seductrice.net

universo-virtual.com

buytrendz.net

thisforall.net

benchpressgains.com

qthzb.com

mindhunter9.com

dwjqp1.com

secure-signup.net

ahaayy.com

tressesindia.com

puresybian.com

krpano-chs.com

cre8workshop.com

hdkino.org

peixun021.com

qz786.com

utahperformingartscenter.org

worldqrmconference.com

shangyuwh.com

eejssdfsdfdfjsd.com

playminecraftfreeonline.com

trekvietnamtour.com

your-business-articles.com

essaywritingservice10.com

hindusamaaj.com

joggingvideo.com

wandercoups.com

wormblaster.net

tongchengchuyange0004.com

internetknowing.com

breachurch.com

peachesnginburlesque.com

dataarchitectoo.com

clientfunnelformula.com

30pps.com

cherylroll.com

ks2252.com

prowp.net

webmanicura.com

sofietsshotel.com

facetorch.com

nylawyerreview.com

apapromotions.com

shareparelli.com

goeaglepointe.com

thegreenmanpubphuket.com

karotorossian.com

publicsensor.com

taiwandefence.com

epcsur.com

mfhoudan.com

southstills.com

tvtv98.com

thewellington-hotel.com

bccaipiao.com

colectoresindustrialesgs.com

shenanddcg.com

capriartfilmfestival.com

replicabreitlingsale.com

thaiamarinnewtoncorner.com

gkmcww.com

mbnkbj.com

andrewbrennandesign.com

cod54.com

luobinzhang.com

faithfirst.net

zjyc28.com

tongchengjinyeyouyue0004.com

nhuan6.com

kftz5k.com

oldgardensflowers.com

lightupthefloor.com

bahamamamas-stjohns.com

ly2818.com

905onthebay.com

fonemenu.com

notanothermovie.com

ukrainehighclassescort.com

meincmagazine.com

av-5858.com

yallerdawg.com

donkeythemovie.com

corporatehospitalitygroup.com

boboyy88.com

miteinander-lernen.com

dannayconsulting.com

officialtomsshoesoutletstore.com

forsale-amoxil-amoxicillin.net

generictadalafil-canada.net

guitarlessonseastlondon.com

lesliesrestaurants.com

mattyno9.com

nri-homeloans.com

rtgvisas-qatar.com

salbutamolventolinonline.net

sportsinjuries.info

wedsna.com

rgkntk.com

bkkmarketplace.com

zxqcwx.com

breakupprogram.com

boxcardc.com

unblockyoutubeindonesia.com

fabulousbookmark.com

beat-the.com

guatemala-sailfishing-vacations-charters.com

magie-marketing.com

kingstonliteracy.com

guitaraffinity.com

eurelookinggoodapparel.com

howtolosecheekfat.net

marioncma.org

oliviadavismusic.com

shantelcampbellrealestate.com

shopleborn13.com

topindiafree.com

v-visitors.net

djjky.com

053hh.com

originbluei.com

baucishotel.com

33kkn.com

intrinsiqresearch.com

mariaescort-kiev.com

mymaguk.com

sponsored4u.com

crimsonclass.com

bataillenavale.com

searchtile.com

ze-stribrnych-struh.com

zenithalhype.com

modalpkv.com

bouisset-lafforgue.com

useupload.com

37r.net

autoankauf-muenster.com

bantinbongda.net

bilgius.com

brabustermagazine.com

indigrow.org

miicrosofts.net

mysmiletravel.com

selinasims.com

spellcubesapp.com

usa-faction.com

hypoallergenicdogsnames.com

dailyupdatez.com

foodphotographyreviews.com

cricutcom-setup.com

chprowebdesign.com

katyrealty-kanepa.com

tasramar.com

bilgipinari.org

four-am.com

indiarepublicday.com

inquick-enbooks.com

iracmpi.com

kakaschoenen.com

lsm99flash.com

nana1255.com

ngen-niagara.com

technwzs.com

virtualonlinecasino1345.com

wallpapertop.net

casino-natali.com

iprofit-internet.com

denochemexicana.com

eventhalfkg.com

medcon-taiwan.com

life-himawari.com

myriamshomes.com

nightmarevue.com

healthandfitnesslives.com

androidnews-jp.com

allstarsru.com

bestofthebuckeyestate.com

bestofthefirststate.com

bestwireless7.com

britsmile.com

declarationintermittent.com

findhereall.com

jingyou888.com

