Reddit, that vast, lively and sometimes chaotic repository of internet discussion, said that its pending initial public offering may be worth almost three quarters of a billion dollars. It’s a pretty significant valuation for a company whose largely text-based service straddles the line between social media and older online message boards.
FILE - A street sign is seen in front of the New York Stock Exchange in New York, Tuesday, June 14, 2022. AP Photo/Seth Wenig, File)SAN FRANCISCO — Reddit, that vast, lively and sometimes chaotic repository of internet discussion, is expected to carry a valuation up to $6.4 billion when it conducts its initial public offering on the stock market.
Per standard IPO operating procedure, those shares will typically end up with a mix of mutual funds, hedge funds and other major investment groups who will then hawk them to their investor customers.Reddit also plans to sell up to 1.76 million shares — roughly 8% of the total offering — to a mix of certain board members and so-called “friends and family members” of certain board members and employees. Plus, of course, the moderators and Redditors who make Reddit what it is.
“Mishandling this process could result in alienating their most ardent supporters, potentially turning them into critics,” warned Deiya Pernas, co-founder of Pernas Research. Moderators who have taken significant numbers of “moderator actions” will likewise be sorted into those tiers. Such actions can include anything from designing a new discussion group — aka a “subreddit” in the jargon of the site — to removing spam or duplicate posts, to enforcing subreddit rules. Moderators will also be rated on membership trends in their subreddits.
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