. Jordan, who hails from Michigan, posted a picture of the coin on Reddit and it showed an alien head minted on one of its surfaces. He said that he found the coin in a “roll of quarters” which he was skimming through for high silver content. However, the coin caught his fancy and he decided to post the picture on social media in order to learn more about it. Also read | Grandma's voice from Amazon Alexa is freaking out the internet “Checking coin rolls is a hobby of mine that I love to do in my spare time. In one of the rolls, I was immediately startled by an odd coin featuring the bust of an extra-terrestrial. It stood out in stark contrast to the bust of Washington present on the other coins,” Jordan told Newsweek. However, it turned out to be a ‘hobo nickel’ when he took it to a local pawn shop. Also read | Japanese man loses USB drive with entire city's personal data after night out "He reassured me that the federal reserve isn't being run by aliens and that the coin isn't all that rare. He identified it as a hobo nickel, worth around $10-$20 to collectors," Jordan said. The Hobo nickels were created by homeless people who carved out a number of designs on the coins and it was quite popular in the 20th century. A user on Reddit even found a link to Hobo nickels being sold on eBay and the average price was around $14, or roughly Rs 1,100. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

US man finds 'alien coin' in roll of quarters, leaves social media confused

We've all worked in places with bosses from hell, the ones who make your life hell, and your personal time non-existent but have you ever had an employer penalise you for being just a minute late to work? An employer has come under fire online after a former employee revealed an unusual rule that penalises employees for arriving one minute late to work.&nbsp;Taking to the Reddit forum r/antiwork the former employee posted a notice that detailed that employees would be fined "for every minute you are late to work", and that employees "will be required to work 10 minutes after 6pm" as a penalty.

It goes on to say “For example, if you arrive at 10:02, you will have to stay an extra 20 minutes until 6:20pm. Thanks.”

Watch |&nbsp;The Good Life: Are you anti-work? Rise of 'anti-work' movement in a post-pandemic era

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User u/MinionsAndWineMum posted a picture of a piece of paper that their old boss had printed out detailing the new workplace rule, along with the caption, “Shout out the worst place I ever worked (minimum wage, of course)”.

The post went viral rapidly, garnering over 70,000 upvotes and over 5,000 comments from shocked Reddit users.

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One of the users commented, "Please post that sign as a photo on their google reviews!". Others said that they would ignore the rule and leave on time anyway, while others stated that the boss would swiftly lose employees if they were forced to perform unpaid work.

Another observed that even coffee and bathroom breaks could lead to overtime "Every minute you go out for coffee? 10 minutes overtime. Every minute you go to the bathroom? Yep, 10 minutes overtime. Every minute of overtime? You better believe, 10 minutes of overtime."

“If you show up at 9:58 do you get to leave at 5:40?”, asked another. If being a minute late means remaining late for 20 minutes, then being early should imply that you can leave early.

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We've all worked in places with bosses from hell, the ones who make your life hell, and your personal time non-existent but have you ever had an employer penalise you for being just a minute late to work?

We've all worked in places with bosses from hell, the ones who make your life hell, and your personal time non-existent but have you ever had an employer penalise you for being just a minute late to work? An employer has come under fire online after a former employee revealed an unusual rule that penalises employees for arriving one minute late to work. Taking to the Reddit forum r/antiwork the former employee posted a notice that detailed that employees would be fined "for every minute you are late to work", and that employees "will be required to work 10 minutes after 6pm" as a penalty. It goes on to say “For example, if you arrive at 10:02, you will have to stay an extra 20 minutes until 6:20pm. Thanks.” Watch | The Good Life: Are you anti-work? Rise of 'anti-work' movement in a post-pandemic era User u/MinionsAndWineMum posted a picture of a piece of paper that their old boss had printed out detailing the new workplace rule, along with the caption, “Shout out the worst place I ever worked (minimum wage, of course)”. The post went viral rapidly, garnering over 70,000 upvotes and over 5,000 comments from shocked Reddit users. × One of the users commented, "Please post that sign as a photo on their google reviews!". Others said that they would ignore the rule and leave on time anyway, while others stated that the boss would swiftly lose employees if they were forced to perform unpaid work. Another observed that even coffee and bathroom breaks could lead to overtime "Every minute you go out for coffee? 10 minutes overtime. Every minute you go to the bathroom? Yep, 10 minutes overtime. Every minute of overtime? You better believe, 10 minutes of overtime." “If you show up at 9:58 do you get to leave at 5:40?”, asked another. If being a minute late means remaining late for 20 minutes, then being early should imply that you can leave early. Watch WION LIVE HERE: You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

'Boss from hell' penalises employees for being one minute late

A mysterious sea creature has left the internet baffled after it was found lying ashore on a beach by morning walkers in Ireland.

The long, thin, grey animal was found by a man who then posted a picture of it on Reddit. Many are calling it a ‘forbidden churro', referring to the long, deep-fried cinnamon snack which looks a bit like the creature's elongated and ridged body, The Mirror reported.

"Can anyone help me identify this sea creature? Just found it washed up on a beach in Ireland," the man said.

And the responses were anything but helpful as they ranged from serious to absolutely insane, with one user joking that it's a "forbidden churro".

While another suggested it may be a "Goa'uld", a race of sentient parasitic beings from the sci-fi series Stargate SG-1.

Another Redditor called it the “jörmungadr”, a sea serpent in the Norse mythology popularised by the ‘God of War' franchise.

However, there was one user, who after much research and internet scrolling, revealed the identity of the aquatic beast.

"I think it might be a greater pipefish (Syngnathus acus)," a person wrote.

To which the person who found it replied, "You're right! Just looked that up and it looks identical. Thanks for your help. I don't know much about marine biology and really appreciate it."

Pipefish are a subfamily of small fish which are closely related to both seahorses and seadragons.

Pipefishes are very slender, long-bodied fishes that are covered with rings of bony armour. They have long tubular snouts and small mouths, a single dorsal fin, and usually a small tail fin.

Depending on the species, they may range in length from about 2 to 65 cm (1 to 26 inches).

They are often found along the western coast of Britain and Ireland.

(With inputs from agencies)

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A mysterious sea creature has left the internet baffled after it was found lying ashore on a beach by morning walkers in Ireland. The long, thin, grey animal was found by a man who then posted a picture of it on Reddit.

