Reddit Offers IPO Share Perk to Top Users Before 2024 Public Listing
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Reddit plans to allow 75,000 of its most active users to buy shares at the IPO price before public trading starts in 2024. This perk is usually only offered to major institutional investors.
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Reddit hired Snap's former CFO Drew Vollero in 2021, months before announcing plans to go public. Vollero helped lead Snap through its successful IPO.
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Reddit decided to go public after a surge of millions of new users and advertisers driven by the WallStreetBets forum in 2021.
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Reddit's CEO said the company wants users to become shareholders and shareholders to use Reddit, making the IPO accessible to individual investors.
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If Reddit stock drops after the IPO, losing money could further upset users already protesting recent company changes.