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☆ How the US became hooked on sports betting – and the cost it’s having on lives
▼ + stars: | 2024-05-03 | by ( Thomas Schlachter | ) edition.cnn.com time to read: +11 min

“I noticed all my memories were really gambling related,” Malek explains to CNN Sport. So right where the AGA and the National Council for Problem Gambling is located – the nation’s capital – they abolished all public funds for problem gambling,” adds Whyte. Ramon Zelaya, the moderator of Reddit’s problem gambling forum, concurs. “I think the pace of innovation right now, particularly as it relates to fan engagement and betting, and in play betting and live betting will continue to increase,” said Maloney. Reportedly there were two specific games in which DraftKings Sportsbook flagged prop bets involving Porter in its daily betting insights.

Persons: CNN —, Saul Malek, he’d, “, ” Malek, I’d, Malek, ”, Michael Reaves, Getty, Dominick Reuter, Joe Maloney, ” Maloney, ” Keith Whyte, Maloney, “ We’re, Al Bello, Whyte, “ We’ve, LeBron James ’, DraftKings, you’re, Greg Olsen, Jared C, Tilton, Adam Silver, Silver, Ramon Zelaya, ” Zelaya, “ I’ve, Sportradar, expained, Candice Ward, Reuters Maloney, Jontay Porter, Porter, “ It’s, Brian Sevald Organizations: CNN, CNN Sport, Gamblers Anonymous, Saturday’s Kentucky Derby, Kentucky Derby, Supreme, District of Columbia, Super, American Gaming, Monmouth, Getty, “, Republicans, National Council, Belmont Park, ESPN, NCAA, NFL, NASCAR Hall of Fame, NBA, Reuters, Sporting, Toronto Raptors Locations: Saturday’s, Churchill, Nevada, Monmouth, Oceanport , New Jersey, AFP, America, New York, Belmont, District, –, North Carolina

☆ The action from Reddit’s first day of options trading
▼ + stars: | 2024-03-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe action from Reddit’s first day of options tradingOptions Action traders talk Reddit's options trading and Mike Khouw, Optimize Advisors president, gives his playbook for the stock.

Persons: Reddit’s, Mike Khouw

☆ Reddit discloses FTC probe into its AI content licensing practices
▼ + stars: | 2024-03-15 | by ( Brian Fung | ) edition.cnn.com time to read: +1 min

Washington CNN —The Federal Trade Commission is looking into Reddit’s plans to license its platform content to artificial intelligence companies, the social media company disclosed Friday in a securities filing. The FTC sent Reddit a letter on Thursday outlining the scope of the inquiry, Reddit said in the filing. “The FTC’s staff is conducting a non-public inquiry focused on our sale, licensing, or sharing of user-generated content with third parties to train AI models,” Reddit disclosed. The company has entered into an agreement to share its platform data with Google in order to train the tech giant’s AI models. Reddit said earlier this week that it expects to price shares between $31 and $34 each when it makes its IPO offering.

Persons: Reddit, ” Reddit, “ Organizations: Washington CNN, Federal Trade Commission, FTC, Google

☆ Reddit’s Long, Rocky Road to an Initial Public Offering
▼ + stars: | 2024-03-13 | by ( Mike Isaac | ) www.nytimes.com time to read: +1 min

During a leadership crisis in 2015, Reddit asked Steve Huffman, one of its founders, to return to run the social media platform. This month, Reddit is poised to reach the stock market in one of the first tech initial public offerings of the year. Unlike a recent crop of start-ups that are focused entirely on artificial intelligence, the 19-year-old company is a throwback to an earlier era of social media. But what stands out the most is that Reddit is able to go public at all. After being early to social media, the San Francisco-based company stagnated for years.

