Reddit, the San Francisco social media site that describes itself as 'the front page of the internet,' is debuting as a public stock on Thursday.
Reddit stock began trading on the New York Stock Exchange Thursday after the IPO priced at $47 a share — topping its offering price of $34 a share — as investors showed enthusiasm for a social media site that has ambitious expansion plans but has never been profitable.With the pop of its opening price, inching beyond $50 a share during the day, Reddit is valued at around $8 billion, trading under the ticker symbol RDDT.
It is also seen as a gauge of investor interest in a social media company in an era where artificial intelligence is all the rage in the technology industry. A decent chunk of Reddit's shares have been set aside for users of Reddit, and individual investors, an uncommon move that could add an element of unpredictability to the stock. But it remains to be seen what kind of influence the regular Reddit users will have on the stock's performance.
In 2021, Reddit became the center of a stock market firestorm when a subreddit known as WallStreetBets helped organize small investors to send the stock of videogame retailer GameStop soaring to extraordinary highs, shooting up more than 1700 percent, an event that prompted a Wall Street trading frenzy and put the spotlight on Reddit's role in so-called meme stocks.
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