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[Victoria Watcher]

Reddit, birthplace of the meme stock, is going public. Here's what to expect

 

Company aiming for $6.4 billion US valuation when it launches its IPO this month

 

https://www.cbc.ca/n...ainer-1.7140286

[Victoria Watcher]

Reddit became a publicly traded company on Thursday, making it the first major U.S. tech firm — let alone social media platform — to do so in years.

 

The initial public offering (IPO) on the New York Stock Exchange gives the public an opportunity to invest in the company's stock for the first time, under the ticker RDDT.

Investors valued the popular discussion forum site at nearly $9 billion US when trading opened, well above the company's target valuation of $6.4 billion.

 

While Reddit priced its shares at $34 US each, they were trading for $50.44 apiece at the closing bell — a solid start to a hotly anticipated IPO.

 

Until its IPO, Reddit was primarily owned by a handful of executives, including CEO Steve Huffman and COO Jennifer Wong; several companies, such as the media firm Advance Publications; and other individual investors, like OpenAI CEO Sam Altman, who served on the company's board for a time and held a considerable stake of its shares.

 

The platform, which launched in 2005 as part of the first wave of social media, has since become one of the world's most visited websites — beating even Amazon.com's daily traffic.

 

 

https://www.cbc.ca/n...ainer-1.7140286

 

 

Edited by Victoria Watcher, 22 March 2024 - 12:46 AM.