Reddit Goes Public in Hot IPO Despite Profitability Concerns
• Reddit goes public on the NYSE under the ticker "RDDT", sees share price jump over 70% on first day of trading • IPO raises funds to invest in areas like new revenue streams and establishing ownership structure • Reddit has never turned a profit, admits may not reach profitability in the future • Reddit IPO seen as test case for IPO market amid challenging economic environment • Reddit looks to better monetize through licensing user data to AI firms, draws some backlash