IPOs are built around speculative value. The markets are watching what happens in real time to what happens to a cornerstone social media platform with an out-of-touch CEO (Twitter), and watching the valuations lose 47% of their value, whos users when given the slightest opportunity fled en masse to a competitor (Threads)

Then they look over at Reddit and see Huffman PRAISING Musk, and watching users form a populist revolt and open hostility towards the CEO. It looks a little bit familiar

We’re talking about traffic variations on like, maybe a percentage point. Fucking big whoop. If you’re an investor, that extra percent is peanuts. It is nothing. The nagging feeling that you’re going to end up in a twitter-esque bag holding scenario?? THAT is something.