A mysterious sea creature has left the internet baffled after it was found lying ashore on a beach by morning walkers in Ireland. The long, thin, grey animal was found by a man who then posted a picture of it on Reddit. Many are calling it a ‘forbidden churro', referring to the long, deep-fried cinnamon snack which looks a bit like the creature's elongated and ridged body, The Mirror reported. "Can anyone help me identify this sea creature? Just found it washed up on a beach in Ireland," the man said. And the responses were anything but helpful as they ranged from serious to absolutely insane, with one user joking that it's a "forbidden churro". While another suggested it may be a "Goa'uld", a race of sentient parasitic beings from the sci-fi series Stargate SG-1. Another Redditor called it the “jörmungadr”, a sea serpent in the Norse mythology popularised by the ‘God of War' franchise. However, there was one user, who after much research and internet scrolling, revealed the identity of the aquatic beast. "I think it might be a greater pipefish (Syngnathus acus)," a person wrote. To which the person who found it replied, "You're right! Just looked that up and it looks identical. Thanks for your help. I don't know much about marine biology and really appreciate it." Pipefish are a subfamily of small fish which are closely related to both seahorses and seadragons. Pipefishes are very slender, long-bodied fishes that are covered with rings of bony armour. They have long tubular snouts and small mouths, a single dorsal fin, and usually a small tail fin. Depending on the species, they may range in length from about 2 to 65 cm (1 to 26 inches). They are often found along the western coast of Britain and Ireland. (With inputs from agencies) WATCH WION LIVE HERE ×

Mysterious sea creature found ashore in Ireland, sparks interesting theories in social media

Announcing that it is going public, social media platform Reddit said that it has confidentially filed for the proposed initial pubic offering (IPO) with the US Securities and Exchange Commission.

The company neither revealed the number of shares that it will be offering, nor it has disclosed the price range for the stock.

"The initial public offering is expected to occur after the SEC completes its review process, subject to market and other conditions," the company,&nbsp;which did not make the registration form public, said in a statement.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/how-gamestop-missed-out-on-capitalising-on-the-reddit-rally-362984">How GameStop missed out on capitalising on the Reddit rally</a>

Reddit, which was founded in 2005, had around 52 million daily users as of August this year.

In August, the company said it had raised $700 million in new funding, valuing it at more than $10 billion, according to Reuters.

Also read |&nbsp;<a href="https://www.wionews.com/technology/reddit-buys-tiktoks-competitor-dubsmash-promises-diversity-349746">Reddit buys TikTok's competitor Dubsmash; promises diversity</a>

Co-founder and chief executive Steve Huffman told the New York Times in the same month that Reddit was “still planning on going public” but didn’t have a firm timeline, adding, “All good companies should go public when they can.”

Reddit had become the talk of the town in January this year, when an army of small-time stock traders, communicating on its pages, rocked Wall Street by betting against the stocks that had gone viral like those of the video game store chain GameStop.

Information shared by the investors on the network led to a sudden surge in the value of shares of GameStop, AMC and other companies.

Reddit's biggest financial backers include Chinese technology Tencent, Fidelity Investments and venture capital firm Sequoia Capital.

(With inputs from agencies)

Announcing that it is going public, social media platform Reddit said that it has confidentially filed for the proposed initial pubic offering (IPO) with the US Securities and Exchange Commission.

Announcing that it is going public, social media platform Reddit said that it has confidentially filed for the proposed initial pubic offering (IPO) with the US Securities and Exchange Commission. The company neither revealed the number of shares that it will be offering, nor it has disclosed the price range for the stock. "The initial public offering is expected to occur after the SEC completes its review process, subject to market and other conditions," the company, which did not make the registration form public, said in a statement. Also read | How GameStop missed out on capitalising on the Reddit rally Reddit, which was founded in 2005, had around 52 million daily users as of August this year. In August, the company said it had raised $700 million in new funding, valuing it at more than $10 billion, according to Reuters. Also read | Reddit buys TikTok's competitor Dubsmash; promises diversity Co-founder and chief executive Steve Huffman told the New York Times in the same month that Reddit was “still planning on going public” but didn’t have a firm timeline, adding, “All good companies should go public when they can.” Reddit had become the talk of the town in January this year, when an army of small-time stock traders, communicating on its pages, rocked Wall Street by betting against the stocks that had gone viral like those of the video game store chain GameStop. Information shared by the investors on the network led to a sudden surge in the value of shares of GameStop, AMC and other companies. Reddit's biggest financial backers include Chinese technology Tencent, Fidelity Investments and venture capital firm Sequoia Capital. (With inputs from agencies)

Social media platform Reddit to go public, files confidential IPO

U.S. video game retailer GameStop Corp decided it could not seize on the Reddit-fueled rally in its shares to sell hundreds of millions of dollars worth of stock because of regulatory restrictions, according to three people familiar with the matter.

The Grapevine, Texas-based company found itself at the epicenter of an unprecedented trading frenzy last month, as amateur investors organized on social media sites such as Reddit to bet against Wall Street hedge funds that had shorted its shares.

While many heavily shorted stocks, from movie theater operator AMC Entertainment Holdings Inc to headphone maker Koss Corp, also scored big rallies, "Gamestonk," as it was nicknamed by many online, including Tesla Inc Chief Executive Elon Musk, became synonymous with the wave of trading speculation.

GameStop`s market value soared from $1.4 billion on Jan. 11 to a peak of $33.7 billion on Jan. 28. At that point, GameStop could have raised hundreds of millions of dollars through a stock sale to pay down its debt pile, which totaled $216 million net of cash as of the end of October, and fund its transformation into a digital gaming service, as sales at its mall-based stores dwindle.

Yet GameStop never sold shares, the sources said, despite being egged on by many Wall Street pundits to do so. While it could still sell shares in the coming weeks, the opportunity to raise hundreds of millions of dollars has now slipped as the rally in its shares reversed. It now has a market value of $3.6 billion.

GameStop examined the possibility of selling stock during the rally, the sources said. The company had already registered with the U.S. Securities and Exchange Commission (SEC) to sell $100 million worth of stock in December, an option it did not exercise, the sources added.

GameStop decided it was restricted under U.S. financial regulations from selling shares because it had not yet updated investors on its earnings, the sources said. The SEC requires companies to have released such information when conducting stock sales. While GameStop had started preparing results for its fiscal fourth quarter, which ends in January, it was not due to report them for several more weeks, the sources said.

By the time its shares took off in the second half of January, executives had already compiled data and had a clear picture of what the quarter would look like, the sources said.

GameStop could have gone ahead with a stock sale by releasing preliminary earnings. But such a move, carried out for the purposes of a stock sale, came with significant logistical hurdles and regulatory risk that the company was not willing to accept, one of the sources said. The SEC had said it would scrutinize how companies took advantage of the trading volatility to sell stock and had asked that they provide more information to investors about the potential risks.

Representatives of GameStop and the SEC declined to comment.

"They were 2-1/2 months into their quarter when all this stuff took place," said David Erickson, a finance lecturer at the University of Pennsylvania`s Wharton School who was previously co-head of global equity capital markets at Barclays Plc "It`s so deep in the quarter that from a legal and corporate governance perspective they would likely be obligated to pre-announce some high-level financial information for the quarter. And that can`t be prepared in just a week."

AMC, AMERICAN AIRLINES

Other companies in the middle of the Reddit frenzy, whose financial quarters finished at the end of December and had already updated investors on their latest financial performance, were able to sell stock when their shares rallied at the end of January.

AMC, whose movie theater business has been hurt by the pandemic, raised roughly $1.2 billion through debt and equity deals after its shares rallied more than 700%.

American Airlines Group Inc, which has also suffered as demand for flights plummeted, pulled the trigger on a plan to sell more than $1 billion of stock last month after its shares rallied as much as 48%.

