Reddit will go public
Internet forum Reddit Social network announced its plans of going public and it is filing for an IPO.
After months of waiting, Reddit declared its intentions to make the company public on Tuesday. To this end, to go public, the firm submitted a secret S-1 to the Securities and Exchange Commission in the United States.
To prevent trade secrets from being disclosed before an IPO date is determined, it cannot give any specifics regarding shares or pricing until after the quiet period has ended, according to SEC laws. Long-running speculations regarding Reddit's ambitions for a public offering were verified by the SEC filing.
Reddit secured $700 million in new capital in August, valuing the company at more than $10 billion. Reddit recently announced that it earned $100 million in ad revenue in the second quarter of 2021, a 200 percent increase over the previous year.
Source: Reddit Twitter
In a filing with the Securities and Exchange Commission, Reddit claimed that “The initial public offering is expected to occur after the SEC completes its review process, subject to market and other conditions.”
Ad-backed social media networks like Facebook now known as Meta, and Twitter compete with Reddit. Reddit CEO Steve Huffman claims that the business has grown up in the shadow of Facebook, and Google and that every dollar earned is a battle. Reddit, on the other hand, has already created its own cryptocurrency in the shape of RCPs, or Reddit Community Points.
Reddit has 364 million weekly users and more than 100,000 active subreddits as of August. Reddit is a frequent forum for infamous meme stock like r/Wallstreetbets, which has had a huge effect on stock and crypto markets this year with its retail trading and pumping methods, as well as a forum where veteran traders assemble to share their skills.
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