Reddit, the San Francisco social media site that describes itself as"the front page of the internet," is debuting as a public stock on Thursday.Reddit stock is slated to start trading on the New York Stock Exchange Thursday after the IPO priced at $34 a share — at the top of its expected initial price range — as investors showed enthusiasm for a social media company that has ambitious expansion plans but has never been profitable.
The premiere of Reddit on the New York Stock Exchange brought a lucrative payday for Condé Nast, the owner of Reddit, which controls about a third of the company's shares. The publisher reaped about $1.4 billion in the debut, after paying just $10 million for Reddit in 2006. Over the years, its user base has grown, with now 76 million people visiting the site daily across more than 100,000 communities, according to
In 2021, Reddit became the center of a stock market firestorm when a subreddit known as WallStreetBets helped organize small investors to send the stock of videogame retailer GameStop soaring to extraordinary highs, shooting up more than 1700 percent, an event that prompted a Wall Street trading frenzy and put the spotlight on Reddit's role in so-called meme stocks.
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: FXStreetNews - 🏆 14. / 72 Read more »