this post was submitted on 21 Feb 2024
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Technology
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Gross, no thanks. The whole point of the IPO is so Huffman and all the other schmucks there with piles of equity can finally get their big pay day. Fuck the lot of them.
Fully agreed, except that I would amend "get their big pay day" to "manage to unload their worthless-but-not-everyone-sees-it-yet equity before it tanks."
They'd planned to do that during or shortly after the IPO itself, but now that it's clear that whatever price they set for the IPO will merely form the high-water mark for the drubbing that follows, they need a new way to find some suckers. They will probably find a few. I think it's telling that they mentioned wallstreetbets as part of what justified this being a good idea in their minds.
I take some solace in the fact that they really mistimed the market for tech stocks. And it doesn't look like the interest rate money printer is cutting back on this year, so that should majorly kneecap them on this.