What the Tech? What Is Reddit?
At 9 a.m. Tuesday morning, Dallas Mavericks’ owner and business shark Mark Cuban answered questions on Reddit. Thousands of members of the sub reddit r/wallstreetbets asked their questions about GameStop, AMC and Nokia stocks as well as questions about the Securities and Exchange Commission and the stock trading app Robinhood.
Within minutes, the price of a single share of GameStop stock jumped from just over $70 to over $100.
Such is the power of the social media network Reddit.
The site and its users who were instrumental in shaking up Wall Street over the last 10 days is growing faster than social sites Twitter and Facebook. Reddit claimed (paywall link) to the Wall Street Journal last fall that it the site had hit 52 million daily users and continues to grow.
Most people though don’t know much about Reddit.
Here are a few things you should know about Reddit when deciding if it’s something you should be using:
● Reddit is called the “front page of the internet”.
● Launched in 2005
● Users are mostly anonymous, choosing usernames rather than real names and
● Opening the app or website you’ll be greeted with the most popular posts of the day
● Swiping one way or the other you’ll find “news” and “all” which contains posts of
communities you follow
● Communities are called sub-reddits and are preceded by “r/”
● There are communities for practically any interest in the world
● Popular are r/WalllStreetBets, r/peopleofwalmart, r/gaming, r/videos, r/memes,
r/adviceanimals, r/winstupid prizes (videos of people doing stupid things) and
● Foul language is frequently used by Reddit members
● Communities are moderated by other users that will remove posts and members for
● Members are awarded coins and gifts for especially great posts
● Posts can be upvoted for more visibility or downvoted by other users
● Active Redditors are generally very smart with a very good sense of humor
● Redditors are also very frank while sharing their thoughts
● Reddit has an age requirement of 13
● Which is practically impossible to enforce
Reddit is not Twitter and definitely not Facebook. For many people, that’s exactly what they’re looking for.