GameStop has lost market share to larger competitors, including Best Buy Co Inc and Amazon.com Inc, as consumers buy video games online or through big-box retailers.

Robert W. Baird &amp; Co analysts wrote last month that the best outcome for GameStop shareholders would be for the company to close the majority of its physical stores and diversify into online businesses, including hosting tournaments and events.

One of GameStop`s largest shareholders, online pet store Chewy Inc co-founder Ryan Cohen, and two of his partners joined the company`s board in January. Last year, hedge funds Hestia Capital Partners and Permit Capital Enterprise Fund also won seats on the board.

U.S. video game retailer GameStop Corp decided it could not seize on the Reddit-fueled rally in its shares to sell hundreds of millions of dollars worth of stock because of regulatory restrictions, according to three people familiar with the matter.

U.S. video game retailer GameStop Corp decided it could not seize on the Reddit-fueled rally in its shares to sell hundreds of millions of dollars worth of stock because of regulatory restrictions, according to three people familiar with the matter. The Grapevine, Texas-based company found itself at the epicenter of an unprecedented trading frenzy last month, as amateur investors organized on social media sites such as Reddit to bet against Wall Street hedge funds that had shorted its shares. While many heavily shorted stocks, from movie theater operator AMC Entertainment Holdings Inc to headphone maker Koss Corp, also scored big rallies, "Gamestonk," as it was nicknamed by many online, including Tesla Inc Chief Executive Elon Musk, became synonymous with the wave of trading speculation. GameStop`s market value soared from $1.4 billion on Jan. 11 to a peak of $33.7 billion on Jan. 28. At that point, GameStop could have raised hundreds of millions of dollars through a stock sale to pay down its debt pile, which totaled $216 million net of cash as of the end of October, and fund its transformation into a digital gaming service, as sales at its mall-based stores dwindle. Yet GameStop never sold shares, the sources said, despite being egged on by many Wall Street pundits to do so. While it could still sell shares in the coming weeks, the opportunity to raise hundreds of millions of dollars has now slipped as the rally in its shares reversed. It now has a market value of $3.6 billion. GameStop examined the possibility of selling stock during the rally, the sources said. The company had already registered with the U.S. Securities and Exchange Commission (SEC) to sell $100 million worth of stock in December, an option it did not exercise, the sources added. GameStop decided it was restricted under U.S. financial regulations from selling shares because it had not yet updated investors on its earnings, the sources said. The SEC requires companies to have released such information when conducting stock sales. While GameStop had started preparing results for its fiscal fourth quarter, which ends in January, it was not due to report them for several more weeks, the sources said. By the time its shares took off in the second half of January, executives had already compiled data and had a clear picture of what the quarter would look like, the sources said. GameStop could have gone ahead with a stock sale by releasing preliminary earnings. But such a move, carried out for the purposes of a stock sale, came with significant logistical hurdles and regulatory risk that the company was not willing to accept, one of the sources said. The SEC had said it would scrutinize how companies took advantage of the trading volatility to sell stock and had asked that they provide more information to investors about the potential risks. Representatives of GameStop and the SEC declined to comment. "They were 2-1/2 months into their quarter when all this stuff took place," said David Erickson, a finance lecturer at the University of Pennsylvania`s Wharton School who was previously co-head of global equity capital markets at Barclays Plc "It`s so deep in the quarter that from a legal and corporate governance perspective they would likely be obligated to pre-announce some high-level financial information for the quarter. And that can`t be prepared in just a week." AMC, AMERICAN AIRLINES Other companies in the middle of the Reddit frenzy, whose financial quarters finished at the end of December and had already updated investors on their latest financial performance, were able to sell stock when their shares rallied at the end of January. AMC, whose movie theater business has been hurt by the pandemic, raised roughly $1.2 billion through debt and equity deals after its shares rallied more than 700%. American Airlines Group Inc, which has also suffered as demand for flights plummeted, pulled the trigger on a plan to sell more than $1 billion of stock last month after its shares rallied as much as 48%. GameStop has lost market share to larger competitors, including Best Buy Co Inc and Amazon.com Inc, as consumers buy video games online or through big-box retailers. Robert W. Baird & Co analysts wrote last month that the best outcome for GameStop shareholders would be for the company to close the majority of its physical stores and diversify into online businesses, including hosting tournaments and events. One of GameStop`s largest shareholders, online pet store Chewy Inc co-founder Ryan Cohen, and two of his partners joined the company`s board in January. Last year, hedge funds Hestia Capital Partners and Permit Capital Enterprise Fund also won seats on the board.

How GameStop missed out on capitalising on the Reddit rally

A 20-year-old college student in Minneapolis&nbsp;called Hunter Kahn is&nbsp;donating video games to a US hospital after earning almost $30,000 by selling GameStop shares.

Kahn is a mechanical engineering student at Cornell University donated six&nbsp;Nintendo Switches and games worth more than $2,000 to&nbsp;Children’s Minnesota Hospital.

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GameStop stock surged some 400 per cent in the past week after retail investors banded together to buy shares in the US video game retailer, sending hedge funds scrambling to cover losing bets.

Also read:&nbsp;<a href="https://www.wionews.com/technology/teslas-elon-musk-grills-robinhood-ceo-vladimir-tenev-over-gamestop-trading-freeze-360790" hreflang="en">Tesla's Elon Musk grills Robinhood CEO Vladimir Tenev over GameStop trading freeze</a>

Jennifer Soderholm, president of Children's Minnesota Foundation said: "We're so grateful for this generous donation that will help bring joy to kids at our hospitals, especially during these challenging times."

"It's inspiring to see young people in our community choosing to give back and pay it forward."

Kahn is still holding 50 of his original shares of GameStop that he bought at $30 and said that he plans on using it to pay for his tuition fee in college.

Last week Tesla CEO Elon Musk&nbsp;tweeted "Gamestonk!!," which many in the market interpreted as an apparent show of support for small investors. "Stonks" is a tongue-in-cheek term for stocks widely used on social media.

Major investors like hedge funds have bet against&nbsp;GameStop, citing the video game chain store's ill financial health as consumers shift towards buying over the internet.

As the company's stock surged under the Reddit-fueled onslaught, the big Wall Street firms were forced to buy back shares at higher prices to cover their losses -- further driving up the price.

US media reported the company had also raised $1 billion from its investors to help it stay afloat and allow its customers to continue trading, though on Thursday Robinhood chief Vlad Tenev said the company was not facing a liquidity crunch.

Robinhood needs to maintain a certain amount of funds in the financial institutions that facilitate orders made on its platforms, and when it sees increased demand, that liquidity needs to increase as well.

A 20-year-old college student in Minneapolis called Hunter Kahn is donating video games to a US hospital after earning almost $30,000 by selling GameStop shares.

