Posted 2/23/2024, 11:17:00 AM
Reddit Plans NYSE IPO, Offering Users Early Access to Shares
- Reddit is preparing to go public on the New York Stock Exchange, planning to offer some shares to loyal users ahead of the IPO
- Reddit had $804 million in revenue in 2023, up 21% from the prior year, though still operates at a loss
- Reddit sees potential to monetize its data for AI training, inked a $60 million per year deal with Google
- CEO Steve Huffman has planned the IPO for some time, was paid $286 million in 2023
- Reddit has a unique structure with volunteer moderators governing subreddits, which caused issues last summer with a moderator revolt