Reddit moves to become publicly traded company

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.