The social network Reddit will soon be listed and will be valued at no more than 6.4 billion dollars. Known for its 100,000 mini-forums, Reddit was launched in 2005 and has been building a listing for the past two years. It’s a small network compared to Facebook, but also to X.
It is one of the most anticipated US listings in recent years, and the IPO will offer 22 million shares at a price of $31 to $34, aiming to raise $748 million from the initial public offering.
Reddit is popular, but it hasn’t reached the number of users that networks like Facebook or X (formerly Twitter) have. After a funding round in 2021, the network was valued at $10 billion. Currently, financial expectations are lower, with a maximum estimate of $6.4 billion.
Reddit has an average of 73 million users who log in at least once a day. The policy of volunteer-based content moderation has caused controversy, with many moderators resigning at the same time to protest some of the company’s decisions.
Reddit is known for its approximately 100,000 online forums (called “subreddits”) covering just about any topic you can think of.
Source: Reuters
Photo source: Dreamstime.com
Source: Hot News
Lori Barajas is an accomplished journalist, known for her insightful and thought-provoking writing on economy. She currently works as a writer at 247 news reel. With a passion for understanding the economy, Lori’s writing delves deep into the financial issues that matter most, providing readers with a unique perspective on current events.