A 20-year-old college student in Minneapolis called Hunter Kahn is donating video games to a US hospital after earning almost $30,000 by selling GameStop shares. Kahn is a mechanical engineering student at Cornell University donated six Nintendo Switches and games worth more than $2,000 to Children’s Minnesota Hospital. View this post on Instagram A post shared by Hunter Kahn (@hkahn3) GameStop stock surged some 400 per cent in the past week after retail investors banded together to buy shares in the US video game retailer, sending hedge funds scrambling to cover losing bets. Also read: Tesla's Elon Musk grills Robinhood CEO Vladimir Tenev over GameStop trading freeze Jennifer Soderholm, president of Children's Minnesota Foundation said: "We're so grateful for this generous donation that will help bring joy to kids at our hospitals, especially during these challenging times." "It's inspiring to see young people in our community choosing to give back and pay it forward." Kahn is still holding 50 of his original shares of GameStop that he bought at $30 and said that he plans on using it to pay for his tuition fee in college. Last week Tesla CEO Elon Musk tweeted "Gamestonk!!," which many in the market interpreted as an apparent show of support for small investors. "Stonks" is a tongue-in-cheek term for stocks widely used on social media. Major investors like hedge funds have bet against GameStop, citing the video game chain store's ill financial health as consumers shift towards buying over the internet. As the company's stock surged under the Reddit-fueled onslaught, the big Wall Street firms were forced to buy back shares at higher prices to cover their losses -- further driving up the price. US media reported the company had also raised $1 billion from its investors to help it stay afloat and allow its customers to continue trading, though on Thursday Robinhood chief Vlad Tenev said the company was not facing a liquidity crunch. Robinhood needs to maintain a certain amount of funds in the financial institutions that facilitate orders made on its platforms, and when it sees increased demand, that liquidity needs to increase as well.

College student donates video games to hospital after earning $30,000 by selling GameStop shares

Bitcoin prices soared after&nbsp;Tesla CEO Elon Musk on Monday said that he is a ''supporter'' of the largest cryptocurrency.

The comments come after Musk's use of a "#bitcoin" tag on his Twitter profile page led to a 14 per cent&nbsp;jump in the cryptocurrency on Friday.

Also read: <a href="https://www.wionews.com/technology/gamestop-prompts-surge-in-hyper-rally-after-elon-musks-tweet-359791">GameStop prompts surge in hyper-rally after Elon Musk's tweet</a>

"I am a supporter of bitcoin,"&nbsp;Musk&nbsp;said during his debut on the invitation-only social media app Clubhouse, a conversation that drew thousands of listeners.

"I think bitcoin is on the verge of getting broad acceptance by conventional finance people," he said, adding he should have bought it eight years ago.

"I was a little slow on the uptake ... I do think at this point that bitcoin is a good thing."

Cryptocurrencies have buffeted recently by volatile-retail investor demand shaped online by Twitter feeds and Reddit forms.

Bitcoin was up 2&nbsp;per cent&nbsp;at $33,796 on Monday, having surged over 300 per cent&nbsp;in 2020. The cryptocurrency jumped over 300&nbsp;per cent&nbsp;last year, as bigger US&nbsp;investors and corporations sought exposure to it, and touched an all-time high of $42,000 last month.

In December,&nbsp;Musk&nbsp;asked about the possibility of converting "large transactions" of Tesla's balance sheet into bitcoin, in a Twitter exchange with a well-known advocate for the digital currency.

The Twitter handle of the world's richest person has joined the growing list of things to watch for those trading stocks for personal or professional purposes and comes amid the rising prominence of the'WallStreetBets' Reddit chat room that drove skyrocketing gains for GameStop shares.

That forum grabbed&nbsp;Musk's attention too when he tweeted "Gamestonk!!" on Tuesday, along with a link to the Reddit stock trading discussion group behind the year-to-date 2,500 [per cent-plus rally in the video game retailer.

"Stonks" is a tongue-in-cheek term for stocks widely used on social media. His supporters in the Reddit forum affectionately refer to him as "Papa&nbsp;Musk."

Justifiably, his tweets led to surges in other stocks too.

Shares of fast-growing Polish game developer CD Projekt soared 16 per cent&nbsp;on Thursday after&nbsp;Musk&nbsp;tweeted: "The esthetics of Cyberpunk are incredible btw....". Cyberpunk is the company's flagship game.

Similarly, online retailing platform Etsy's stock jumped 9 per cent&nbsp;on Tuesday right after&nbsp;Musk&nbsp;tweeted: "I kinda love Etsy". He said he bought a "hand-knit wool Marvin the Martian helm" for his dog.

Bitcoin prices soared after Tesla CEO Elon Musk on Monday said that he is a ''supporter'' of the largest cryptocurrency. The comments come after Musk's use of a "#bitcoin" tag on his Twitter profile page led to a 14 per cent jump in the cryptocurrency on Friday.

Bitcoin prices soared after Tesla CEO Elon Musk on Monday said that he is a ''supporter'' of the largest cryptocurrency. The comments come after Musk's use of a "#bitcoin" tag on his Twitter profile page led to a 14 per cent jump in the cryptocurrency on Friday. Also read: GameStop prompts surge in hyper-rally after Elon Musk's tweet "I am a supporter of bitcoin," Musk said during his debut on the invitation-only social media app Clubhouse, a conversation that drew thousands of listeners. "I think bitcoin is on the verge of getting broad acceptance by conventional finance people," he said, adding he should have bought it eight years ago. "I was a little slow on the uptake ... I do think at this point that bitcoin is a good thing." Cryptocurrencies have buffeted recently by volatile-retail investor demand shaped online by Twitter feeds and Reddit forms. Bitcoin was up 2 per cent at $33,796 on Monday, having surged over 300 per cent in 2020. The cryptocurrency jumped over 300 per cent last year, as bigger US investors and corporations sought exposure to it, and touched an all-time high of $42,000 last month. In December, Musk asked about the possibility of converting "large transactions" of Tesla's balance sheet into bitcoin, in a Twitter exchange with a well-known advocate for the digital currency. The Twitter handle of the world's richest person has joined the growing list of things to watch for those trading stocks for personal or professional purposes and comes amid the rising prominence of the'WallStreetBets' Reddit chat room that drove skyrocketing gains for GameStop shares. That forum grabbed Musk's attention too when he tweeted "Gamestonk!!" on Tuesday, along with a link to the Reddit stock trading discussion group behind the year-to-date 2,500 [per cent-plus rally in the video game retailer. "Stonks" is a tongue-in-cheek term for stocks widely used on social media. His supporters in the Reddit forum affectionately refer to him as "Papa Musk." Justifiably, his tweets led to surges in other stocks too. Shares of fast-growing Polish game developer CD Projekt soared 16 per cent on Thursday after Musk tweeted: "The esthetics of Cyberpunk are incredible btw....". Cyberpunk is the company's flagship game. Similarly, online retailing platform Etsy's stock jumped 9 per cent on Tuesday right after Musk tweeted: "I kinda love Etsy". He said he bought a "hand-knit wool Marvin the Martian helm" for his dog.

Tesla CEO Elon Musk calls himself Bitcoin 'supporter'; prices soar

The House Committee on Financial Services investigating GameStop saga has come under increased scrutiny after it was revealed that it had received its maximum funding from Robinhood executives.

According to the latest report,&nbsp;Robinhood CEO Vlad Tenev and co-founder Bajnu Bhatt had contributed&nbsp;$2,800 to Maxine Waters and&nbsp; $1,200 to Robert McHenry, who are&nbsp;the chair and&nbsp;ranking member of the House Financial Services Committee.

