After years of speculation, Reddit has done it New York Stock Exchange Initial Public Offering Documents. The company, which plans to use RDDT as its ticker symbol, will also allow some longtime users to participate by purchasing shares.
In a note shared within the company with the SEC, Reddit CEO Steve Huffman said many longtime users already feel a “deep sense of ownership” of their communities on the platform. “We want this sense of ownership to be reflected in real ownership – for our users to be our owners,” he wrote. “With that in mind, we’re excited to invite users and moderators who have contributed to Reddit to buy shares in our IPO, along with our investors.”
The company did not say how many users might be able to participate, but said eligible users will be determined based on their karmic scores, while “moderator contribution will be measured by membership and moderator actions.”
The filing also offers new details about the inner workings of Reddit’s business. The company had 500 million visitors in the month of December and recently averaged just over 73 million “daily active unique” visitors. In 2023, the company brought in $804 million in revenue (Reddit is still not profitable). The document also notes that the company is “exploring” deals with AI companies to license its content as it looks to increase revenue in the future.
Earlier in the day, Reddit and Google announced that they had made one, reportedly valued at around $60 million a year. “We believe our growing platform data will be a key element in training leading large language models (“LLMs”) and serve as an additional monetization channel for Reddit,” the company wrote.
https://www.engadget.com/reddit-files-for-ipo-and-will-let-some-longtime-users-buy-shares-234127305.html?src=rss
