Steve Huffman Explains Why His Platform Has Started Restricting Content Access For Some, Including Microsoft: 'We Want To Know Where Reddit Data Is Going And What It's Being Used For'
Portfolio Pulse from Ananya Gairola
Reddit Inc. (NYSE:RDDT) CEO Steve Huffman announced restrictions on content access, targeting companies like Microsoft (NASDAQ:MSFT) for scraping data without agreements. This policy shift aims to enhance data transparency and user privacy. Despite a strong Q2 earnings report, Reddit's stock fell 4.31% and continued to decline in after-hours trading.
August 07, 2024 | 2:56 am
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NEGATIVE IMPACT
Microsoft Corporation (NASDAQ:MSFT) has been targeted by Reddit for scraping data without agreements. This move by Reddit to restrict content access could impact Microsoft's data sourcing for services like Bing.
Reddit's restriction on content access could hinder Microsoft's ability to source data for its services, potentially affecting its operations and data-driven services like Bing.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 70
NEGATIVE IMPACT
Reddit Inc. (NYSE:RDDT) has restricted content access to enhance data transparency and user privacy, targeting companies like Microsoft for scraping data without agreements. Despite a strong Q2 earnings report, Reddit's stock fell 4.31% and continued to decline in after-hours trading.
The restriction on content access, despite being a move towards data transparency and user privacy, has caused concern among investors, leading to a decline in Reddit's stock price. The strong Q2 earnings report was overshadowed by the policy shift.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100