Robinhood&nbsp;Markets Inc's user agreement is likely to protect the brokerage app from a barrage of lawsuits filed by customers after it blocked a frenzied trading rally in companies such as GameStop Corp that was fueled on social media forums.

The owners of internet platforms where much of the discussion took place are likewise shielded from liability for users' activity under a 25-year-old law known as Section 230.

At least a dozen proposed class-action lawsuits accuse&nbsp;Robinhood&nbsp;of breaching its contract with customers when it restricted trading on Thursday.

Robinhood's users were at the centre of this week's wild rally in a handful of stocks that had been heavily shorted by hedge funds and championed by individual investors in online chatrooms including Reddit's WallStreetBets.

The lawsuits, brought in federal court, alleging that the Menlo Park, California-based company breached its contractual obligation as a regulated broker to execute orders promptly and effectively.

However,&nbsp;Robinhood&nbsp;is not legally bound to carry out every trade and the lawsuits will not succeed without evidence the company restricted trading for an improper reason, such as to favour certain investors, according to several legal experts.

The user agreement on&nbsp;Robinhood's website says it "may at any time, in its sole discretion and without prior notice to Me, prohibit or restrict My ability to trade securities."

Robinhood's fee-free and simple-to-use app has made it popular with a new generation of small-time traders and its restrictions on Thursday drew a heavy backlash from high-profile politicians and celebrities.

Retail investors using&nbsp;Robinhood&nbsp;and other apps drove the so-called "Reddit rally" that pushed up shares of GameStop Corp and other companies championed on social media platforms including Reddit, resulting in heavy losses for big hedge funds that had shorted the shares.

The House Committee on Financial Services investigating GameStop saga has come under increased scrutiny after it was revealed that it had received its maximum funding from Robinhood executives.

The House Committee on Financial Services investigating GameStop saga has come under increased scrutiny after it was revealed that it had received its maximum funding from Robinhood executives. According to the latest report, Robinhood CEO Vlad Tenev and co-founder Bajnu Bhatt had contributed $2,800 to Maxine Waters and $1,200 to Robert McHenry, who are the chair and ranking member of the House Financial Services Committee. Robinhood Markets Inc's user agreement is likely to protect the brokerage app from a barrage of lawsuits filed by customers after it blocked a frenzied trading rally in companies such as GameStop Corp that was fueled on social media forums. The owners of internet platforms where much of the discussion took place are likewise shielded from liability for users' activity under a 25-year-old law known as Section 230. At least a dozen proposed class-action lawsuits accuse Robinhood of breaching its contract with customers when it restricted trading on Thursday. Robinhood's users were at the centre of this week's wild rally in a handful of stocks that had been heavily shorted by hedge funds and championed by individual investors in online chatrooms including Reddit's WallStreetBets. The lawsuits, brought in federal court, alleging that the Menlo Park, California-based company breached its contractual obligation as a regulated broker to execute orders promptly and effectively. However, Robinhood is not legally bound to carry out every trade and the lawsuits will not succeed without evidence the company restricted trading for an improper reason, such as to favour certain investors, according to several legal experts. The user agreement on Robinhood's website says it "may at any time, in its sole discretion and without prior notice to Me, prohibit or restrict My ability to trade securities." Robinhood's fee-free and simple-to-use app has made it popular with a new generation of small-time traders and its restrictions on Thursday drew a heavy backlash from high-profile politicians and celebrities. Retail investors using Robinhood and other apps drove the so-called "Reddit rally" that pushed up shares of GameStop Corp and other companies championed on social media platforms including Reddit, resulting in heavy losses for big hedge funds that had shorted the shares.

House Committee investigating GameStop saga received maximum donation from Robinhood executives

Online broker Robinhood, one of the hottest venues in this week's retail-trading frenzy, said it put temporary buying restrictions on a small number of securities as clearing house-mandated deposit requirements for equities increased ten-fold.

"....the required amount we had to deposit with the clearing house was so large, with individual volatile securities accounting for hundreds of millions of dollars in deposit requirements - that we had to take steps to limit buying in those volatile securities to ensure we could comfortably meet our requirements," it said in a blog post late on Friday.&nbsp;

Meanwhile,&nbsp;Texas's attorney general announced on Friday a probe into&nbsp;Robinhood&nbsp;and 12 other online stock exchanges after they suspended trading on GameStop and other volatile equities.

Ken Paxton, the top prosecutor for the country's second-most-populous state, sent a civil investigative demand to the companies, the latest sign of escalating scrutiny from regulators and lawmakers over the trade suspensions. Trading of GameStop resumed Friday on&nbsp;Robinhood.&nbsp;

Paxton echoed criticism from across the political spectrum of the trading halts, which he said "stinks of corruption" and appears to show coordination among powerful interests.

US media reported the company had also raised $1 billion from its investors to help it stay afloat and allow its customers to continue trading, though on Thursday&nbsp;Robinhood&nbsp;chief Vlad Tenev told CNBC the company was not facing a liquidity crunch.

Robinhood&nbsp;needs to maintain a certain amount of funds in the financial institutions that facilitate orders made on its platforms, and when it sees increased demand, that liquidity needs to increase as well.

Robinhood's fee-free and simple-to-use app has made it popular with a new generation of small-time traders and its restrictions on Thursday drew a heavy backlash from high-profile politicians and celebrities.

Retail investors using Robinhood and other apps drove the so-called "Reddit rally" that pushed up shares of GameStop Corp and other companies championed on social media platforms including Reddit, resulting in heavy losses for big hedge funds that had shorted the shares.

Online broker Robinhood, one of the hottest venues in this week's retail-trading frenzy, said it put temporary buying restrictions on a small number of securities as clearing house-mandated deposit requirements for equities increased ten-fold.

Online broker Robinhood, one of the hottest venues in this week's retail-trading frenzy, said it put temporary buying restrictions on a small number of securities as clearing house-mandated deposit requirements for equities increased ten-fold. "....the required amount we had to deposit with the clearing house was so large, with individual volatile securities accounting for hundreds of millions of dollars in deposit requirements - that we had to take steps to limit buying in those volatile securities to ensure we could comfortably meet our requirements," it said in a blog post late on Friday. Meanwhile, Texas's attorney general announced on Friday a probe into Robinhood and 12 other online stock exchanges after they suspended trading on GameStop and other volatile equities. Ken Paxton, the top prosecutor for the country's second-most-populous state, sent a civil investigative demand to the companies, the latest sign of escalating scrutiny from regulators and lawmakers over the trade suspensions. Trading of GameStop resumed Friday on Robinhood. Paxton echoed criticism from across the political spectrum of the trading halts, which he said "stinks of corruption" and appears to show coordination among powerful interests. US media reported the company had also raised $1 billion from its investors to help it stay afloat and allow its customers to continue trading, though on Thursday Robinhood chief Vlad Tenev told CNBC the company was not facing a liquidity crunch. Robinhood needs to maintain a certain amount of funds in the financial institutions that facilitate orders made on its platforms, and when it sees increased demand, that liquidity needs to increase as well. Robinhood's fee-free and simple-to-use app has made it popular with a new generation of small-time traders and its restrictions on Thursday drew a heavy backlash from high-profile politicians and celebrities. Retail investors using Robinhood and other apps drove the so-called "Reddit rally" that pushed up shares of GameStop Corp and other companies championed on social media platforms including Reddit, resulting in heavy losses for big hedge funds that had shorted the shares.

