Whoever invested the $1.25B has the say now. Hence this drama.

But do these people realize what is actually happening?

And to think it all started because of API pricing increase...

Manager of an investment fund is told to invest in social media, so they do so. Put a bit of money into each one.

Market's aren't rational.

Has the WSJ reported on it yet?

Maybe they just want to burn it to the ground.

They are probably realizing that it's not the cash cow they wanted.

Ars Technica still puts this blurb at the end of their Reddit-related articles:

> "Advance Publications, which owns Ars Technica parent Condé Nast, is the largest shareholder in Reddit."

https://arstechnica.com/gadgets/2023/06/the-reddit-protests-...

(That article is a day old now, and I still don't think it includes everything that's happened late this week.)

Largest, but not controlling. They have one Board member. The others are J.D. Power (David Habiger), Joy (Porter Gale) and Y Combinator (Mike Seibel), among others. They can't "step in and stop the madness."

$300 million of that was raised against a $3 billion valuation, and another $700 million against a $10 billion valuation. All in all fairly little dilution for Conde Nast / Advance Publications.