Persons: Reddit, Steve Huffman, Huffman, “, Mr Locations: San Francisco

☆ Monday’s rapid fire: Reddit IPO, bitcoin, Boeing, Netflix and EQT
▼ + stars: | 2024-03-11 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMonday’s rapid fire: Reddit IPO, bitcoin, Boeing, Netflix and EQTCNBC’s Jim Cramer on Monday weighed in on a range of market headlines, including news around Reddit’s planed IPO and the latest research on Netflix.

Persons: CNBC’s Jim Cramer Organizations: bitcoin, Boeing, Netflix

☆ Here’s how Reddit plans to price shares when it goes public
▼ + stars: | 2024-03-11 | by ( Clare Duffy | ) edition.cnn.com time to read: +3 min

New York CNN —Reddit on Monday said it expects to price shares between $31 and $34 each when it makes its long-anticipated initial public offering, which will make it the first social media company to go public in years. Reddit, along with some existing stockholders, plans to offer 22 million shares of the company’s Class A stock, meaning the IPO could raise as much as $748 million from those shares, according to an updated prospectus. Reddit itself expects to earn approximately $450 million in proceeds from the IPO, if shares are priced at the midpoint of its expected range. Reddit is taking the unusual step of giving a portion of those users the opportunity to become shareholders by reserving 8% of its IPO shares, or 1.76 million shares, for its most loyal Redditors. The company has acknowledged that “Redditors’ participation in this offering could result in increased volatility” in its stock price.

Persons: Reddit Organizations: New, New York CNN Locations: New York, IPOs

☆ Here’s how Reddit users can participate in the company’s IPO
▼ + stars: | 2024-02-26 | by ( Clare Duffy | ) edition.cnn.com time to read: +4 min

The IPO direct share program will be open to adult US Reddit users with accounts created on or before January 1, 2024, who are not current or former Reddit employees. Reddit has not yet set the price at which shares will be listed in its IPO. Reddit is set to be the first major social media company to IPO in years. While somewhat unusual, offering users the opportunity to invest in its IPO makes sense for Reddit, a platform with a community of users famously — some might say infamously — interested in investing. “As with any investment opportunity, you should make an individual decision based on your own personal circumstances and risk tolerance,” Reddit said in an email inviting eligible users to participate in the IPO.

Persons: New York CNN —, ” Reddit, what’s, Reddit, they’ve Organizations: New, New York CNN, New York Stock Exchange, week’s Securities, Exchange Commission, GameStop, Wall Street Locations: New York

ImageReddit’s bet on RedditorsReddit is the latest company set to test the uncertain I.P.O. market, after the unprofitable social media company built around an avid community of newshounds, cryptocurrency devotees and reality TV fans filed to go public. The company is seeking a valuation of at least $5 billion and DealBook sifted through its prospectus to figure out its pitch to investors. demand that’s fueling a global stock market rally. But whether that’s enough to push Reddit to become profitable is a big question hanging over the listing.

Persons: Reddit, Google that’s Organizations: Google Locations: newshounds, A.I

☆ Reddit has never turned a profit in nearly 20 years, but it just filed to go public anyway
▼ + stars: | 2024-02-23 | by ( Clare Duffy | John Towfighi | ) edition.cnn.com time to read: +6 min

The move would make Reddit the first major social media company to go public since Snapchat in 2017. In its 18 years as an online social hub, Reddit has seen enormous growth, occasional controversy and even market-shifting stunts. Reddit users often post anonymously in these forums, discussing everything from memes to major news events. Steve Huffman, CEO of Reddit attends Variety & Reddit An Evening With Future Makers at Wynn Las Vegas on January 05, 2023 in Las Vegas, Nevada. Still, the incident helped draw attention to the power of Reddit communities.

