Reddit moves to become publicly traded company

Reddit CEO Steve Huffman has been planning the IPO for some time.

ADVERTISEMENT
Image
Jarryd Jaeger Vancouver, BC
ADVERTISEMENT

On Thursday, Reddit announced that it had taken a crucial step in its journey to becoming a publicly traded company.

The social media platform successfully filed its S-1 form with the Securities and Exchange Commission, which is required to begin the initial public offering process.

In a post on its blog, the self-described "community of communities" explained that it "intends to list its Class A common stock on the New York Stock Exchange under the ticker symbol "RDDT."

"The number of shares to be offered and the price range for the proposed offering have not yet been determined," it added.

According to the Wall Street Journal, sources familiar with the matter said that the company plans on reserving a certain amount of shares for who it describes as 75,000 of its most prominent Redditors.

In its filing, the New York Post reports, Reddit revealed that it had recorded a net loss of $90.8 million in the 2023 calendar year despite seeing revenue grow from $666.7 million in 2022 to $804 million.

The company was valued at $10 billion in 2021 when it first secretly filed for an IPO, an effort it eventually decided to postpone due to the economic conditions at the time. It is not clear what it seeks to achieve when shares start to go on sale.

Reddit has reportedly made moves in recent weeks to increase its value. Sources said, for example, that it had reached a deal with Google's parent company, Alphabet, to give the tech giant access to its content to train artificial intelligence models.

The deal is projected to be worth $60 million per year.

ADVERTISEMENT
ADVERTISEMENT
Sign in to comment

Comments

Powered by StructureCMS™ Comments

Join and support independent free thinkers!

We’re independent and can’t be cancelled. The establishment media is increasingly dedicated to divisive cancel culture, corporate wokeism, and political correctness, all while covering up corruption from the corridors of power. The need for fact-based journalism and thoughtful analysis has never been greater. When you support The Post Millennial, you support freedom of the press at a time when it's under direct attack. Join the ranks of independent, free thinkers by supporting us today for as little as $1.

Support The Post Millennial

Remind me next month

To find out what personal data we collect and how we use it, please visit our Privacy Policy

ADVERTISEMENT
ADVERTISEMENT
By signing up you agree to our Terms of Use and Privacy Policy
ADVERTISEMENT
© 2024 The Post Millennial, Privacy Policy | Do Not Sell My Personal Information