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Reddit News
Guardian
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Reddit shares priced at $34 in largest IPO by social media company in years
- Reddit's initial public offering (IPO) priced at $34 per share, valuing the company at $6.4bn.
- The IPO is the largest by a social media company in years and sets the stage for Reddit's shares to begin trading on the New York stock exchange.
- Reddit aims to raise $748m by selling 22m shares.
- Despite recording net losses in previous years, Reddit's large user base and vast amount of content have attracted investor interest.
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Insider
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Reddit prices hotly anticipated IPO at $34 per share, valuing the social media platform at around $6.4 billion
- Reddit priced its initial public offering at $34 per share.
- The offering values Reddit at around $6.4 billion.
- Shares will start trading under the ticker 'RDDT' on Thursday.
- The IPO raised $748 million for the company.
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BGR
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Stop using Google to search for Reddit posts and switch to GigaBrain right now
- Google has been trying to include Reddit threads in its search results.
- GigaBrain, a tool, offers a clean interface to find relevant information on Reddit.
- It scans billions of online discussions from Reddit and other communities.
- GigaBrain aims to provide the most useful information from real people.
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Massivelyop
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Guild Wars 2 releases more profession balancing tweaks as players offer to train noobs to raid
- Guild Wars 2 released a patch with various tweaks and changes including graphics, load times, item converters, and more.
- The balance update preview brought nerfs for Rangers, Elementalists, Necromancers, and Mesmers, while buffs were given to Holosmiths, Revenants, and Thieves.
- In other news, the Guild Wars 2 community is organizing a raid training event for players new to raiding and strike missions.
- The event aims to provide accessible training runs for complete beginners and open up the community to everyone.
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Insider
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'Spoiler alert, it isn't worth a penny': Redditors say they're not interested in participating in the platform's up-to-$748 million offering
- Users on Reddit have expressed disinterest and concerns regarding the platform's upcoming IPO offering.
- Some users believe that the IPO is aimed at cashing out rather than indicating growth potential.
- There is little optimism among users about Reddit's trading outlook.
- The IPO will allocate 8% of shares to power users and moderators.
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Massivelyop
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Everything we learned about the future of Star Trek Online, Neverwinter, & Champions Online from Cryptic’s stream
- Cryptic's MMOs, including Star Trek Online, Neverwinter, and Champions Online, have been acquired by DECA, a Berlin-based company.
- DECA is heavily ramping up hiring and training for the Cryptic and DECA staff, and Cryptic will transition to a more support function while DECA works on the games.
- All three games are safe from sunset, with licenses locked in for several more years, and regular updates and releases planned.
- Cryptic has no new games in development currently, and the involvement of Cryptic staff in the long term will depend on the speed at which DECA ramps up.
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Insider
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Reddit's IPO is set to make the 'front page of the internet' public
- Reddit is set to go public on the New York Stock Exchange with a target valuation of $6.4 billion.
- The social media forum was created in 2005 by cofounders Steve Huffman and Alexis Ohanian.
- Despite its reputation as social media's underbelly, Reddit has grown to have an average of 73.1 million daily active users.
- In its IPO filing, Reddit disclosed revenue growth of 21% in the last year, but also a net loss of $90.8 million.
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Bworldonline
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Social media platforms must face lawsuits claiming they enabled Buffalo mass shooter
- Several social media companies, including Meta Platforms' Facebook and Instagram, Reddit, and YouTube, have been ordered by a New York state judge to face lawsuits claiming they enabled the Buffalo mass shooter.
- The more than 40 plaintiffs, including relatives of the victims and witnesses, can try to prove that the platforms were designed to addict and radicalize users like the shooter.
- The defendants argued that they are not liable under Section 230 of the Communications Decency Act and the First Amendment, but the judge ruled that the plaintiffs have the right to pursue negligence-based claims.
- The lawsuits seek unspecified civil damages, and the defendants include Alphabet, Google, Snap, retailers, and the parents of the shooter.
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Massivelyop
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ArenaNet is cracking down on bot abuse in Classic Guild Wars PvP
- ArenaNet is cracking down on bot abuse in Classic Guild Wars PvP.
- The leeching system has been disabled due to abuse by bots.
- Players can now only resign a match once every 120 minutes.
- The bots were using the report tool to harass legitimate players.
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Medium
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Automating Reddit and Facebook API Integration for Facebook Pages
- The primary goal of integrating Reddit and Facebook APIs is to automate the process of sharing valuable, entertaining, and informative content from subreddits like 'r/ProgrammerHumor' directly onto your Facebook page.
- To successfully implement this automation, prerequisites include fetching the JSON response of Reddit posts, generating an app access token for Facebook, and utilizing the Graph API Explorer.
- The source code and detailed instructions can be found in the author's GitHub repository.
- By following these steps, you can enhance your Facebook page with engaging content from Reddit, fostering a vibrant community of programmers and tech enthusiasts.
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Tech Story
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Reddit CEO Steve Huffman defends his Rs 1600 Cr salary amid backlash
- Reddit's IPO is attracting investor interest and has been oversubscribed, indicating optimism in the platform's future.
- Despite having a loyal user base, Reddit has struggled to generate profit and faces challenges in monetizing its platform.
- CEO Steve Huffman's remuneration package of $193 million has sparked controversy and criticism.
- Huffman defended his salary, stating that it is determined by the board based on his performance and highlighting his stake in Reddit's success.
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Analyticsinsight
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Moon Token Dips Over 22% Post ATH, Will Celer Bridge Launch Ignite Rally?
- The MOON token, associated with Reddit’s r/CryptoCurrency forum, reached an all-time high of $0.84 before facing resistance.
- Following the resistance, the token experienced a 22.36% decline and was trading at $0.3496 at press time.
- Celer Network's upcoming bridge launch to facilitate movement of MOON tokens to Arbitrum One blockchain is expected to enhance token's utility and expand its reach in the DeFi ecosystem.
- The partnership with Celer Network and association with Reddit's IPO contribute to increased interest and potential growth for the MOON token.
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Insider
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Reddit CEO Steve Huffman defends his $193 million compensation package
- Reddit CEO Steve Huffman defends his $193 million compensation package
- Huffman's pay includes a mix of salary and stock, with the bulk of his compensation in restricted stock units and stock options
- Critics argue that the package is too high for a platform that doesn't pay moderators or users, and for a company that hasn't been profitable
- Huffman justifies his pay based on performance and aligning his interests with the company's by staying through late 2028 and completing the IPO
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Massivelyop
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Shroud of the Avatar devs form new studio to make AI-generated roguelike battle royale Project Rise
- Pangaea, a new studio co-founded by Shroud of the Avatar developers Starr Long and Chris Spears, is working on a new game called Project Rise.
- Project Rise is a rogue-like battle royale game that utilizes AI tools for procedural generation, ensuring a unique experience for players in each session.
- The use of AI tools is aimed at reducing costs associated with hiring human developers for art and backend technology.
- More details about Project Rise will be revealed in the coming months, but the initial presentation has received mixed responses from players.
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Massivelyop
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Helldivers 2 players share sightings of mysterious blue lasers, fueling speculation of a third enemy faction
- Players of Helldivers 2 have reported sightings of mysterious blue lasers that are attacking them during missions.
- The lasers appear to be coming from multiple directions and have the ability to take out both human and insect enemies.
- The speculation among players is that these lasers indicate the arrival of a third enemy faction, the Illuminate.
- The game's galaxy map has a section that is currently free of enemy presence, which could be where the Illuminate will be introduced.
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