Persons: New York CNN — Reddit, Reddit, ”, Steve Huffman, ” Huffman, Condé Nast, Alexis Ohanian, Huffman, Sam Altman, Ohanian, TheFacebook, Greg Doherty, ” Reddit Organizations: New, New York CNN, San Francisco, New York Stock Exchange, Securities and Exchange Commission, Advance, University of Virginia, Facebook, YouTube, Twitter, Wynn Las, Variety, GameStop, Google Locations: New York, San, Wynn Las Vegas, Las Vegas , Nevada

☆ Threads, Twitter, and The Future of Social Media - The New York Times
▼ + stars: | 2023-07-15 | by ( Sriram Krishnan | ) www.nytimes.com time to read: +2 min

As interest rates started to rise, social media companies discovered they weren’t immune to macroeconomic forces. While many were blown away by their possibilities, they forced social media websites to re-evaluate how their data is used externally. assistant for the names of San Francisco’s best restaurants, it could well use that Reddit discussion to generate its answer. Whether or not you agree with Mr. Musk’s moves after he bought Twitter, they have sparked a chain reaction. While it’s early days to see how this plays out, it is clear the social media landscape has shifted quickly and profoundly.

Persons: C.E.O.s, you’re, hoover, Reddit, Elon Musk’s, Musk’s, Reddit’s C.E.O, Instagram Organizations: Google, San, Twitter, Facebook Locations: Francisco, Reddit, San Francisco, Silicon Valley

☆ Reddit Wants to Grow Up. Will Its Community Let It?
▼ + stars: | 2023-06-23 | by ( Mike Isaac | ) www.nytimes.com time to read: +1 min

For the past 11 years, Bucky has put time and effort into stewarding and guiding dozens of communities on Reddit, the sprawling internet message board. Reddit had just introduced changes that sharply increased its fees for independent developers who build apps using the company’s data. Steve Huffman, Reddit’s chief executive, positioned the move partly as a way to shore up the company’s finances as it heads toward a long-awaited initial public offering. But the changes made it so expensive for some third-party developers that a handful who build tools for Reddit’s moderators had to shut down or significantly alter their apps. In protest, Bucky and other moderators closed down hundreds of forums on the site, effectively making Reddit unusable for many of its 57 million daily visitors.

Persons: Bucky, Bucky —, “ BuckRowdy, Reddit, Steve Huffman Locations: Reddit

☆ Reddit users bombard site with John Oliver pictures in latest protest over new policy
▼ + stars: | 2023-06-23 | by ( Brian Fung | ) edition.cnn.com time to read: +5 min

CNN —After staging a widespread blackout to protest Reddit’s plans for a controversial new pricing policy, some users are now trying a different tactic: flooding the social network with John Oliver pictures. There have been numerous pictures of Oliver posing in sharply tailored suits, and screenshots of humorous moments from his show. And an AI-generated image of Oliver as a “Game of Thrones” character (“John Oliver Snow”). More than 2,500 communities on Reddit remain blacked out nearly two weeks into the protest. Over the past week, many Reddit users have expressed hopes that Oliver might air a future segment about suddenly becoming the face of the revolt, and perhaps feature their content on his show.

Persons: John Oliver, Oliver, John Olive ”, “ John Oliver Snow ”, Tim Cook, Reddit didn’t, Reddit’s, Steve Huffman, Huffman, Elon Musk, Reddit, ” Organizations: CNN, Apple, Twitter Locations: “

☆ Thousands of Reddit Communities Stay Dark as App Policy Protest Continues
▼ + stars: | 2023-06-20 | by ( Michael Levenson | ) www.nytimes.com time to read: 1 min

Thousands of volunteer-run message boards on Reddit remained dark on Tuesday, a week after moderators of the communities began what they called a 48-hour protest against Reddit’s planned changes to its business model. More than 3,200 message boards, known as subreddits, remained restricted or private, down from nearly 9,000 last week, according to a website tracking the revolt. Others were flooded with memes mocking Reddit’s chief executive, Steve Huffman, as anger continued to bubble on the site over changes to the company’s business model. Moderators of some of the communities that reopened said they had done so after Reddit threatened to replace them. “We want the best for this community and have no choice but to open it back up — or have it opened for us,” the moderators of the Apple enthusiast forum r/Apple wrote in a message in which they called on Mr. Huffman to resign.