lsm99deal.com

lsm99galaxy.com

moozatech.com

nuagh.com

patliyo.com

philomenamagikz.net

rckouba.net

saturnunipessoallda.com

tallahasseefrolics.com

thematurehardcore.net

totalenvironment-inthatquietearth.com

velislavakaymakanova.com

vermontenergetic.com

kakakpintar.com

jerusalemdispatch.com

begorgeouslady.com

1800birks4u.com

2wheelstogo.com

6strip4you.com

bigdata-world.net

emailandco.net

gacapal.com

jharpost.com

krishnaastro.com

lsm99credit.com

mascalzonicampani.com

sitemapxml.org

thecityslums.net

topagh.com

flairnetwebdesign.com

rajasthancarservices.com

bangkaeair.com

beneventocoupon.com

noternet.org

oqtive.com

smilebrightrx.com

decollage-etiquette.com

1millionbestdownloads.com

7658.info

bidbass.com

devlopworldtech.com

digitalmarketingrajkot.com

fluginfo.net

naqlafshk.com

passion-decouverte.com

playsirius.com

spacceleratorintl.com

stikyballs.com

top10way.com

yokidsyogurt.com

zszyhl.com

16firthcrescent.com

abogadolaboralistamd.com

apk2wap.com

aromacremeria.com

banparacard.com

bosmanraws.com

businessproviderblog.com

caltonosa.com

calvaryrevivalchurch.org

chastenedsoulwithabrokenheart.com

cheminotsgardcevennes.com

cooksspot.com

cqxzpt.com

deesywig.com

deltacartoonmaps.com

despixelsetdeshommes.com

duocoracaobrasileiro.com

fareshopbd.com

goodpainspills.com

hemendekor.com

kobisitecdn.com

makaigoods.com

mgs1454.com

piccadillyresidences.com

radiolaondafresca.com

rubendorf.com

searchengineimprov.com

sellmyhrvahome.com

shugahouseessentials.com

sonihullquad.com

subtractkilos.com

valeriekelmansky.com

vipasdigitalmarketing.com

voolivrerj.com

worldhealthstory.com

zeelonggroup.com

1015southrockhill.com

10x10b.com

111-online-casinos.com

191cb.com

3665arpentunitd.com

aitesonics.com

bag-shokunin.com

brightotech.com

communication-digitale-services.com

covoakland.org

dariaprimapack.com

freefortniteaccountss.com

gatebizglobal.com

global1entertainmentnews.com

greatytene.com

hiroshiwakita.com

iktodaypk.com

jahatsakong.com

meadowbrookgolfgroup.com

newsbharati.net

platinumstudiosdesign.com

slotxogamesplay.com

strikestaruk.com

techguroh.com

trucosdefortnite.com

ufabetrune.com

weddedtowhitmore.com

12940brycecanyonunitb.com

1311dietrichoaks.com

2monarchtraceunit303.com

601legendhill.com

850elaine.com

adieusolasomade.com

andora-ke.com

bestslotxogames.com

cannagomcallen.com

endlesslyhot.com

iestpjva.com

ouqprint.com

pwmaplefest.com

qtylmr.com

rb88betting.com

buscadogues.com

1007macfm.com

born-wild.com

growthinvests.com

promocode-casino.com

proyectogalgoargentina.com

wbthompson-art.com

whitemountainwheels.com

7thavehvl.com

developmethis.com

funkydogbowties.com

travelodgegrandjunction.com

gao-town.com

globalmarketsuite.com

blogshippo.com

hdbka.com

proboards67.com

outletonline-michaelkors.com

kalkis-research.com

thuthuatit.net

buckcash.com

hollistercanada.com

docterror.com

asadart.com

vmayke.org

erwincomputers.com

dirimart.org

okkii.com

loteriasdecehegin.com

mountanalog.com

healingtaobritain.com

ttxmonitor.com

nwordpress.com

11bolabonanza.com

Reddit Stock Surges on Its First Day of Trading - Best News

Top 5 This Week

Related Posts

Reddit Stock Surges on Its First Day of Trading

The road to Reddit’s initial public offering has been a long one; in the 19 years since its founding, the social media giant has led many lives. It was an independent startup, and then it wasn’t, until it was again. It despised the idea of selling ads or censoring user content, but eventually found itself deeply pursuing both. It’s had half a dozen leaders, including current CEO Steve Huffman—also known by his username Spez—who is on his second tour of duty.

