Reddit Announces Plans To Go Public On NYSE As "RDDT"

Reddit has disclosed its intention to go public on the New York Stock Exchange (NYSE) under the symbol "RDDT," according to a report by Agence France-Presse (AFP).

Founded in 2005, Reddit has evolved into a platform hosting over 100,000 online communities covering a wide range of topics. I Image: Reddit

The announcement was made to US stock regulators, although specific details regarding the number of shares, pricing, and timing of the initial public offering (IPO) were not provided.

This move marks Reddit's debut in the stock market and is significant as it represents the first IPO of an online social network since Pinterest went public in 2019. Founded in 2005, Reddit has evolved into a platform hosting over 100,000 online communities covering a wide range of topics.

In December, the platform recorded an average of 76 million daily visitors, highlighting its substantial user base and engagement.

Steve Huffman, the co-founder and chief executive of Reddit, emphasized the platform's role as a vibrant community hub where individuals from anywhere can connect with like-minded people and explore diverse topics.

Reddit's structure, with its various "subreddits," facilitates discussions on specific interests, with some communities boasting millions of members.

Despite its popularity and user engagement, Reddit reported a net loss of $90.8 million in 2023, despite generating revenue of $804 million.

However, this financial performance represented an improvement from the previous year when the platform incurred a loss of $158.5 million while earning revenue of $666 million. These figures underscore Reddit's ongoing efforts to navigate the financial landscape and potentially capitalize on its vast user base through the IPO.

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