Reddit is now a public company

Nineteen years after its debut, it is now a publicly traded company. On Thursday, the company debuted on the New York Stock Exchange under the ticker RDDT, and mascot Snoo rang the opening bell.

The company plans to sell 15.3 million shares at $34 per share, raising approximately $519.4 million. Shareholders collectively plan to sell 6.7 million shares in the IPO for a total price of $228.6 million (although Reddit itself does not receive the money). Reddit’s IPO valuation is close to $6.5 billion.

Underwriters of the offering also have the option to purchase 3.3 million shares at the IPO price within the next 30 days. So if the stock surges in the coming weeks, underwriters can buy shares relatively cheaply. If all of them are sold, Reddit will earn another $112.2 million or so. Another interesting aspect of Reddit’s listing is that it has invited long-time users in good standing over the past few weeks to have the opportunity to participate.

Reddit’s road to IPO has been long, and it came much later than many of its peers (the last major social media IPO was Pinterest in 2019). Conde Nast acquired Reddit in 2006, a little more than a year after the platform launched, and spun it off into an independent subsidiary in 2011. Reddit first launched in 2021.

The company encountered many disputes that needed to be resolved during its operations. Last year, users objected to the company’s decision to start charging for API access, which was effectively tied to the platform. Make it private and/or stop the user from posting for a period of time. In fact, Reddit noted the importance of users in , saying that if “engagement declines, our business, operating results, financial condition and prospects will be harmed.”

Recently, Reddit said it would train its artificial intelligence model on user-generated content within a year. Reddit later said the FTC was.

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from Tech Empire Solutions https://techempiresolutions.blogspot.com/2024/03/reddit-is-now-public-company.html
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