Posted 3/22/2024, 1:54:00 AM
Reddit Shares Soar 48% in $8 Billion IPO, Highlighting Growth and AI Plans
- Reddit shares soared 48% above IPO price to $50.44 per share, valuing the company at $8 billion
- Reddit highlighted potential to profit from artificial intelligence and providing data to train AI models
- Reddit reported accelerating growth and shrinking losses in recent months
- The successful IPO could prompt more tech companies to move forward with delayed listing plans
- Reddit reserves some shares for users and moderators; largest shareholders are Advance Publications and executives