We should create a DAO and buy Reddit once it IPOs

This idea is a modification of a r/WSB post I saw earlier today. We all know that crypto technology is the future and where better to display this technology than through Reddit. This is a rough idea ( kind of a joke but interesting to think about nonetheless) that I would love the community’s input on.

Reddit recently filed a confidential report with the SEC marking its first step toward an IPO. According to Forbes, Reddit’s most recent funding round yielded $700 Million, which puts the companies value at around $10 Billion. Most companies offer a limited number of shares at any given time. These shares are usually common stock which gives investors a right to vote and earn dividends (if dividends are offered). The right to vote is the important part. If an individual or group can buy a majority [ 50% plus 1] of a company’s voting stock, known as a controlling equity interest, then that individual or group has significant influence in the operating decisions of the company. However, a majority is not always required and significant influence can be achieved through owning a plurality of voting shares.

This is where a DAO comes in. I think we all remember the ConstitutionDAO that valiantly tried to buy one of the 13 copies of the U.S Constitution. In what was our crypto National Treasure moment, we were presented with a real-world example of the power of crypto technology. Thousands of individuals, “The People”, participated to fundraise money and buy a piece of history. A RedditDAO could attempt a similar feat, but instead of buying an artifact, we could buy a controlling share of Reddit. We could all have a voice on the board of a publically traded company. We would be able to influence strategic and operational changes that impact Reddit users (all of us). Instead of being at the whims of management, we could become a part of management.

I neither know the legal behind a DAO having a seat on the board of a publically traded company nor do I know the steps toward creating a DAO, but If someone with the know-how and resources does then this could be an interesting endeavor.

For those of you that didn’t labor through the paragraphs above here is the TLDR:

TLDR: We create a RedditDAO to buy a controlling or influencing share of Reddit once it IPOs. With this influence, we not only have a voice in the decisions of the company but protection from potentially harmful policies.