Reason for today’s plunge
As we all know, if an ant farts in the Serengeti, RDDT will go down.
Somehow, any news anywhere will be bearish for RDDT and the stock will sink at the open and continue sinking throughout the day.
I feel that today’s blood shedding was due to Google’s new search announcement yesterday.
The market, once again, is tethering Reddit solely to Google-related traffic, and it has fears that the zero-click world that Google is building will result in much less traffic to Reddit.
The market always likes to sell first and ask questions later.