Reddit's Wall Street debut pushed the value of the company close to $US9 billion seconds after it began trading on the New York Stock Exchange.The IPO will test the quirky company's ability to overcome a nearly 20-year history coloured by uninterrupted losses, management turmoil and user backlashes.
The IPO will test the quirky company's ability to overcome a nearly 20-year history coloured by uninterrupted losses, management turmoil and user backlashes to build a sustainable business. Per the usual IPO custom, the remaining shares are expected to be bought primarily by mutual funds and other institutional investors betting Reddit is ready for prime time in finance.
Reddit also experienced tumultuous bouts of instability in leadership that may scare off prospective investors. "We lived these challenges publicly and have the scars, learnings, and policy updates to prove it," Mr Huffman then wrote. "Our history influences our future. There will undoubtedly be more challenges to come.