Much has been made of the big “pop” that IPO Reddit had on Thursday, as if that somehow heralded a new era if initial public offerings. Meh, I don’t think so. Reddit has done nothing but lose money since its creation, with cumulative losses approaching $800 million (but at least their CEO is nicely compensated, whose last annual salary was something like $120 million). Simply stated, it’s a garbage business, and some poor schlub is already down 20% from his purchase on Thursday.
