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Reddit shares rise 30% to start week after social media company's IPO

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Reddit shares climbed 30% to $59.80 at the market’s close on Monday.

Reddit's stock has been rising ever since it went public last week and raised roughly $750 million from the IPO, of which the company brought in about $519 million.

Plexo Capital founding managing partner and Reddit shareholder, Lo Toney, told CNBC that Reddit's offering was"a positive sign not only for Reddit, but I think also the tech industry and what it might mean for future IPOs."Reddit shares soared 48% when it began trading on the New York Stock Exchange under the stock ticker"RDDT," resulting in a number of moderators and users, known as Redditors,.

 

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