Robinhood imposes one share buy limit on dozens of stocks amid GameStop scrutiny

An epic battle is unfolding on Wall Street, with a cast of characters clashing over the fate of GameStop&nbsp;skyrocketing for a fourth straight day, thanks in part to&nbsp;Elon&nbsp;Musk.

Tesla founder Elon Musk, who has waged his own battle with short sellers before seeing spectacular gains for the electric carmaker, appeared to encourage the movement by tweeting a link to the Reddit forum along with the cryptic comment&nbsp;"Gamestonk!!"&nbsp;

"Stonks" is a tongue-in-cheek term for stocks widely used on social media.

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<blockquote class="twitter-tweet">
Gamestonk!! <a href="https://t.co/RZtkDzAewJ">https://t.co/RZtkDzAewJ</a>
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1354174279894642703?ref_src=twsrc%5Etfw">January 26, 2021</a></blockquote>
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Herds of amateur investors on Reddit have long been supporters of Tesla and other hyper-volatile stocks, and their influence appears to be growing.

'Short squeeze'

The WallStreetBets followers have been on a GameStop buying spree, which not only pushes up the shares but puts pressure on short sellers to make purchases to "cover" their bets to avoid steeper losses.

This is known on Wall Street as a "short squeeze" and can result in a dizzying rally by forcing short-sellers into becoming buyers.

As a result, GameStop surged 18 per cent on Monday, another 115 per cent Tuesday and had leapt 135 per cent Wednesday. That followed a stunning 50 per cent jump on Friday.

Short sellers, while reviled by some market players, are nonetheless seen as playing an important role in the markets by providing liquidity and driving down overpriced shares.&nbsp;

But at least one GameStop short-seller said he walked away from the stock after what he claimed was harassment and threats by an "angry mob."

As well as GameStop, BlackBerry, also favoured on Wallstreetbets, advanced 4.9&nbsp;per cent&nbsp;and is up 185&nbsp;per cent&nbsp;this year. An earlier tweet by&nbsp;Musk&nbsp;sent Etsy up almost 9% before it reversed its gains.

The surge in recent days - GameStop has increased more than seven-fold to $147.98 from $19 since January&nbsp;12 - has spurred concerns over bubbles in stocks that hedge funds and other speculative players had bet would fall in value.

Trading in GameStop stock was halted for volatility nine times on Monday and five times on Tuesday.

Why have GameStop shares been so volatile?

GameStop, a well-known retail chain whose business model of selling games on discs appears to have been overtaken by a move to the internet, has been the target of "short-sellers," often big hedge funds that bet on a decline by selling borrowed shares in the hope of repaying at a lower price.

But a group of amateur investors, organizing via the online platform Reddit, has fought the trend. A group calling itself WallStreetBets, with some three million members who exchange tips and boast about beating "the system," is credited with pushing up GameStop shares and roiling the Wall Street establishment.

Some analysts have described the situation as a "nerds vs Wall Street" battle.

Jaime Rogozinski, the founder of WallStreetBets, said the movement "is able to do what Occupy Wall Street was never able to do but on a completely different angle."

"Occupy Wall Street was fed up with this saying 'It's a game we can't play, you're forgetting the little guy.' Now the little guy figured out a different way around it," he said.

The WallStreetBets forum had restricted access to those outside its 3.6 million subscribers for a few hours Wednesday evening but was again visible to the public by 0115 GMT early Thursday.

Should regulators intervene?

The extreme volatility has raised concerns about manipulation, which could lead to an investigation by stock market regulators, and has even drawn attention from the White House.

"Our economic team including (Treasury) Secretary (Janet) Yellen and others are monitoring the situation," said White House spokeswoman Jen Psaki.

"It's a good reminder, though, that the stock market isn't the only measure of the health of our economy."

Late Wednesday, the Securities and Exchange Commission said it was monitoring the activity.

"We are aware of and actively monitoring the ongoing market volatility in the options and equities markets and... we are working with our fellow regulators to assess the situation and review the activities of regulated entities, financial intermediaries, and other market participants," an SEC statement said.

Jacob Frenkel, a former enforcement lawyer with the SEC, said the situation warrants regulatory review.

One option would be "a trading pause for 10 days to ensure that all investors would have access to accurate and timely information," Frenkel said.

Senator Elizabeth Warren also called for scrutiny.

"For years, the same hedge funds, private equity firms, and&nbsp;wealthy investors dismayed by the GameStop trades have treated the stock market like their own personal casino&nbsp;while everyone else pays the price," she said in a statement.&nbsp;

"It's long past time for the SEC and other financial regulators to wake up and do their jobs."

An epic battle is unfolding on Wall Street, with a cast of characters clashing over the fate of GameStop skyrocketing for a fourth straight day, thanks in part to Elon Musk.