Persons: Reddit’s, Steve Huffman, Apple, Huffman Organizations: Apple

☆ Hackers threaten to leak stolen Reddit data if company doesn’t pay $4.5 million and change controversial pricing policy
▼ + stars: | 2023-06-19 | by ( Jennifer Korn | ) edition.cnn.com time to read: +2 min

In their post, the hackers claim they first demanded a $4.5 million payout “for the deletion of the data and our silence” in April. Reddit CTO Chris Slowe previously posted about a security incident that took place in early February. A Reddit spokesperson confirmed to CNN on Monday that BlackCat’s post relates to the February incident. The spokesperson reiterated that no user data was accessed, but declined to comment beyond that. “We are very confident that Reddit will not pay for its data,” the group wrote in the post on the dark web.

Persons: CNN —, Chris Slowe, Slowe, “, ALPHV, ”, Brett Callow, Emsisoft Organizations: CNN

☆ Reddit’s golden geese foul up its IPO plans
▼ + stars: | 2023-06-16 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +4 min

It’s a wrinkle in Reddit’s plan to go public, and a sign that plan is premature. And unlike counterparts elsewhere, Reddit’s mods are unpaid. Researchers at Northwestern University estimate that Reddit’s mods perform at least $3.4 million worth of labor annually. Some third-party apps using Reddit content make money, which an owner of the still-unprofitable Reddit would probably prefer to share. A bigger target is artificial intelligence companies such as OpenAI that create value by scraping Reddit’s forums to hone their own products.

Persons: Steve Huffman, Willing, Huffman’s, Huffman, John Foley, Streisand Neto Organizations: YORK, Reuters, Northwestern University, Starbucks, Twitter, Thomson

☆ Reddit’s fight with its most powerful users enters new phase as blackout continues
▼ + stars: | 2023-06-16 | by ( Brian Fung | ) edition.cnn.com time to read: +8 min

CNN —After nearly a week of mass protests on Reddit directed at its management, the company’s strategy appears to be simple: power through. That approach was reflected Thursday in a series of media interviews conducted by Reddit CEO and co-founder Steve Huffman. In response, some moderators have vowed to put pressure on Reddit’s advertisers and investors. Some 100,000 forums remain open, the company said in a blog post, including 80% of its 5,000 most actively engaged subreddits. In addition, one company administrator said Thursday, Reddit may soon view communities that remain private as an indicator that the moderators of those communities no longer wish to moderate.

Persons: Reddit, Steve Huffman, Huffman, ”, ” Huffman, they’re, Greg Doherty, Omar, ” Omar, “, “ Reddit, They’ve Organizations: CNN, Reddit, Variety, Wynn Las, NPR, NBC News Locations: Wynn Las Vegas, Las Vegas , Nevada

☆ What’s Going On With Reddit?
▼ + stars: | 2023-06-16 | by ( ) www.nytimes.com time to read: +1 min

If you tried to find information on Reddit over the last week, you might have had a hard time. The platform recently announced it would begin charging other companies that want to access its content using an API (Application Programming Interface). Reddit announced the changes earlier this spring after the rise of generative artificial intelligence companies like OpenAI, which used Reddit’s rich trove of human conversations to train ChatGPT for free. Once Reddit starts charging at the end of the month, Apollo has said it will close down rather than pay an estimated bill of $20 million per year. Reddit has long been bolstered and operated by a network of unpaid moderators who keep subreddits from disintegrating into chaos.

Persons: Reddit

Then, a deep dive into MrBeast and what his YouTube empire says about the future of the internet. Reddit came along and said, oh, we need to protect Reddit from the rise of these large language models. So I don’t think they’re totally out of the woods. But I don’t think people would say it was a golden age for how safe the platforms fell to use. But I want to challenge you on this, because I don’t necessarily think that it’s a bad thing if we have past peak trust and safety.

