Any pointers on how to report them?
As requested, I’m posting the full text of the email into this post body. I hope it’s screen reader friendly:
u/USERNAME,
tl;dr – you’re invited to a special program that lets redditors purchase stock at the same price as institutional investors when we IPO. Details about eligibility and next steps follow. This (long, dense) email has all the info we can provide due to legal restrictions.
As you may have heard, Reddit has taken steps toward becoming a publicly traded company with the initial public filing of our registration statement with the U.S. Securities and Exchange Commission on February 22, 2024. Yes, it’s happening.
And because you have helped make Reddit what it is today, you now have the opportunity to become Reddit owners at the same price as institutional investors.
We’re offering a Directed Share Program (“DSP”) that invites eligible users and moderators who have contributed to Reddit to participate in our initial public offering (“IPO”). (Including you!) Program Requirements While being selected to pre-register is the first step, there are certain legal and regulatory requirements to participate in the DSP that are outside of Reddit’s control. Bear with us here…
To be eligible for the DSP, you must: • Be a current U.S. resident; o You will be asked to provide the DSP Administrator a valid social security or permanent resident number, along with other personal information. Reddit will not have access to this data. o Please note that U.S. residents using a VPN may face application limitations if the VPN locates them in certain non-U.S. jurisdictions. • Be at least 18 years old; • Provide your full legal name and an email address; • Not be a current or former Reddit employee (FTE). When the DSP launches (a few weeks after pre-registration ends), individuals who have been confirmed for the program will be contacted by our external DSP Administrator. You will then be asked to provide additional information securely to the DSP Administrator to confirm your eligibility. How to pre-register The number of people who can participate in the DSP is limited; we will offer this opportunity to as many redditors as we are able to accommodate. If capacity is reached before the deadline, you will be added to the waitlist. Based on demand, we may also limit the number of shares available.
If you are interested in being part of Reddit’s DSP, please go to https://reddit.com/dsp on desktop to complete the pre-registration form. If you are one of the confirmed participants, we will follow up with an email with more details in the coming weeks. You can also refer to the Frequently Asked Questions for more information. Due to regulatory restrictions (yeah… we know…) we are not able to respond to further inquiries or questions.
Pre-registering does not guarantee that you will be invited or able to participate in the DSP; it also does not obligate you to purchase shares.
As with any investment opportunity, you should make an individual decision based on your own personal circumstances and risk tolerance. Therefore, we urge you to review the preliminary prospectus, when available, before deciding whether to invest in Reddit.
The deadline for pre-registering for the DSP is March 5, 2024. If capacity is reached before the deadline, you will be added to the waitlist. What happens next? While there won’t be a confirmation email immediately after you pre-register, everyone who pre-registers will receive an email in the coming weeks from “[email protected]”, telling them whether they can proceed with the next steps for the DSP.
This is an automated message (beep, boop, beep) and does not receive replies. Please refer to the FAQ for more information. Per our lawyercats, we are not able to respond to further inquiries or questions. Prospectus and Important Disclosures The offering will be made only by means of a prospectus. When available, a copy of the preliminary prospectus related to the offering may be obtained from: Morgan Stanley & Co. LLC, Prospectus Department, 180 Varick Street, New York, New York 10014, or email: [email protected]; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316, or email: [email protected]; J.P. Morgan Securities LLC, Attention:c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: 1-866-803-9204, or email: [email protected]; and BofA Securities, Inc., NC1-022-02-25, 201 North Tryon Street, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department, telephone: 1-800-294-1322, or email: [email protected].
A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This notification shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
No offer to buy the securities can be accepted and no part of the purchase price can be received until the registration statement has become effective, and any such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any time prior to the notice of its acceptance given after the effective date. An indication of interest in response to this notification will involve no obligation or commitment of any kind.
You are receiving this email because a Reddit account, USERNAME, is registered to this email address. 548 Market St., #16093, San Francisco, CA 94104–5401
Reddit: “what are you fuckin’ gonna do about it,…?”
Give 'em that sweet 4% global revenue fine after their IPO goes through would be a blast.
Do it before so the price tanks
Didn’t they make a loss?
So 4% of negative global revenue is… a profit?
That mean they get paid?
Revenue is all the money they have earned, not the money that they can necessarily use or “withdrawal” and run away with. If you spend 1 million and earn 0,5 million you still have a revenue of 0,5 million (and a loss of 0,5 million)
So yes they can still get fined (obviously) but it’s extremely unlikely that they will be fined the maximum amount possible. Especially for something small like this. As far as I know the DPAs has never fined anywhere close to 4% of global annual revenue. They are probably saving the higher fines for really serious violations.
It probably gets way more complicated with tax and all that, but I ain’t no accountant so I dunno.
Edit: The highest fine ever (since May 2023) is for Meta at 1,3 Billion USD and that’s roughly 1 % of their global annual revenue (116,6 Billion USD) for 2022. That’s half of the maximum fine for a normal violation and one-quarter the maximum fine for a serious violation.
Yupes, not just Revenue but actually Global Revenue.
It’s not exactly hard for a large transnational company to create accounting losses or even move revenue around to appear in some other country (usually using elements of intellectual property, such as costs for licensing Trademarks or Copyrighted material, which is why large Tech companies love it), but ultimatelly, money coming in anywhere in the World is money coming in anywhere in the World, and you can’t really avoid declaring it short of outright accounting fraud (something which can result in prison time for the people involved and it’s pretty impossible to hide unless they’re cash or crypto payments).
As Revenue is pretty straightforwardly “money in” (no taxes, no depreciation, no expenses - such as paying “trademark licensing costs” to a daughter company in a tax haven, which is a way of moving profits around - considered) it’s pretty hard to manipulate and Globally means you can’t avoid it being counted by trickeries such as having a daughter company in a different country be the one that receives payments.
usually “revenue” means “income, before expenses” so if wouldn’t matter if they made a profit (revenue higher than expenses) or a loss (revenue less than expenses)