- Reddit, now live on baraka, saw its shares surge by 48% on its debut day of trading on the New York Stock Exchange. On Wednesday, Reddit disclosed that it had priced its shares at $34 each, near the upper end of the marketed range. By Thursday's close of trading, its shares had reached $50.44, giving the company a valuation of over $9 billion (£7.1 billion).
- This marked one of the largest initial public offerings (IPOs) ever by a social media platform. Reddit offered 22 million shares for sale, with a unique move of making some shares available to its users, although the number of users taking up this offer hasn't been disclosed. Established nearly two decades ago, Reddit has evolved into one of the world's most popular websites, serving as an online forum for users to engage in discussions on various topics.
Why it matters
As of December 2023, the platform boasted more than 73 million users, according to company data. Unlike other platforms, Reddit does not charge users for access; browsing, posting, and commenting are entirely free.