Reddit is inviting some users to participate in its IPO this week, but moderators told CNBC that they're not taking the company up on its offer.

I got the email. No way in hell I’m throwing my money into that hole. I left with the API changes and haven’t looked back. Part of what made Reddit successful is it was user-centered. Chasing profit has only made Reddit worse. Going public will accelerate that exponentially. I give it 6 months tops before they start deleting subs, particularly porn ones, because advertisers complain.

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