[ad_1]
Sony Pictures
Social media platform Reddit today filed for an initial public offering with the SEC, a move long anticipated by the company founded in 2005 by Steve Huffman, Alexis Ohanian, and Aaron Swartz. be. It boasts over 100,000 communities or subreddits, including wallstreetbets, home to the meme stock traders who upended Wall Street in 2021 and took stocks like GameStop to the moon.
According to CNBC, the initial public offering is scheduled for March. The advertising-based company announced that it had revenue of $804 million in 2023, average daily active uniques of 73 million people (weekly average of 267 million people), and cumulative number of posts of 1 billion.
“We’re going public to become a stronger company and further our mission of providing meaningful benefits to our community. We intend to do this by keeping Reddit a real and authentic place. “,” the application states.
In an accompanying letter, Huffman wrote that “the Reddit community is helping people on a scale I never could have imagined,” calling it “a vibrant community that is open to anyone, anywhere.” “It’s an ever-evolving place where you can connect with like-minded people no matter what.” Dive into any topic. Conversations range from the sublime to the ridiculous, from the boring to the existential, from the humorous to the serious. ”
“Reddit is not a social media platform optimized for self-display. It’s a community that rewards candid and honest advice.”
The company said that along with investors, users and moderators are also invited to buy shares in the IPO, so in addition to providing cash, the initial public offering will help turn users into owners. The company also plans to retain approximately 1% of its common stock to fund community-related programs.
Reddit noted that it plans to use artificial intelligence to improve its advertising business. It also operates a data licensing business. The company just signed a deal with Google that gives the search giant access to its data.
[ad_2]
Source link
