NEW YORK (AP) — Reddit soared in its Wall Street debut as investors pushed the valued of the company close to $9 billion seconds after it began trading on the New York Stock Exchange.
NEW YORK — Reddit soared in its Wall Street debut as investors pushed the valued of the company close to $9 billion seconds after it began trading on the New York Stock Exchange.
Still, she also anticipates Reddit's IPO to be volatile. Even with a sizeable “pop,” it's possible that some might sell their shares to reap their gains soon after, potentially causing prices to drift. Reddit’s moneymaking potential also has attracted some prominent supporters, including OpenAI CEO Sam Altman, who accumulated a stake as an early investor that has made him one of the company’s biggest shareholders. Altman owns 12.2 million shares of Reddit stock, according to the company’s IPO disclosures.
In the recent documents filed for its revived IPO, Reddit attributed the losses to a fairly recent focus on finding new ways to boost revenue. The company also is hoping to bring in more money by licensing access to its content in deals similar to the $60 million that Google recently struck to help train its artificial intelligence models. That ambition, though, faced an almost immediate challenge when the U.S. Federal Trade Commission opened an inquiry into the arrangement.
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