Basically, Reddit users over a certain threshhold of karma (from posts/comments) were allowed to purchase up to a certain amount of the IPO stock, just like the big businesses were able to (though with a smaller limit). It's actually not a terrible idea (since Reddit's value was built on the users), but also helped create extra artificial demand.

StillStackinAfterAllTheseYears

Thanks for explaining. What was this “chance to get in on the IPO” about?

oliverweiss

charts

How Reddit’s IPO Compares Historically

I still use Reddit for some stuff (pick any tv show or weird niche interest or piece of technology you might want support on, or even bigger things like pro wrestling that don't currently have a place in SN, for example), but it's gone way downhill as a service. They offered most users (myself included) the chance to get in on the IPO, and I suppose I could (and maybe should) have done that and flipped the stock, but I didn't want to be a part of the hype cycle.

I'm pretty sure the price will settle down heavily.