Reddit to Sell Shares to Users in Risky IPO That Could Lead to More 'Meme Stock' Mania

Reddit plans to sell 22 million shares in its IPO, priced between $31-$34 per share, which could raise up to $748 million
Reddit will allow its users and moderators to sell their shares immediately after the IPO, instead of being subject to the typical 6-month lock-up period
This could lead Reddit's stock price to experience extreme volatility, similarly to GameStop's "meme stock" surge in 2021
8% of Reddit's IPO shares (1.76 million) will be offered to Redditors through a directed share program based on their karma scores and moderator contributions
Reddit continues to be unprofitable despite having 267 million weekly active users, but recently announced data licensing deals that could generate over $200 million in revenue