Posted 2/22/2024, 11:44:00 PM
Reddit Files for 2024's First Big Tech IPO, But Faces User Backlash Over Monetizing Data
- Sam Altman owns an 8.7% stake in Reddit, making him the 3rd largest shareholder behind Advance and Tencent
- Altman served on Reddit's board for 7 years until 2022
- Reddit filed for an IPO, the first major tech IPO of 2024, though it still struggles to turn a profit
- Reddit signed a $60 million per year data licensing deal with Google to access its content
- Some Reddit users have criticized the company for profiting from users' data without consent to train AI models