Reddit Goes Public on NYSE Seeking Profitability After Years of Losses
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Reddit, the self-described "front page of the internet," is set to go public on the New York Stock Exchange on Thursday under the ticker symbol "RDDT"
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Reddit priced its IPO at $34 per share, seeking to raise $1.76 million from retail investors out of the 15.3 million shares offered
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Reddit has struggled to make a profit, racking up nearly $720 million in losses since its founding even as its users and revenues grow
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High-profile backers like Peter Thiel, Jared Leto, and Snoop Dogg have invested in Reddit over the years but the company remains small compared to tech giants
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Leadership turmoil, including the resignations of co-founders Steve Huffman and Alexis Ohanian, have marked Reddit's history though Huffman has returned as CEO