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The Brian Lehrer Show

The Truth Social and Reddit IPOs

The Brian Lehrer Show

WNYC

News, News Commentary, New, Wnyc, Radio, Daily News, Bryan, Public, Politics, York, Lerer, Arts, Media, Nyc, Npr

4.61.5K Ratings

🗓️ 4 April 2024

⏱️ 39 minutes

🧾️ Download transcript

Summary

Felix Salmon, chief financial correspondent for Axios, host of the Slate Money Podcast and author of The Phoenix Economy: Work, Life, and Money in the New Not Normal (‎Harper Business, 2023), talks about both Reddit and Truth Social going public and what that means for their investors and users.

Transcript

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0:00.0

It's the Brian Lara show Show on WNYC.

0:13.0

Good morning everyone.

0:14.5

We'll begin today with the intersection of two stories.

0:18.8

Two stories from the stock market from the last few days

0:21.9

that have not just economic but political and

0:24.6

cultural implications.

0:26.2

They are both about social media sites going public that is being publicly traded as

0:32.1

stock offerings now.

0:33.8

As some of you already know, users of Reddit

0:37.0

and Truth Social, Donald Trump's social media company,

0:40.3

can now go beyond posting on their favorite internet communities and own a bit of the pie.

0:46.0

Now in going public, Reddit is seeking to grow its pool of cash,

0:51.0

thus allowing the company to expand by acquiring other businesses is what

0:55.7

we've read, providing new services and opening a new revenue stream that would sell user data

1:02.1

to artificial intelligence companies for training purposes.

1:06.5

Controversial enough in its own right.

1:09.0

But in this endeavor, Reddit has also ruffled the feathers of its own moderators.

1:13.7

Who are the moderators?

1:14.8

They are a vast team of volunteers credited for transforming the site

1:19.8

into a gem of authenticity.

1:22.3

You might say Reddit has taken on a lot of what Twitter used to be

1:26.4

before a certain Tesla owner turned it into an economic and cultural dumpster fire. The fear is that Stock Traded Reddit might lose some of what makes

...

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