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...Reddit declined to comment, citing the quiet period before an IPO. Huffman, known on Reddit by his username “spez”, co-founded the company in 2005 with Alexis Ohanian....
...Reddit and the NYSE declined to comment. If Reddit prices as planned, the listing will give it a significantly smaller value than the $10bn it reached in its last private valuation in 2021....
...retail investors were undeterred: “FEAR NOT #phunarmy this is the insiders and institutions trying wash out us retail investors hold strong and I’m adding on these dips,” said one poster in the stock’s Reddit...
...To get a sense of Reddit’s potential, I looked at the revenue of other social media companies, starting when each of them was roughly the size Reddit is now....
...Reddit and the limits of equity analysis Here is a not especially useful comparison: That’s Reddit in the past two years, compared with Facebook when it was roughly the same size in revenue terms....
...This week, Reddit sold $748mn worth of shares priced at the top of its suggested range, and its stock soared on the New York Stock Exchange as trading opened....
...Alongside advertising, Reddit also has its eye on ecommerce and data licensing....
...They had to be in “good standing” too — ie be popular contributors to Reddit’s online communities. Reddit is not the first company to offer this sort of deal....
...Reddit has never had a profitable year. And yet its IPO this week saw its shares skyrocket on the first day of trading....
...Reddit has listed with unequal voting rights under a dual-class share structure....
...The Reddit IPO is just such a moment. Reddit has long been a bustling platform for online discourse....
...Steve Huffman, Reddit’s chief executive, told CNBC before the company’s debut that “the best investors of Reddit are people who use Reddit”....
...When Reddit lists on the New York Stock Exchange next week, the social media platform is expected to carry a valuation of up to $6.4bn — well down on the $10bn it was worth in 2021....
...Reddit warned in its prospectus that trading in its shares could be particularly volatile. Reddit was founded in 2005 and acquired by Condé Nast a year later....
...One big winner was the Newhouse family, who through Advance Magazine Publishers Inc own Condé Nast, which bought Reddit in 2006 for $10mn before spinning it out in 2011....
...Some of the proceeds of the IPO will go directly to Reddit through the sale of new shares....
...NYSE and Reddit declined to comment....
...In Reddit’s r/stocks forum, the social media network’s own users take a dim view of the company’s upcoming initial public offering. “RIP Reddit, it all goes downhill from here”, is the general view....
...“Our users have a deep sense of ownership over the communities they create on Reddit. This sense of ownership often extends to all of Reddit.”...
...Last month, NWBO and its Reddit fans were rebuffed by a Manhattan court, which granted Citadel et al’s motion to dismiss the case. But there was a sting in the tail....
...It has also become a prominent topic on the WallStreetBets Reddit forum, where day traders share stock tips. Additional reporting by Joe Miller in New York...
...Even so, the $10bn valuation Reddit achieved in a 2021 funding round now looks overly optimistic. That’s not because Reddit is locked in a fight with users but because valuations across tech are down....
...This gives third-party apps access to Reddit data. The change is described as a way to charge companies that use Reddit data to train artificial intelligence services....
...Reddit also suffered an outage on Monday, related to the changes....
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