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

BusinessFILE - 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.

Canada Canada Latest News, Canada Canada 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 »