Reddit Offers Karma-Based IPO Share Access to Select Users Ahead of NYSE Listing
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Reddit is allowing select users to buy shares in its upcoming IPO through a "direct share program" based on users' karma scores or moderator status.
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Users can pre-register between March 1-5 to buy IPO shares if not invited; a waitlist will open if capacity fills.
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Eligible Reddit users must have accounts created before Jan 1, 2024 and not be current/former employees.
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This is the first major social media IPO in years; Reddit filed to be listed on the NYSE under the ticker "RDDT."
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Though unusual, it fits Reddit's community of active retail investors empowered by the 2021 GameStop frenzy.