Reddit Goes Public in March IPO, OpenAI's Altman Poised for Windfall
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Reddit will make its stock market debut in March, going public on the New York Stock Exchange.
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OpenAI CEO Sam Altman is Reddit's third-largest shareholder, with 9.2% voting power, and stands to make a fortune when Reddit goes public.
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Altman invested in Reddit years ago while at Y Combinator and briefly served as Reddit's CEO in 2014.
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Reddit was valued at $10 billion last year. It's expected to seek a 10% share sale in the upcoming IPO.
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Reddit was founded in 2005 by Steve Huffman and Alexis Ohanian. Key investors include VC firm Andreessen Horowitz and Chinese tech giant Tencent.