Moderating Reddit: the IPO, the Community, & a History of Bad Blood 03/22/24

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 22 March 2024

⏱️ 36 minutes

🔗️ Recording | iTunes | RSS

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Summary

Reddit, after 19 years, is a public company. After listing on the NYSE, shares of the social media platform popped, pushing the market cap to $9.5B. The company offered some of its users and moderators an opportunity to buy into the IPO, but CNBC.com reporter Jonathan Vanian explains that many chose not to do so. In a conversation exclusive to Squawk Pod, Vanian recounts the long, complicated road to a Reddit debut, and he looks ahead to the risks that remain in the tenuous dynamic between Reddit leadership and moderators with a history of revolt. One of those moderators, Courtnie Swearingen, co-led a Reddit moderator protest in 2015 and explains her hopes and concerns for Reddit’s future. CNBC’s Kate Rogers explains the productivity gap in this work-from-home era, and CNBC’s Steve Kovach explains the Department of Justice’s antitrust lawsuit against Apple. Plus, airline CEOs want a meeting with Boeing’s board–but not with its CEO. Kate Rogers - 16:41 Jonathan Vanian - 24:22 Courtnie Swearingen - 29:05 In this episode: Jonathan Vanian, @JonathanVanian Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Cameron Costa, @CameronCostaNY

Transcript

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0:00.0	This is Squack-Pod from C and B. I'm producer Cameron Costa and on today's episode
0:10.4	Reditors hit Wall Street. The 19-year-old social media platform finally makes its public
0:16.5	market's debut. We hear from one of the moderators who helped build Reddit's user value, Courtney Swearngen.
0:25.6	I have had this relationship with Reddit for so long that I can't really trust them.
0:30.7	Plus a conversation you will only hear on this podcast with the CNBC reporter Jonathan Vanion.
0:38.4	Moderators are a unique bunch on Reddit.
0:40.7	A lot have kind of issues with the management of Reddit over the years.
0:46.0	And Washington trying to take a bite out of Apple.
0:50.0	I'm in the Apple ecosystem. I don't want to leave. I don't feel like they're bullying me.
0:55.0	A landmark antitrust case kicks off.
0:58.0	C. N. C. C. C. C. C. C. C. C. C. C. C. C. C. C. C. C. A. A. A. A. A. A. A. A. A. A. A. A. A. A. A. A. A. A. A. A. A. A. A. A. A. A. A. it's all centered around the iPhone which the DOJ alleges gives Apple monopoly power.
1:05.8	Plus reporter Kate Rogers on the productivity gap when working from home.
1:11.7	We've gone to this place and it's so hard to pull back from that, especially for kids who
1:15.8	started their careers with some type of flexibility.
1:19.0	And the Boeing Board meeting with airline companies, but without the CEO.
1:24.1	Is that like an intervention?
1:25.5	I think it's like a skip level meeting.
1:28.2	It's Friday, March 22nd,
1:30.3	and Squawk Pod begins right now.
1:36.0	Good morning everybody and welcome to Squawk Box right here on C.
1:40.0	We are live from the NASDAQ market site in Times Square.
1:43.2	I'm Becky Quick along with Joe Kernan.
	...

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