As Reddit has detailed in its IPO S-1 filing, Google is now paying it millions a year for AI training. What is less known: Reddit also depends on Google for a lot of traffic.
Happy Friday. Aside from Google’s Gemini fiasco and Nvidia’s blowout earnings report, the big tech news this week was Reddit detailing plans for its long-awaited IPO. Below, I get into Reddit’s biggest risk factor, the company’s fascinating relationship with Sam Altman, and more… --- The first thing I did upon opening Reddit’s IPO paperwork on Thursday was press Command + F on my keyboard and type “Google.
The Altman connection Another aspect of the Reddit IPO that fascinates me is that Sam Altman is the company’s third-largest shareholder. While CEO Steve Huffman technically controls more voting stock via proxy through the Newhouse family, Altman personally owns more than double Huffman’s number of super-voting shares. How did this happen? Altman’s long history with Reddit is well known at this point, and he publicly led a $50 million investment round in 2014.
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