Reddit confidentially files to go public after explosive growth fueled by meme stock chatter
Reddit had roughly 52 million daily active users and over 100,000 communities, or"sub-reddits," as of October last year.
The company saw explosive growth as a result of retail investors flocking to its message boards at the start of the year for tips on trading GameStop and other so-called San Francisco-based Reddit reported $100 million in advertising revenue in the second quarter, an almost threefold jump from the same period last year.— who as the first finance chief of Snap Inc. guided its transition to a public company — as its first chief financial officer.
The company's biggest investors include Fidelity Investments, Andreessen Horowitz, Sequoia Capital, and Tencent Holdings. Reddit did not disclose the number of shares to be offered or the price range of the IPO in the draft registration statement with the US Securities and Exchange Commission.Subscribe to push notifications
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