Reddit made an initial public offering filing with the Securities and Exchange Commission on Thursday ahead of its highly-anticipated stock market debut.
The social network plans to trade on the New York Stock Exchange under the ticker symbol “RDDT.” Its listing – expected in March – would be the largest IPO by a social media company since Pinterest went public in 2019.
How social media’s biggest user protest rocked Reddit
The number of shares to be offered and the price range for the proposed offering have not yet been determined, Reddit said in a statement.
The IPO filing revealed that Reddit sustained $90.8m in losses in 2023, as its revenue grew by roughly 21%. The business estimated that its US average revenue per user or ARPU, was $3.42 for the last quarter of 2023 – a decrease of 2% year over year…
Holy cow that’s a LOT of losses! We’ll need to find a new way to refer to Reddit from now to reflect that… perhaps something… familiar?
Read they paid spez over twice what they lost, so I’m gonna say they did it to themselves.
Yup. And look how much the CEOs of like Alphabet, Apple, Meta, etc. are making by comparison. Although most of it is stock so… this sounds like literal fraud then, meant to make the company look far more “profitable” than it actually is (though ianal). Wouldn’t it be funny if he went to jail? :-P (haha j/k, rich people don’t go to jail, nor suffer consequences of any kind:-|)