Reddit said in an updated IPO prospectus on Friday that it’s being probed by the Federal Trade Commission for its data-licensing practices.
In an updated IPO prospectus on Friday, Reddit said it's being probed by the FTC for its data-licensing practices.
"On March 14, 2024, we received a letter from the FTC advising us that the FTC's staff is conducting a non-public inquiry focused on our sale, licensing, or sharing of user-generated content with third parties to train AI models," Reddit said in an updated initial public offering prospectus.
"We believe our growing platform data will be a key element in the training of leading large language models and serve as an additional monetization channel for Reddit," the company said in its prospectus. "We do not believe that we have engaged in any unfair or deceptive trade practice," Reddit said."The letter indicated that the FTC staff was interested in meeting with us to learn more about our plans and that the FTC intended to request information and documents from us as its inquiry continues."
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