Staff Reports
The popular online message board Reddit, known for memes, cat videos, and heated debates about pineapple on pizza, has decided to take the plunge into the stock market. Yup, you heard it right, folks! Reddit is all grown up and ready to go public.
Reddit to go public in first major social media IPO in years https://t.co/nMpLqPBtey https://t.co/nMpLqPBtey
— Washington Examiner (@dcexaminer) February 23, 2024
In a move that’s giving Wall Street some serious FOMO, Reddit filed some paperwork with the Securities and Exchange Commission to make it official. This comes seven whole years after the last time a big social media platform did the same dance, which was Snapchat in 2017. Talk about making an entrance!
The paperwork, technically called an S-1 form, spills the tea on Reddit’s money situation. And let’s just say, it’s not all rainbows and unicorns. The company raked in a hefty $804 million in revenue in 2023, but it also took a hit with a net loss of $90.8 million. Ouch! But hey, at least they’re being transparent, right?
But wait, there’s more drama! Reddit’s been butting heads with its moderators over some coin. The company got into a tussle with these key players when it tried to start charging app developers for access to its behind-the-scenes data. Not cool, Reddit, not cool. This epic showdown led to some moderators boycotting and going on strike, which forced Reddit to play hardball and snatch away their powers. It was like a real-life game of thrones, but with memes instead of dragons.
In the midst of all this commotion, Reddit’s co-founder, Steve Huffman, spilled the tea on why they’re going public. He says it’s to make Reddit stronger and serve its community better. He also yammered on about giving the power users a chance to buy shares early. It’s basically like a VIP pass to the Reddit stock party. And get this, they even have a fancy ticker symbol lined up for when they hit the New York Stock Exchange: “RDDT.” It’s like picking out a prom dress, but for the stock market. So glam!
And if that’s not enough, Reddit also announced a $60 million deal with Google. That’s like winning the lottery in meme world! The deal lets Google peek at all the stuff on Reddit and use it to polish up their tech. It’s like a match made in internet heaven.
So, there you have it, folks. The internet’s favorite hangout spot is growing up and stepping into the big leagues. Get ready to hop on the Reddit stock train because it’s about to be one wild ride!
