The Australian share market looks set for a subdued Friday, even as Wall Street's main indices set fresh records, and Reddit debuts on the market with a massive share price jump. Follow the day's financial news and insights from our specialist business reporters on our live blog.
Reddit surges on share market debut It's the social media platform that makes me think of the old joke about the chicken, the frog and the library whenever I see its name (search for it if you don't know what I'm talking about). But it's now pulling in serious money — investor money that it, the company has never actually made a profit since launching in 2005. When it first hit the market its value soared to $US47 a share, up 38%, and it ended up closing above $US50. It's growing its user numbers, but still not making much money out of them, in a similar vein to X's (formerly Twitter) difficulty in monetising its platform. Aside from not yet making a profit, the big risk for Reddit is that many of the people who use it may be deeply suspicious and potentially hostile to any moves to greater commercialisation. "The real news is going to be after the first earnings call — where are they headed, what are the results looking like, what changes are they going to make," Reena Aggarwal, director of the Georgetown University Psaros Center for Financial Markets and Policy, told Reuter
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