The company priced its shares at the top of a marketed range before the start of trading on Thursday.
Reddit has priced its shares at the top of a marketed range, valuing the social media platform at $6.4bn .
People do not pay to use Reddit - the website is completely free for people to browse, post and comment. Google is believed to have paid Reddit $60m for the right to scan almost two decades of discussions to make its AI more human-like - and Reddit has said it has agreed licensing deals worth more than $200m over the next two to three years.
While the platform may have seen that coming, it may have been blindsided by a challenge from mobile phone firm Nokia, which is accusing it of infringing on its patents. "If we fail to increase or retain our user base or if user engagement declines, our business... and prospects will be harmed," it said in the filing.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Reddit aims for $6.4bn valuation ahead of initial public offeringThe social media website is one of the most popular in the world but struggles to make a profit.
Read more »
Ahead of IPO, Reddit blends advertising into user postsAs FTC starts asking questions about that mega-deal with Google to train AI
Read more »
Reddit moves forward with share listing planThe filing offers a glimpse of the company's efforts to turn online popularity into profit.
Read more »
Reddit wants to raise $748M with IPO, sets value at $6.4B... and it has yet to turn a profitTime to start spamming those reposts: Top users are getting early access to 1.76 million shares
Read more »
Reddit gets a call from Nokia about patent infringement ahead of going publicThat's a juicy-looking IPO you've got there. Be a shame if someone took a licensing bite
Read more »
Reddit rolling out AI bouncer to halt harassmentIf any mods are considering an anti-IPO blackout, you could be replaced by a bot
Read more »