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. The price announced late Wednesday came in at the top end of the target range set by Reddit's investment bankers as they spent the past few weeks gauging investor demand for the stock.
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. In the documents filed for its revived IPO, Reddit attributed the losses to a fairly recent focus on finding new ways to boost revenue.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Reddit prices IPO at $34 per share in first major social media offering since 2019Reddit priced its IPO on Wednesday at $34 a share, valuing the social media company at about $6.5 billion.
Read more »
Reddit Priced IPO At $34 Per Share—Hitting The High End Of Its RangeI am a Colorado-based reporter. Before joining Forbes, I covered education and local government in Fort Collins, Colorado. I am a graduate of Creighton University, where I got a BA in journalism, and Arizona State University, where I got an MA in investigative journalism. Send tips at mbohannonforbes.com and follow me on Twitter molboha.
Read more »
Reddit-based tokens MOON and BRICKs rally ahead of oversubscribed Reddit's IPOReddit-related tokens r/CryptoCurrency Moons (MOON) and r/FortNiteBR Bricks (BRICK) are rallying sharply on Wednesday, ahead of Reddit's (RDDT.N) Initial Public Offering (IPO), which has been reported as oversubscribed.
Read more »
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.
Read more »
The 'Best Bra Ever' Is Just $34 At Nordstrom“Best bra I have ever owned, and I’ve owned a few in my 52 years,” wrote one reviewer.
Read more »
Times Square billboard warns about 'ticking time bomb' of $34 trillion national debtA billboard campaign in New York City’s Times Square is drawing awareness to what a nonprofit is describing as a “ticking time bomb' of U.S. national debt.
Read more »