Reddit Stock Gets Ready to Trade on NYSE – Shiv Telegram Media

Reddit, the popular online forum and social media platform, made its stock market debut on Thursday with its initial public offering (IPO) on the New York Stock Exchange. The IPO priced the Reddit stock at $47 a share, a 38% increase from its initial offering price of $34 a share. This successful start to trading saw Reddit valued at around $8 billion, with the ticker symbol RDDT.

The IPO of Reddit is significant as it is seen as a test of investor appetite for a tech company in a challenging economic environment. Despite its controversies over the years, including issues with hate speech and misinformation, Reddit has recently taken steps to clean up its act in preparation for going public. The move has brought a lucrative payday for its owner, Condé Nast, along with other major shareholders such as Chinese tech company Tencent and OpenAI CEO Sam Altman.

One unique aspect of Reddit’s IPO is that users can purchase stock based on their “karma” on the site, a point system that rewards users for posting popular content and engaging positively with the community. Reddit gained widespread attention in 2021 during a stock market frenzy involving GameStop and the subreddit WallStreetBets.

However, the IPO has also sparked controversy within the Reddit community, with some feeling that it goes against the site’s renegade spirit. Additionally, Reddit has made some controversial decisions in preparation for going public, including charging for back-end data access. It remains to be seen how Reddit’s transition to a publicly traded company will impact its user base and community dynamics moving forward.