Reddit files for IPO and will let some longtime users buy shares

After years of hypothesis, Reddit has paperwork for an Preliminary Public Providing on the New York Inventory Change. The corporate, which plans to make use of RDDT as its ticker image, may also permit some longtime customers to take part by shopping for shares.

In a word shared within the firm’s with the SEC, Reddit CEO Steve Huffman stated that many longtime customers already really feel a “deep sense of possession” over their communities on the platform. “We wish this sense of possession to be mirrored in actual possession—for our customers to be our house owners,” he wrote. “With this in thoughts, we’re excited to ask the customers and moderators who’ve contributed to Reddit to purchase shares in our IPO, alongside our traders.”

The corporate didn’t say what number of customers would possibly have the ability to take part, however stated that eligible customers could be decided primarily based on their karma scores whereas “moderator contributions can be measured by membership and moderator actions.”

The submitting additionally provides up new particulars concerning the inside workings of Reddit’s enterprise. The corporate had 500 million guests throughout the month of December and has just lately averaged simply over 73 million “day by day lively distinctive” guests. In 2023, the corporate introduced in $804 million in income (Reddit has but to show a revenue). The doc additionally notes that the corporate is “exploring” offers with AI corporations to license its content material because it seems to be to develop its income sooner or later.

Earlier within the day, Reddit and Google introduced that they’d struck such , reportedly valued at round $60 million a 12 months. “We consider our rising platform information can be a key factor within the coaching of main massive language fashions (“LLMs”) and function an extra monetization channel for Reddit,” the corporate writes.

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