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Reddit News
Cryptonews
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Reddit Reverses Crypto Strategy, Sells Off BTC and ETH Held for Treasury
- Social media giant Reddit has sold off the majority of its crypto holdings, worth nearly US $7 billion.
- The move was made to mitigate the unique risks associated with holding digital assets.
- Unfortunately, Reddit sold just before Bitcoin's price surged, resulting in significant opportunity cost.
- Reddit still believes in the potential of cryptocurrencies but is cautious due to their volatility and unique risks.
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Insider
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Image Credit: Insider
Sam Altman said he 'sometimes' used ChatGPT to answer Reddit AMA questions
- OpenAI CEO Sam Altman hinted that the company's next big model, GPT-5, is not likely to be released this year.
- During a Reddit Ask Me Anything (AMA) session, Altman used ChatGPT, OpenAI's generative AI chatbot, to answer some of the questions.
- The company is facing challenges in allocating computing resources towards multiple ideas and making hard decisions.
- Despite recent executive departures, Altman recently secured a historic $6.6 billion fundraising round for OpenAI.
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Bitcoinist
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Image Credit: Bitcoinist
Reddit Cashes Out: SEC Filing Reveals Major Bitcoin Sell-Off Last Month
- According to SEC filings, Reddit has sold most of its crypto holdings, including Bitcoin and Ether.
- The sale occurred before the recent surge in crypto prices, with Reddit missing out on potential profits.
- The company stated that the sold crypto assets were primarily held for treasury purposes.
- Reddit's stock price surged following the announcement of solid Q3 earnings.
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Massivelyop
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Massively on the Go: Pokemon Go’s November looks overstuffed and underseasoned
- Pokemon Go November event comes with the return of Lugia with Aeroblast, Dialga, Palkia, Zacian, Zamazenta, Regieleki, and Regidrago.
- Mega-quest-introductory free-energy from Gym-spins Mega Beedrill is the POGO equivalent of getting the newbie tutorial quest back years after the product's launch.
- For Max Raid Battles, all the starters will be back, and we also have a new Max Mondays event, which on the 18th will have a new Dynamax 'mon, Drilbur.
- November 7th-12th is the Harvest Festival event, where we get double candy and a shiny debut for Smoliv's line.
- November 10th will be Mankey Community Day, and it features its final form Annihilape, which has PvP uses.
- Simply Groundbreaking will be held from November 15th-17th and it will probably feature Ground type Pokemon.
- November 23rd-24th is the big Wild Area event, It will focus on big quests, costumed Pokemon, special moves, and raids.
- Lastly, from November 27th to December 1st, we have the Max Out Finale that may have something to do with a Gigantimax 'mon.
- Niantic has repeatedly failed in securing player data, fake results about events, and refused to address documented stalking in POGO.
- Niantic vowed transparency and communication following 2021's community-driven Pokemon No boycott, but it has not delivered.
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20 Likes
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Zycrypto
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Reddit Sold Majority of Its Bitcoin Before Uptober Price Surge
- Reddit sold most of its Bitcoin and Ethereum holdings in Q3 2024.
- The decision to sell the assets before the price surge in October faced criticism.
- Crypto market experienced significant gains in the last 30 days, with Bitcoin reaching $73,000.
- Reddit expressed skepticism about the long-term trajectory of cryptocurrencies.
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19 Likes
TechDigest
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Image Credit: TechDigest
BYD revenue overtakes Tesla, Russia fines Google more than world’s GDP!
- Chinese electric vehicle giant BYD surpasses Tesla's quarterly revenue with more than 200bn yuan ($28.2bn)
- Samsung considers rebranding flagship smartphones away from 'Galaxy' naming convention
- Apple introduces new MacBook Pro with M4 processors, along with iMac and Mac mini upgrades
- Google accumulates a fine of over two undecillion rubles for removing state-run and pro-government accounts from YouTube
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14 Likes
TechJuice
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Image Credit: TechJuice
Reddit Achieves First Profit in Two Decades with $29.9M Q3 Earnings
- Reddit has achieved its first-ever profit, earning $29.9 million in Q3.
- The social media platform reported a revenue of $348.4 million, a 68% increase from the previous year.