An epic battle is unfolding on Wall Street, with a cast of characters clashing over the fate of GameStop skyrocketing for a fourth straight day, thanks in part to Elon Musk. Tesla founder Elon Musk, who has waged his own battle with short sellers before seeing spectacular gains for the electric carmaker, appeared to encourage the movement by tweeting a link to the Reddit forum along with the cryptic comment "Gamestonk!!" "Stonks" is a tongue-in-cheek term for stocks widely used on social media. Gamestonk!! https://t.co/RZtkDzAewJ — Elon Musk (@elonmusk) January 26, 2021 × Herds of amateur investors on Reddit have long been supporters of Tesla and other hyper-volatile stocks, and their influence appears to be growing. 'Short squeeze' The WallStreetBets followers have been on a GameStop buying spree, which not only pushes up the shares but puts pressure on short sellers to make purchases to "cover" their bets to avoid steeper losses. This is known on Wall Street as a "short squeeze" and can result in a dizzying rally by forcing short-sellers into becoming buyers. As a result, GameStop surged 18 per cent on Monday, another 115 per cent Tuesday and had leapt 135 per cent Wednesday. That followed a stunning 50 per cent jump on Friday. Short sellers, while reviled by some market players, are nonetheless seen as playing an important role in the markets by providing liquidity and driving down overpriced shares. But at least one GameStop short-seller said he walked away from the stock after what he claimed was harassment and threats by an "angry mob." As well as GameStop, BlackBerry, also favoured on Wallstreetbets, advanced 4.9 per cent and is up 185 per cent this year. An earlier tweet by Musk sent Etsy up almost 9% before it reversed its gains. The surge in recent days - GameStop has increased more than seven-fold to $147.98 from $19 since January 12 - has spurred concerns over bubbles in stocks that hedge funds and other speculative players had bet would fall in value. Trading in GameStop stock was halted for volatility nine times on Monday and five times on Tuesday. Why have GameStop shares been so volatile? GameStop, a well-known retail chain whose business model of selling games on discs appears to have been overtaken by a move to the internet, has been the target of "short-sellers," often big hedge funds that bet on a decline by selling borrowed shares in the hope of repaying at a lower price. But a group of amateur investors, organizing via the online platform Reddit, has fought the trend. A group calling itself WallStreetBets, with some three million members who exchange tips and boast about beating "the system," is credited with pushing up GameStop shares and roiling the Wall Street establishment. Some analysts have described the situation as a "nerds vs Wall Street" battle. Jaime Rogozinski, the founder of WallStreetBets, said the movement "is able to do what Occupy Wall Street was never able to do but on a completely different angle." "Occupy Wall Street was fed up with this saying 'It's a game we can't play, you're forgetting the little guy.' Now the little guy figured out a different way around it," he said. The WallStreetBets forum had restricted access to those outside its 3.6 million subscribers for a few hours Wednesday evening but was again visible to the public by 0115 GMT early Thursday. Should regulators intervene? The extreme volatility has raised concerns about manipulation, which could lead to an investigation by stock market regulators, and has even drawn attention from the White House. "Our economic team including (Treasury) Secretary (Janet) Yellen and others are monitoring the situation," said White House spokeswoman Jen Psaki. "It's a good reminder, though, that the stock market isn't the only measure of the health of our economy." Late Wednesday, the Securities and Exchange Commission said it was monitoring the activity. "We are aware of and actively monitoring the ongoing market volatility in the options and equities markets and... we are working with our fellow regulators to assess the situation and review the activities of regulated entities, financial intermediaries, and other market participants," an SEC statement said. Jacob Frenkel, a former enforcement lawyer with the SEC, said the situation warrants regulatory review. One option would be "a trading pause for 10 days to ensure that all investors would have access to accurate and timely information," Frenkel said. Senator Elizabeth Warren also called for scrutiny. "For years, the same hedge funds, private equity firms, and wealthy investors dismayed by the GameStop trades have treated the stock market like their own personal casino while everyone else pays the price," she said in a statement. "It's long past time for the SEC and other financial regulators to wake up and do their jobs."

GameStop prompts surge in hyper-rally after Elon Musk's tweet

In another major takeover of 2020, Reddit has announced it has bought the popular video-sharing platform Dubsmash — which rose to fame as TikTok's competitive app.

"We are excited to announce that Reddit has acquired short-form video social platform Dubsmash," Reddit announced in a statement posted on their website.

Also read|&nbsp;<a href="https://www.wionews.com/world/second-us-judge-blocks-trumps-tiktok-ban-348297">Second US judge blocks Trump's TikTok ban</a>

Since the popular video-sharing app TikTok became famous, many other content producing platforms have started adding video options within their platforms. Reddit has used the perfect opportunity of the fall of the Chinese-owned app TikTok to expand their own services.

Talking about diversity, Reddit assured Dubsmash's aim will be to include and promote under-represented creators from all parts of the world. "Dubsmash’s mission is unique among social platforms, and is aligned with Reddit’s own mission of bringing community and belonging to everyone in the world," the statement read. "Dubsmash’s mission is unique among social platforms, and is aligned with Reddit’s own mission of bringing community and belonging to everyone in the world."

Also read|&nbsp;<a href="https://www.wionews.com/world/us-plans-to-not-extend-tiktok-divestiture-deadline-347609">US plans to not extend TikTok divestiture deadline</a>

Reddit will also be using this platform's services to elevate the voices of the already-existing users of the content-sharing app. "We will integrate Dubsmash’s innovative video creation tools into Reddit, which will empower Reddit’s own creators to express themselves in original and authentic ways that are endemic to our communities," the statement explained.

The San Francisco-based video-sharing platform is hoping to use this as an opportunity to expand their audience reach and bring in diversity to the user base. The app has nearly 25 per cent of Black users in the US and females represent 70 per cent of users.&nbsp;

This announcement has come at a time when TikTok has been facing downtime due to several countries such as India, the US and Pakistan banning the app over concerns of security and explicit content.

In another major takeover of 2020, Reddit has announced it has bought the popular video-sharing platform Dubsmash — which rose to fame as TikTok's competitive app.

In another major takeover of 2020, Reddit has announced it has bought the popular video-sharing platform Dubsmash — which rose to fame as TikTok's competitive app. "We are excited to announce that Reddit has acquired short-form video social platform Dubsmash," Reddit announced in a statement posted on their website. Also read| Second US judge blocks Trump's TikTok ban Since the popular video-sharing app TikTok became famous, many other content producing platforms have started adding video options within their platforms. Reddit has used the perfect opportunity of the fall of the Chinese-owned app TikTok to expand their own services. Talking about diversity, Reddit assured Dubsmash's aim will be to include and promote under-represented creators from all parts of the world. "Dubsmash’s mission is unique among social platforms, and is aligned with Reddit’s own mission of bringing community and belonging to everyone in the world," the statement read. "Dubsmash’s mission is unique among social platforms, and is aligned with Reddit’s own mission of bringing community and belonging to everyone in the world." Also read| US plans to not extend TikTok divestiture deadline Reddit will also be using this platform's services to elevate the voices of the already-existing users of the content-sharing app. "We will integrate Dubsmash’s innovative video creation tools into Reddit, which will empower Reddit’s own creators to express themselves in original and authentic ways that are endemic to our communities," the statement explained. The San Francisco-based video-sharing platform is hoping to use this as an opportunity to expand their audience reach and bring in diversity to the user base. The app has nearly 25 per cent of Black users in the US and females represent 70 per cent of users. This announcement has come at a time when TikTok has been facing downtime due to several countries such as India, the US and Pakistan banning the app over concerns of security and explicit content.

Reddit buys TikTok's competitor Dubsmash; promises diversity

Amazon's game streaming platform&nbsp;Twitch temporarily suspended President Donald Trump's channel and social media site Reddit&nbsp;on Monday shut down r/The_Donald, a forum which long served as a popular online home base for fans of President Donald Trump, saying it violated the site's hate speech rules.

Reddit&nbsp;Chief Executive Steve Huffman said in a post detailing changes to the company's content policies that communities and users promoting hate would be barred.&nbsp;Reddit&nbsp;was banning about 2,000 subreddits, the majority of which were inactive, he said.

"r/The_Donald" was among some 2,000 forums or "subreddits" banned as tightening of rules at the news-focused social website, Reddit said.

Also read:&nbsp;<a href="https://www.wionews.com/world/twitter-disables-trump-campaign-tribute-to-floyd-for-copyright-foul-303548">Twitter disables Trump campaign tribute to Floyd for copyright foul</a>

"Hateful conduct is not allowed on Twitch," a spokesperson said.

"We do not make exceptions for political or newsworthy content, and will take action on content reported to us that violates our rules."

Twitch said the offending comments aired on the channel included Trump's remarks from 2015 saying that Mexicans coming into the United States were "bringing drugs," "bringing crime" and were "rapists."

