Posted 2/22/2024, 10:45:15 PM
Reddit Files for IPO, First Major Social Media Company to Go Public Since 2019
- Reddit, the online message board site, files for an initial public offering to sell stock, the first major social media company IPO since 2019
- Founded in 2005, Reddit now has over 100,000 communities and 76 million daily active users
- Reddit plans to allow top users and moderators to buy shares in the IPO, determined by users' "karma" scores
- Reddit was at the center of the GameStop trading frenzy when users of one subreddit coordinate to drive up the stock price
- Reddit has faced criticism for toxic content and harassment but has recently taken steps to address this ahead of going public