Persons: kevin roose, you’ve, casey newton, casey newton Yes, I’ve, there’s, kevin roose I’m, Kevin Roose, ” casey newton, Casey Newton, Casey, Reddit, casey newton Right, roose, Steve Huffman, you’re, Kevin, It’s, They’re, casey newton Well, they’ve, we’re, Huffman, “, Redditors, We’ve, Everyone’s, we’ve, I’m, let’s, Sam Walton, Max, kevin roose Hey, kevin roose Oh, kevin roose Max Read, MrBeast, it’s, Jimmy Donaldson, He’s, Willy Wonka, he’s, somethings, haven’t, kevin roose We’ll, We’ll, kevin roose She’s, she’s, kevin roose MrBeast, Jeremiah, jeremiah howard, Jeremiah Howard who’s, Jimmy, Burger, You’re, Stefan Molyneux, PewDiePie, Paul, Let’s, Raman, kevin roose It’s, MrBeast financials, doesn’t, Logan Paul, they’re, Vincent Miller, Jon Hamm’s, Matthew Weiner’s, kevin roose Max, Will, Max Read, ” kevin roose, casey newton Max, Robert F Kennedy, COVID, Kennedy, Instagram, Connor Roy, Marjorie Taylor Greene, Robert F Kennedy Jr, Elon, Donald Trump, We’re, Jim Jordan, kevin roose Totally, Alex Jones, casey newton Totally, Kate Kalanick, Trump, Tucker Carlson, aren’t, — casey newton, hasn’t, Rachel Cohn, Jen Poyante, Caitlin Love, Alyssa Moxley, Dan Powell, Elisheba Ittoop, Marion Lozano, Sofia Lanman, Rowan Niemisto, Paula Szuchman, Tam, Nell Gallogly, Kate LoPresi, Jeffrey Miranda Organizations: The New York Times, Twitter, YouTube, Lamborghini, Netflix, Walmart, News, Producers, Meta, Instagram, COVID, Democratic, Washington Post, Apple, Republicans, Facebook, 4chan, Republican Party, Trump, Fox News, Stanford, Davis Locations: Hawaii, Reddit, Greenville , North Carolina, hysterics, New Jersey, New York, Greenville, North Carolina, Central, United States, Bay, San Francisco, Stanford

☆ The Reddit blackout shows no signs of stopping
▼ + stars: | 2023-06-14 | by ( Brian Fung | ) edition.cnn.com time to read: +3 min

CNN —A widespread Reddit blackout affecting some of the site’s largest communities has continued into its third day with no signs of stopping, as a number of groups on the site vowed to remain closed off indefinitely to protest changes to the platform’s data policies. The blackout includes popular forums such as r/aww, r/videos and r/music, each of which claims more than 25 million subscribers on the platform. For Reddit, the stakes are also high to grow revenue, as the company reportedly looks to go public later this year. Huffman reportedly dismissed the blackout in a leaked internal memo obtained by The Verge. As of Wednesday morning, many groups participating in the blackout had lifted their self-imposed restrictions.

Persons: didn’t, Reddit, Steve Huffman, ” Huffman, Elon Musk, Huffman Organizations: CNN Locations: Reddit

☆ Reddit Communities Go Dark to Protest New App Policy
▼ + stars: | 2023-06-12 | by ( Michael Levenson | ) www.nytimes.com time to read: +1 min

The moderators of hundreds of Reddit forums, known as subreddits, closed off access to their groups on Monday to protest the company’s plan to charge for access to the data that outside developers need to run apps on the site. Many said the new pricing scheme could kill off some of the most popular third-party apps that many users rely on to browse and comment on the site. Others said the charges had sowed uncertainty about the tools that moderators use to manage discussions. An estimated 57 million people a day visit the platform. Reddit said it no longer wanted to give away such a valuable asset to companies like Google, OpenAI and Microsoft, which have been using Reddit’s data to develop artificial intelligence systems that many in Silicon Valley see as the next big thing.