Also read:&nbsp;<a href="https://www.wionews.com/technology/facebook-takes-down-trump-ads-for-violating-its-policy-against-organised-hate-306951">Facebook takes down Trump ads for violating its policy against 'organised hate'</a>

Also cited were his statements from a recent Tulsa rally that "a very tough hombre is breaking into the window of a young woman whose husband is away."

In response to the actions by&nbsp;Reddit&nbsp;and Twitch, a Trump campaign spokesman directed people to Trump's campaign app "to hear directly from the president." He did not directly address the sites' actions.

The move comes with online platforms facing pressure to crack down on hateful content, including from the president, amid a broad movement to address racial equity in the wake of police killings of African-Americans.

Trump has complained that Silicon Valley platforms are biased against conservatives, despite his own large social media following.

Huffman said earlier this month that&nbsp;Reddit&nbsp;would strengthen its content policy, after&nbsp;Reddit&nbsp;co-founder Alexis Ohanian resigned from the firm's board and former CEO Ellen Pao criticized its handling of r/The_Donald.

Reddit last year "quarantined" the pro-Trump forum for promoting violence and on Monday removed it.

The new list of banned subreddits also included the left-wing r/ChapoTrapHouse, which Huffman said consistently hosted rule-breaking content. It had an average of 42,949 daily active users, according to&nbsp;Reddit.

Reddit's list showed r/The_Donald had an average of 7,780 daily active users, down from its heyday around the 2016 presidential election when it regularly drew hundreds of thousands of visitors each day.

Only about 200 of the banned forums listed by&nbsp;Reddit&nbsp;had more than 10 daily users.

Amazon's game streaming platform Twitch temporarily suspended President Donald Trump's channel and social media site Reddit on Monday shut down r/The_Donald, a forum which long served as a popular online home base for fans of President Donald Trump, saying it violated the site's hate speech rules.

Amazon's game streaming platform Twitch temporarily suspended President Donald Trump's channel and social media site Reddit on Monday shut down r/The_Donald, a forum which long served as a popular online home base for fans of President Donald Trump, saying it violated the site's hate speech rules. Reddit Chief Executive Steve Huffman said in a post detailing changes to the company's content policies that communities and users promoting hate would be barred. Reddit was banning about 2,000 subreddits, the majority of which were inactive, he said. "r/The_Donald" was among some 2,000 forums or "subreddits" banned as tightening of rules at the news-focused social website, Reddit said. Also read: Twitter disables Trump campaign tribute to Floyd for copyright foul "Hateful conduct is not allowed on Twitch," a spokesperson said. "We do not make exceptions for political or newsworthy content, and will take action on content reported to us that violates our rules." Twitch said the offending comments aired on the channel included Trump's remarks from 2015 saying that Mexicans coming into the United States were "bringing drugs," "bringing crime" and were "rapists." Also read: Facebook takes down Trump ads for violating its policy against 'organised hate' Also cited were his statements from a recent Tulsa rally that "a very tough hombre is breaking into the window of a young woman whose husband is away." In response to the actions by Reddit and Twitch, a Trump campaign spokesman directed people to Trump's campaign app "to hear directly from the president." He did not directly address the sites' actions. The move comes with online platforms facing pressure to crack down on hateful content, including from the president, amid a broad movement to address racial equity in the wake of police killings of African-Americans. Trump has complained that Silicon Valley platforms are biased against conservatives, despite his own large social media following. Huffman said earlier this month that Reddit would strengthen its content policy, after Reddit co-founder Alexis Ohanian resigned from the firm's board and former CEO Ellen Pao criticized its handling of r/The_Donald. Reddit last year "quarantined" the pro-Trump forum for promoting violence and on Monday removed it. The new list of banned subreddits also included the left-wing r/ChapoTrapHouse, which Huffman said consistently hosted rule-breaking content. It had an average of 42,949 daily active users, according to Reddit. Reddit's list showed r/The_Donald had an average of 7,780 daily active users, down from its heyday around the 2016 presidential election when it regularly drew hundreds of thousands of visitors each day. Only about 200 of the banned forums listed by Reddit had more than 10 daily users.

Twitch, Reddit ban pro-Trump content amid hate speech crackdown

Y Combinator CEO Michael Seibel is set to join Reddit's Board of Directors, replacing the company's co-founder Alexis Ohanian.

Ohanian, the husband of tennis star Serena Williams, had quit from his seat on the board of the social news company to be given to a black candidate.

"In addition to his vast experience guiding companies in every part of the tech sector, Seibel has consistently promoted diversity and inclusion in the startup world," Reddit said in a blog post while making the announcement.

Seibel is also the cofounder of Justin.tv, the interactive video platform that later transformed into Twitch.

Born in Brooklyn, Seibel graduated from Yale with a degree in political science.

Seibel led Justin.tv as CEO from 2007 to 2011, then co-founded and served as CEO of Socialcam, a popular social video app and another successful Y Combinator startup.

<a href="https://www.wionews.com/world/reddit-co-founder-serena-williams-husband-quits-board-seeks-black-candidate-303791">Also read |&nbsp;Reddit co-founder, Serena William's husband, quits board; seeks black candidate</a>

In 2012, Socialcam sold to Autodesk, Inc., and in 2014, Twitch Interactive sold to Amazon for $970 million.

Seibel started working part time at Y Combinator in 2013, became a partner in 2014, and then CEO of the accelerator programme in 2016.

Ohanian said in an online post that he had resigned from the board of Reddit, which he co-founded 15 years ago. He vowed to use any future gains on his stock in the enterprise to serve the black community, predominantly by curbing racial hate.

Y Combinator CEO Michael Seibel is set to join Reddit's Board of Directors, replacing the company's co-founder Alexis Ohanian. Ohanian, the husband of tennis star Serena Williams, had quit from his seat on the board of the social news company to be given to a black candidate.

Y Combinator CEO Michael Seibel is set to join Reddit's Board of Directors, replacing the company's co-founder Alexis Ohanian. Ohanian, the husband of tennis star Serena Williams, had quit from his seat on the board of the social news company to be given to a black candidate. "In addition to his vast experience guiding companies in every part of the tech sector, Seibel has consistently promoted diversity and inclusion in the startup world," Reddit said in a blog post while making the announcement. Seibel is also the cofounder of Justin.tv, the interactive video platform that later transformed into Twitch. Born in Brooklyn, Seibel graduated from Yale with a degree in political science. Seibel led Justin.tv as CEO from 2007 to 2011, then co-founded and served as CEO of Socialcam, a popular social video app and another successful Y Combinator startup. Also read | Reddit co-founder, Serena William's husband, quits board; seeks black candidate In 2012, Socialcam sold to Autodesk, Inc., and in 2014, Twitch Interactive sold to Amazon for $970 million. Seibel started working part time at Y Combinator in 2013, became a partner in 2014, and then CEO of the accelerator programme in 2016. Ohanian said in an online post that he had resigned from the board of Reddit, which he co-founded 15 years ago. He vowed to use any future gains on his stock in the enterprise to serve the black community, predominantly by curbing racial hate.

Reddit names first black board member after Alexis Ohanian quits

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