Now its post-IPO life has begun. Reddit shares surged as much as 60 percent before falling back in the company’s first hour of trading on the New York Stock Exchange, under the ticker RDDT. As a publicly traded company, Reddit will have to meet user and revenue growth expectations quarter after quarter or face the public wrath of investors. Huffman told NPR last year it was time for Reddit to “grow up and behave like an adult company.”

The IPO had valued Reddit at almost $6.5 billion, a haircut from the $10 billion the company was valued at back in 2021. Thursday’s run-up in shares pushed the market capitalization, however, to almost $8 billion at the time of writing.

Heading into the IPO, investors had worried that Reddit’s often rocky relationship with its users—the company suffered a user revolt last year that switched off thousands of subreddits—would also dog the platform at the opening bell. Reddit had reserved 8 percent of available shares for eligible users and moderators, threatening volatility if a majority dumped their shares on day one. If Redditors did sell, there was enough investor demand to absorb their shares, says Susannah Streeter, markets analyst at financial services company, Hargreaves Lansdown. “We might see volatility in the coming days but at the moment, it doesn't look that way.”

Some employees fear the company’s internal culture will turn more corporate, and users worry that profit-making pursuits will drown out the lively and dependable conversations that the influential online hub is known for. Speaking to Bloomberg from the New York Stock Exchange, chief operating officer Jen Wong said Reddit was focused on three markets for the future of its business: advertising, transactions between users, and selling its data to AI companies. “Reddit's corpus of information is incredibly important to the training of large language models,” Wong said, adding that the company was in possession of data that reflected 19 years of human experience, organized by topic. Reddit reported last week that the Federal Trade Commission had opened an inquiry into its sale of user data to AI giants.

A life-size version of Reddit’s alien mascot Snoo rang the opening bell of the New York Stock Exchange on Thursday, to cheers and applause. Reddit priced shares at $34 in its initial public offering on Wednesday, raising over $500 million for the company and more than $200 million for shareholders who sold some of their stakes in the sale. By Thursday afternoon in New York, those shares had jumped to $50. Stocks that surge on opening, however, have been known to slide dramatically later in the day.

Most PopularScienceWatch Neuralink’s First Human Subject Demonstrate His Brain-Computer Interface

Emily Mullin

Backchannel8 Google Employees Invented Modern AI. Here’s the Inside Story

Steven Levy

SecurityHackers Found a Way to Open Any of 3 Million Hotel Keycard Locks in Seconds

Andy Greenberg

GearThe Omega x Swatch Snoopy MoonSwatch Has Landed

Jeremy White

A big concern ahead of the public listing was that Reddit, the platform that gave birth to the memestocks of 2021, could also suffer the wild price swings caused by large numbers of investors coordinating their strategy over social media, including Reddit itself, on forums such as r/wallstreetbets.

