Social content & discussions platform “Reddit” has filed for an IPO
More on Reddit🤖 Founded in 2005, Reddit allows its users to trade comments, stories, photos & videos using topic-based message boards. The company’s been considering an IPO for some time.
Is that the same Reddit as…😮 Yup, the same Reddit that sparked the “meme-stock” frenzy earlier this year by day traders who use the platform.
The most iconic meme-stock, GameStop (GME), soared from less than $20/share to almost $350/share in under a month.
More Details🧐 The number of shares to be offered, & the price range for the IPO haven’t been determined yet.
Why is this Important🤔 Reddit recorded $100 million in ad revenue in Q2-2021, a 200% year-over-year increase. Reddit has more than 50 million daily users, & is valued at more than $10 billion following its latest funding round.