Reddit co-founder refuses to invest in Facebook, cites CISPA

Reddit co-founder refuses to invest in Facebook, cites CISPA

Summary: Reddit co-founder Alexis Ohanian has declared he will not be buying Facebook stock since the social networking giant supports the Cyber Intelligence Sharing and Protection Act (CISPA).


Over the weekend we heard how Berkshire Hathaway CEO Warren Buffett won't be buying Facebook shares as part of the company's initial public offering (IPO). Now we're hearing how Reddit co-founder Alexis Ohanian won't be buying Facebook stock either, but for a different reason. Ohanian has a problem with the fact that Facebook supports the Cyber Intelligence Sharing and Protection Act (CISPA).

The CNN interview is embedded above. Here's the transcription:

I'm not planning on it, but I'm doing so for subtletly diffferent reasons. I understand Warren stil does not use a computer to start his day. I certainly do, I can't live without it. I understand the business value to what Facebook is doing. We've never seen a company like this before, ever. It knows things about our private lives that no one else does. And one of the big issues that a lot of us in the tech community have with Facebook of late has been their support of bills like CISPA that make it really easy for a business like Facebook to hand over very private data about us without any due process. So that's why I'm gonne be holding off.

Last month, many pointed out Facebook is supporting CISPA, despite opposing Stop Online Piracy Act (SOPA) and PROTECT IP Act (PIPA). I asked Facebook for a statement but was declined and was instead pointed to the company's letter of support in regards to the bill. Facebook then followed up and declared it "has no intention" to abuse the bill.

CISPA passed the House late last month. The bill is now awaiting deliberations in the Senate.

Facebook debuted its IPO roadshow today, and the latest rumor says Facebook will go public next week on Friday. Shares are expected to be priced on May 17, with trading beginning on May 18.

See also:

Topic: Social Enterprise

Emil Protalinski

About Emil Protalinski

Emil is a freelance journalist writing for CNET and ZDNet. Over the years,
he has covered the tech industry for multiple publications, including Ars
Technica, Neowin, and TechSpot.

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  • And we care because

    • ...we have some shred of self-respect remaining

      and some vague recollection of the ideals of liberty. And we remember that government and corporate power, unchecked, inevitably lead to intolerably tyranny.

      "CISPA is threatening the rights of people in America, and effectively rights everywhere, because what happens in America tends to affect people all over the world. Even though the SOPA and PIPA acts were stopped by huge public outcry, it???s staggering how quickly the US government has come back with a new, different, threat to the rights of its citizens."
      Sir Tim Berners-Lee, inventor of the World Wide Web.
      • CISPA - Just ANother PIece of the Police State Takeover

        CISPA is just piece no 256A in the plan to take over the country and enact a police state. Every time an egregious piece of legislation like SOPA or PIPA has been defeated a new bill was quietly and quickly introduced in hopes that the public would not see the switch. These crooks will NOT stop until they have gotten something passed and that???s because they are owned by and therefore work for the corporate giants who are the major contributors to their campaigns.

        The time for pretending like nothing is wrong is over!

        The NDAA ??? Allows the military to come and snatch US citizens in the middle of the night to secure and undisclosed locations for an indefinite period of time and without due process. That sounds like Nazi era Germany.

        National Emergency Centers Act (HR645) ??? This bill directs the secretary of Homeland Security to establish FEMA camps on military instillations. An incredibly disturbing piece of legislation especially in light of the fact that it has been leaked that the US Army has a manual (called FM 3-39.40 Internment And Resettlement Operations) that includes plans for ???political activists??? to be pacified by PSYOP officers into appreciating US policies while detained in camps within the United States. Because some will say its conspiracy theory, you should do a Google search on the manual title yourself and read the thing which is available online at .

        Just think that only 10 years ago anyone who claimed that we would have non-law enforcement officers groping us at airports and setting up check points on the highways or that the president would sign a bill legalizing the assassination of legal US residents or the authorization of the military to indefinitely detain US citizens on US soil without due process would most certainly have been called a conspiracy theorists and yet here we are. Just imagine what so called ???conspiracy theorys??? of today will be a reality tomorrow if we don???t act now?
  • It's CARY.

    If someone will be a suspected (by whatever their terminology), everyone else linked is also suspected, (even someone we barely know).
  • Well what do you know.

    Smart and principled. Hmmm. Ohanian someone to watch and listen to eh? Warren Buffet don't like it either. I know this young man has integrity and vision. Social movement is now necessary I urge you to become involved as well dear reader.
  • So "the Land of the free" has now approved Stasi's wet dream.

    This does not look good at all.

    Does a majority of Congress really have so little understanding of history ?