Reddit poised to make its stock market debut after IPO prices at $34 per share amid strong demand

  • 📰 wjxt4
  • ⏱ Reading Time:
  • 29 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 63%

Business News News

Business Business Latest News,Business Business Headlines

Reddit will enter a new era as a publicly traded company with a market value of $6.4 billion.

FILE - The Reddit app icon is seen on a smartphone, Feb. 28, 2023, in Marple Township, Pa. Reddit is due to begin trading on the New York Stock Exchange on Tuesday, March 21, 2024. – Reddit will enter a new era as a publicly traded company with a market value of $6.4 billion after the social media platform's initial public offering was priced at $34 per share.

By tech industry’s standards though, Reddit remains extraordinarily small for a company that has been around since 2005. And then there is this problem: Reddit has never profited from its broad reach, while piling up cumulative losses of $717 million. That number has swollen from cumulative losses of $467 million in December 2021, when the company first filed papers to go public before aborting that attempt.

But Reddit will now have more money in the bank to finance its ambitions to expand its influence and reel in more revenue in the process.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 246. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

CalPERS shifts strategy away from stocks in $34-billion betCalifornia Public Employees’ Retirement System is increasing its exposure to private equity and private credit, betting the riskier assets will fuel higher returns.
Source: latimes - 🏆 11. / 82 Read more »