Persons: Reddit Organizations: Google, Microsoft Locations: Silicon

☆ Thousands of Reddit communities go dark to protest company’s controversial new policy
▼ + stars: | 2023-06-12 | by ( Brian Fung | ) edition.cnn.com time to read: +6 min

CNN —Thousands of Reddit forums are going dark Monday in one of the largest user-driven protests ever to hit the social media platform. For years, Reddit users could browse posts, write comments and share pictures and video on Reddit from third-party apps. Some users have said they were not even aware it is possible to access Reddit from third-party apps. Twitter’s move prompted an outcry from third-party app makers, misinformation researchers and public service account-holders who said the move would harm transparency and accessibility. For Reddit and its future shareholders, the company’s value derives from the infrastructure the site provides for conversation.

Persons: Reddit, Christian Selig, Selig, Steve Huffman, ” Huffman, Elon Musk, Twitter’s, reddit, “ I’ve Organizations: CNN, Twitter Locations: Reddit

☆ Gamestop fires CEO as Q1 earnings released
▼ + stars: | 2023-06-07 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

CNN —GameStop fired its CEO, Matt Furlong, and elevated Ryan Cohen to executive chairman, the company announced on Wednesday. GameStop (GME) also reported a net loss of $50.5 million, compared to a net loss of $157.9 million in the first quarter of 2022. The loss comes just a few months after GameStop (GME) reported its first quarterly profit in two years. Shares of GameStop tumbled nearly 20% in after-hours trading on the news of the company’s financial results and C-suite shakeup. During this period, GameStop’s stock surged to an all-time intraday high of $483, before falling.

Persons: Matt Furlong, Ryan Cohen, Furlong, Dean Lewins, Chewy, ”, ’ Organizations: CNN, GameStop, Securities and Exchange Commission, GameStop’s, Bed, AMC Entertainment

☆ Reddit sparks outrage after a popular app developer said it wants him to pay $20 million a year for data access
▼ + stars: | 2023-06-01 | by ( Brian Fung | ) edition.cnn.com time to read: +4 min

Now, a similar revolt against Reddit may be gaining steam after a popular app developer said Wednesday the social media company wants to charge him $20 million a year to continue offering software that lets Reddit users view and interact with the platform. Reddit’s API is what allows Reddit content to be displayed to the Apollo app’s 900,000 daily active users. Reddit’s initial announcement had been light on pricing details, leaving many to speculate about the future of third-party access to Reddit. According to Selig’s post Wednesday, Reddit intends to charge $12,000 for every 50 million attempts to access the company’s data. Selig isn’t the only app developer crying foul.

Persons: ”, Christian Selig, Reddit, “, Tim Rathschmidt, Selig, Selig’s, Rebecca Wright, CNN “, ” Selig, Wednesdsay, Selig didn’t, Selig isn’t, Steve Huffman Organizations: Washington CNN, Twitter, CNN, New York Times

☆ Data-hungry AI models could help Reddit valuation
▼ + stars: | 2023-04-21 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +4 min

Reddit’s data, as it benefits AI models, may be just the catalyst that it needs. Reddit plans to introduce a new revenue stream to supplement what it already earns from advertising. While Alphabet, say, won’t want to sell data to Microsoft, Reddit is going to be willing to create a competitive market. And on that basis, it would need to get just 40 customers to nearly double the $350 million revenue it made in 2021. It would take some mind-bending when Reddit tries sell shares to public investors.

The tech company will begin its latest round of layoffs today, in its Facebook, WhatsApp, Instagram and Reality Labs units, according to Vox, with up to 4,000 positions possibly set to go. Disney will cut thousands of jobs next week, as part of the C.E.O. Commentators and investors said the moves were a long-awaited recognition that Goldman should focus on its strengths. The online chatboard company told The Times that it would start making others pay to use its application programming interface, the method that allows outside entities to download its vast offering of user discussions. projects by tech giants — which must be trained on huge amounts of data — as a reason for the move.

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