According to the news agency Reuters, Reddit was valued at more than $15 billion in September. On Wednesday, the company filed for an initial public offering with the US Securities and Exchange Commission.
Reddit, the social media platform, has revealed that it has filed for a planned initial public offering (IPO) on a secret basis (IPO). On Wednesday, the filing was made with the US Securities and Exchange Commission.
In the statement, Reddit did not identify the number of shares to be offered or the price range of the IPO. It also did not reveal the valuation it planned to seek in the IPO. However, Reuters reported in September that Reddit was being valued at more than $15 billion.
As of October of last year, Reddit has around 52 million daily active users and over 100,000 communities, or “subreddits.”
On one such subreddit, WallStreetBets, members almost immediately began a conversation about the company’s decision to issue an IPO. Some users were concerned that a stock market listing would spell the end of Reddit’s free-wheeling culture, while others saw an opportunity for more fun – and maybe profit.
Surveillance was clearly a source of concern. ‘KetoIsRacist’ foresaw mass censorship.’ Meanwhile, ‘wearethesamewave’ was sure that the corporation had upped its advertisements to signify that change was on the way.
Reddit was launched in 2005 and has since grown to become one of the world’s most influential social media platforms. Message forums on a wide range of topics are available on the website.
Reddit has been on a roller coaster ride since its start. It was founded by Steve Huffman and Alexis Ohanian, but Conde Nast purchased it in 2006. This altered the company’s fabric, distinguishing it from other social media competitors such as Twitter and Facebook.
Fidelity Investments, Andreessen Horowitz, Sequoia Capital, and Tencent Holdings are among its largest investors.