Reddit's engagement in selling user-generated data, including a $60 million real-time data deal with Google, has sparked controversy and attracted scrutiny from the US government's primary antitrust regulator with an FTC probe. Concerns are raised over whether such practices violate rules on unfair or deceptive trade practices. Amidst this backdrop, Reddit is preparing for its IPO, adjusting its expectations and facing challenges in a tepid market. The company's filings reveal adjustments to its strategy and financial targets, including the cancellation of CEO Steve Huffman's pay awards in December 2023 tied to a $25 billion valuation. These developments highlight the complex landscape of internet companies leveraging user data amidst growing regulatory and market pressures.