Reddit to Offer Shares to Users and Moderators in Upcoming IPO, Potentially Increasing Volatility

Reddit plans to sell 22 million shares at $31-$34 per share in its IPO, valuing the company at up to $6.4 billion
Reddit will allow some individual users and moderators to buy shares in the IPO, breaking from typical practice of only offering to institutions
Up to 1.76 million shares (8% of total) will be offered to Reddit users and moderators without lock-up agreements
This could increase volatility and quick rises/falls in share price, as seen with Robinhood's IPO
Access is limited to accounts created before Jan 1, 2024, prioritized by "karma" scores and moderator actions to determine allocation