Today’s the day you can finally own stock in Reddit, the only social media platform where you can both stage a Wall Street coup and join a community for people who love stapling bread to trees.

The 19-year-old company, listed on the New York Stock Exchange as RDDT as of today, is selling 22 million shares priced at $34 each, valuing Reddit at $6.4 billion.

But that’s pretty much the only conventional thing about this IPO, which is being bet against by some of the very people who make the site what it is, prompting Reddit to warn of potential volatility.

Here’s what’s going on:

• In a nod to the platform’s reliance on user-generated content, Reddit set aside 1.76 million shares for certain US-based highly active users and volunteer community moderators.
• Many Redditors have not only passed on the IPO—they’re getting ready to dance on its grave. The 15-million-member r/wallstreetbets subreddit, which briefly turned GameStop to gold in 2021, is filled with talk of shorting RDDT and watching it “absolutely plummet.”
• Any Redditors who did buy before the bell won’t have to wait the typically mandatory six months before selling, so they could cash in on initial surges.

Growing pains

Last year Reddit CEO Steve Huffman said it was time to “behave like an adult company.” But the untameable beast that is the Reddit community hasn’t always been on board with Huffman’s efforts to make the site profitable…like when thousands of moderators protest-shuttered their communities after Huffman announced that third-party developers would have to pay for site access.

Now that it has a fiduciary duty to make its shareholders richer…Reddit has to figure out how to turn a profit without enraging users. But in a move that will probably anger many of them anyway, Reddit is looking to diversify its main revenue stream (ads) by letting companies train their AI models on user-generated content. It just signed a $60 million/year data licensing contract with Google, but the FTC is probing the deal.—ML

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The Fed is sticking to the plan. Investors were worried about what Jerome Powell might bring them yesterday, after several indicators that inflation isn’t quite as licked as the Fed hoped it was when it last made projections about rates. But they needn’t have been, because JPow and Co. stuck to the forecasts they laid out in December, predicting three rate cuts before the year is out. Powell shrugged off the recent data on sticky high prices, saying, “I think they haven’t really changed the overall story, which is that of inflation moving down gradually on a sometimes bumpy road toward 2%.”

Intel got an $8.5b government grant to build chip factories. It’s the largest grant awarded so far under the CHIPS Act to spur US semiconductor production, and Intel plans to use it to build and expand facilities in Arizona, Ohio, New Mexico, and Oregon. Intel could also be eligible for another $11 billion in loans under the same legislation, a signature piece of the president’s economic agenda that Congress passed in 2022. The push comes amid growing concern about sourcing chips from Asia, but it’ll be a long time before construction is completed on the projects being funded.

Things are not all gucci at Gucci. Kering, the French luxury brand that owns Gucci, said it expects the brand’s sales to fall 20% in the first quarter compared to last year because its products aren’t moving as well as anticipated in Asia. Though a slowdown in spending in China—where Gucci does ~30% of its sales—has impacted many luxury brands, they’re not all suffering as much as Gucci (and Kering, whose other brands include Yves Saint Laurent, Balenciaga, and Bottega Veneta). Rivals for the high-end space LVMH and Hermès have both fared better.

You have approximately three years left to roast your friend who drives a Prius.

The Biden administration rolled out new rules yesterday that aim to put more butts in electric car seats, marking one of the federal government’s strongest moves toward tackling climate change since the introduction of Smokey Bear.

It is not a ban on gas-powered cars. The Environmental Protection Agency’s regulations, which go into effect starting in 2027, increasingly limit pollution permitted from tailpipes, which in turn will push automakers toward making more models that comply with those limits—aka EVs and hybrids.

The policy tightens emissions limits more slowly than the EPA’s original proposal last year, signaling a concession by the Biden admin to automakers and autoworkers. But it’s still expected to have serious impacts:

• Analysts predict the regulations will lead to more EV models at lower prices.
• The EPA boasts that the new policy will generate $37 billion in improved public health and prevent seven billion tons of CO2 emissions.

Potential roadblocks lay ahead…the policy will likely be met with legal challenges from fossil fuel lobbyists that could end up before the Supreme Court, whose 6–3 conservative majority has previously voted to limit the EPA’s power.—CC

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It’s official: The safest place to gripe about your job is a padlocked diary actively sinking to the bottom of the ocean. Users of Glassdoor, the site that touted anonymous employee reviews of companies, are reporting that their names and job titles are being added to their accounts without their consent.

You can still post anonymously and hide your private info, but last July the site officially integrated with the networking app Fishbowl, which requires users to verify their identity with their full name, title, and the company they work for. Previously, you only had to have an email attached to the account. Now, anyone who tries to log back in has to update that info before they can access the site, and people are freaking out about it on social media.

What does this mean for Glassdoor’s whole “thing”? Since it’s the only place on the internet where you can anonymously clown on your CEO’s management style, users are concerned that even if they chose to keep their personal information private, it could now be more easily subpoenaed or leaked...

...which employers have tried in the past: Glassdoor said it has successfully objected to and resisted 100+ subpoenas for users’ identities.—MM

Stat: Disneyland may still be the happiest place on Earth, but the rest of the US is falling behind in the happiness department—especially for people under 30. In this year’s list of the world’s happiest countries, the US dropped to No. 23 from No. 15 last year, marking the first time it hasn’t cracked the top 20 since the ranking began in 2012. Much of the dip stems from young Americans feeling worse about their lives, according to Gallup, which compiles the list. So, if you’re looking for a happy place to hunker down, Finland maintained its status as No. 1.

Quote: “In case there ever is a real alien invasion, I think I should probably save myself for that crisis.”

Netflix’s 3 Body Problem, a show debuting on the streamer today, has a lot going for it, including the story from a bestselling Chinese sci-fi novel and the team that ruined brought you Game of Thrones. But one thing it doesn’t have: a cameo from former President Barack Obama. Though Obama is a fan of the source material, he turned down a part in the show. But according to executive producer David Benioff, he couched the rejection in a funny note that suggested he needed to stay fresh in the event that extraterrestrial visitors arrive for real.

Read: Amazon says its plastic packaging can be recycled. An investigation finds it usually isn’t. (Grist)