Unruly Reddit prepares for stock market debut with ads deals
Reddit, a social media platform, is poised for its Wall Street debut with an initial public offering pricing its shares between $31 and $34, valuing the company at $6.4 billion. This move reflects investor enthusiasm, despite a slowdown in tech IPOs attributed to rising interest rates. Reddit, known for its specialized subreddits and sizable user base of 73 million daily and 267 million monthly users, operates in a distinct manner from mainstream social media platforms like Facebook and TikTok. Moderation occurs largely at the community level, contributing to a less centralized environment. Despite its large user base, Reddit has never turned a profit, raising doubts about its future profitability, particularly through advertising. Founded in 2005 and initially owned by Conde Nast, Reddit has seen significant evolution and investment, with notable figures like OpenAI CEO Sam Altman contributing to its journey. The IPO represents a significant milestone for Reddit, marking its transition into a publicly traded company
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