- Reddit's ad revenue reached $315.1 million, and additional revenue of $33.2 million came from data licensing agreements.
- The increase in users and strategic moves, such as expanding language support, have contributed to Reddit's success.
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6 Likes
99Bitcoins
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Reddit Offloads Majority Of Bitcoin And Ethereum Holdings In Q3, Missing October’s Price Surge
- Reddit has sold off the majority of its Bitcoin and Ethereum holdings in Q3, missing out on October's price surge.
- The social media platform had been investing in Bitcoin and Ether since 2022 but decided to reduce its cryptocurrency assets.
- Reddit's updated investment policy now requires board approval for future crypto purchases, limiting acquisitions to Bitcoin, Ethereum, or other non-security assets.
- The move coincides with a reported decline in advertising revenue across sectors like technology and cryptocurrency.
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15 Likes
Silicon
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Image Credit: Silicon
Reddit Shares Surge On First-Ever Profit
- Social media site Reddit turned a profit for the quarter ended in September, the first in its nearly 20-year history, aided by artificial intelligence (AI) translation tools.
- The firm reported a profit of $29.9 million on sales of $348.4 million, representing a 68 percent year-on-year revenue increase.
- Daily users surged to 97.2 million, with a new AI translation feature being a major driver of user growth.
- Advertising remains the company's biggest revenue source, but licensing agreements with Google and OpenAI are starting to pay off.
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4 Likes
Insider
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Image Credit: Insider
Reddit skyrockets 42% on strong earnings beat and AI-driven growth
- Reddit stock surged 42% after reporting a strong earnings beat.
- Reddit's revenue jumped 68% from a year ago, partly helped by licensing deals with OpenAI and Google.
- Analysts now expect $113 million in profits next year, up from previous estimates of $17.5 million.
- The company added over 24 million daily users in the first three quarters of the year.
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Arstechnica
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Amid controversial changes, Reddit is getting more popular—and profitable
- Reddit announced that its API would no longer be free, signaling the demise of most third-party Reddit apps.
- Reddit reported a profit of $29.9 million in its fiscal Q4 2024, with revenue up 68% year over year.
- Despite controversies, Reddit is expecting $385 to $400 million in revenue for fiscal Q4.
- The Reddit app-ocalypse led to discontent among users and moderators, but Reddit's profitability continues to grow.
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11 Likes
Tech Story
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Reddit Celebrates Its First Profitable Quarter Amid User Growth and Strategic Innovations
- Reddit has reported a quarterly profit of $29.9 million and revenue of $348.4 million, marking a 68% increase.
- Daily active users on Reddit increased by 47%, reaching 97.2 million in Q3.
- The introduction of an AI-driven translation feature and localization efforts contributed to user growth.
- Reddit's stock has tripled in value since going public, reflecting confidence in the company's evolving strategy.
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13 Likes
Guardian
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Image Credit: Guardian
Reddit shares soar after company turns first-ever profit
- Reddit reported a quarterly profit for the first time in its 20-year history.
- Shares of the company surged over 35% after the announcement.
- The increase in users was driven by the site's new AI feature for translating posts.
- Content licensing deals with Google and OpenAI have also boosted the company's revenue.
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19 Likes
Massivelyop
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Star Citizen player reports CIG is making him sign an NDA before getting a refund
- A Star Citizen player claims that he has been asked to sign a non-disclosure agreement (NDA) before receiving a refund.
- The player received a response from the game developer, Cloud Imperium Games (CIG), stating that the NDA requirement is necessary for the refund process.
- Some Redditors have pointed out that using an NDA for refunds may violate UK and EU laws.
- The player has until November 8th to respond to the request and is seeking legal advice.
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9 Likes
Insider
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Image Credit: Insider
Reddit's bet on AI is starting to pay off
- Reddit's shares surged 25% after it reported a revenue beat and turned a profit for the first time.
- The company saw a 68% revenue increase and a 47% rise in daily active visitors in Q3.
- Reddit's AI-driven translation and revamped AMA product contributed to user growth.
- Reddit's advertising revenue growth underscores a 'nascent monetization opportunity.'
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25 Likes
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