Reddit Goes Public With $700 Million in Losses, Vows to Build Sustainable Business Model
• Reddit is going public, pricing its IPO at $34 per share to trade on the NYSE under the ticker "RDDT"
• Reddit has a large, loyal user base of 76 million monthly active users but has never been profitable, racking up over $700 million in losses
• The IPO will test Reddit's ability to build a sustainable business model based on advertising revenue and other potential streams
• Reddit has had past management turmoil, including the resignation of CEO Ellen Pao in 2015 amid user backlash
• Reddit recognizes it has made mistakes throughout its history but believes its experiences will inform future challenges