After years of speculation, Reddit has formally submitted documents for an Initial Public Offering on the New York Stock Exchange. The business, which prepares to utilize RDDT as its ticker sign, will likewise permit some long time users to take part by purchasing shares.
In a note shared in the business’s S-1 filing with the SEC, Reddit CEO Steve Huffman stated that lots of long time users currently feel a “deep sense of ownership” over their neighborhoods on the platform. “We desire this sense of ownership to be shown in genuine ownership– for our users to be our owners,” he composed. “With this in mind, we are delighted to welcome the users and mediators who have actually added to Reddit to purchase shares in our IPO, along with our financiers.”
The business didn’t state the number of users may be able to take part, however stated that qualified users would be figured out based upon their karma ratings while “mediator contributions will be determined by subscription and mediator actions.”
The filing likewise provides brand-new information about the inner functions of Reddit’s company. The business had 500 million visitors throughout the month of December and has actually just recently balanced simply over 73 million “daily active special” visitors. In 2023, the business generated $804 million in earnings (Reddit has yet to make a profit). The file likewise keeps in mind that the business is “checking out” handle AI business to certify its material as it wants to broaden its income in the future.
Previously in the day, Reddit and Google revealed that they had actually struck such an offersupposedly valued at around $60 million a year. “We think our growing platform information will be a crucial element in the training of leading big language designs (“LLMs”) and act as an extra money making channel for Reddit,” the business composes.