Reddit Goes Public, Valued at $6.4B Despite Lacking Profits
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Reddit went public on the New York Stock Exchange, pricing its IPO at $34 per share for a $6.4 billion valuation
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CEO Steve Huffman says Reddit is pursuing more AI licensing deals after a $60M agreement with Google, but it's also focused on growing advertising
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Reddit has never turned a profit, but saw 21% sales growth last year to $804M, with a $90.8M net loss
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Reddit has about 52 million daily active users and its largest shareholders are Sam Altman and Tencent
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Huffman's 2023 compensation is $193.2M including stock awards, and 1.76M IPO shares were reserved for Reddit's user base