Reddit’s IPO is a test of investor appetite for tech IPOs, which have been a rarity in recent years. Low interest rates had made raising and borrowing cash on private markets easy, and economic effects from the war in Ukraine and a slumping stock market had made it too risky to plunge into the stock market. “It's not quite the glory days of Facebook,” says Chris Beauchamp, chief market analyst at IG Group, adding that the company was still experiencing massive demand.

The last notable social media stock debut was Pinterest’s back in 2019. In a good sign for Reddit, which lost about $91 million last year, Pinterest shares are still trading about 80 percent above their IPO price—despite the company's remaining unprofitable, with a loss of nearly $36 million last year.

Second Exit

Reddit’s metamorphosis into a public company is the second time it stopped being a startup. Huffman and now estranged cofounder Alexis Ohanian founded Reddit in 2005 but sold it to publisher Condé Nast in 2006 just over a year later. Advance Magazine Publishers, parent of WIRED's publisher Condé Nast, still holds a 30 percent stake, a much larger share than other major stakeholders, which include Chinese tech giant Tencent and OpenAI CEO Sam Altman.

Since spinning out from Condé Nast, back into startup mode in 2011 and welcoming back Huffman in 2015, Reddit has grown steadily. About 73 million users visited the service each day on average last quarter. The service is home to over 100,000 communities on topics across news, entertainment, and science. Power users known as moderators, or mods, create and manage these subreddits. Users submit text, photos, and links to the forums, with votes and comments from fellow contributors helping determine what gets promoted in the community. A personalized news feed brings together content from the 20 or so communities that users on average follow.

Reddit’s challenge has been reining in the unsavory sides of that anything-goes culture. Hate speech has been prevalent on the platform in the past, and millions of users still come just to view pornography. The decentralized structure affords mods incredible power, and they’ve wielded that to temporarily shutter their communities when they disagree with strategies of Reddit’s executives—including a bitter battle last year.

Veteran users and employees have long wanted Reddit to improve the reliability of its platform and focus on core features, which the company has prioritized over the past year. But for a while, the company pursued new projects, including live video broadcasting and a betting prototype, that former employees have said turned out to be costly distractions.

The content moderation challenges also never seem to get easier. In addition to the feature upgrades, Reddit is having to focus on ensuring its forums aren’t overrun by ChatGPT-generated spam that detracts from the genuine conversation users crave. That’s not to mention still cracking down on conspiracy theories, ongoing hate, and pirated sports, anime, and music streams.

Most PopularScienceWatch Neuralink’s First Human Subject Demonstrate His Brain-Computer Interface

Emily Mullin

Backchannel8 Google Employees Invented Modern AI. Here’s the Inside Story

Steven Levy

SecurityHackers Found a Way to Open Any of 3 Million Hotel Keycard Locks in Seconds

Andy Greenberg

GearThe Omega x Swatch Snoopy MoonSwatch Has Landed

Jeremy White

Then there’s taking care of staff. In a poll last month on the anonymous forum app Blind, two thirds of nearly 200 apparent employees responding said they didn’t feel valued by the company. Reddit said in its investor prospectus that its labor relations are good.

The company has some runway to tackle the to-do list. Reddit had over $1.3 billion in working capital at the end of 2023, much of it raised through venture capital financing. The IPO cash will add to the pile and aid the company’s efforts to improve its offerings for advertisers. The company drew 98 percent of its $804 million in revenue last year from advertising.

More advertisers are making Reddit a permanent part of their strategy. A few are spending up to 10 percent of their annual online budgets there, says Natasha Blumenkron, vice president of paid social at performance marketing agency Tinuti. But she and other ad buyers say that to attract substantially more dollars, Reddit needs to grow its user base and also improve its tools that measure whether ads drove sales, closer to the standard of Meta and Google. That could require collecting more information about users—a strategy that privacy-minded Huffman is loath to pursue.

Updated March 21, 2024, 2:30 pm EDT: This story was updated with analyst comment and fresh pricing data.

Popular Articles