Reddit made an initial public offering filing with the Securities and Exchange Commission on Thursday ahead of its highly-anticipated stock market debut.
The social network plans to trade on the New York Stock Exchange under the ticker symbol “RDDT.” Its listing – expected in March – would be the largest IPO by a social media company since Pinterest went public in 2019.
How social media’s biggest user protest rocked Reddit
The number of shares to be offered and the price range for the proposed offering have not yet been determined, Reddit said in a statement.
The IPO filing revealed that Reddit sustained $90.8m in losses in 2023, as its revenue grew by roughly 21%. The business estimated that its US average revenue per user or ARPU, was $3.42 for the last quarter of 2023 – a decrease of 2% year over year…
Any success Reddit sees is just that it’s racing to the bottom slower than Meta (VR can be profitable guys) and Twitter (what’s a micro service, anyway?)
We romanticize the era when a company in a garage can take upset the big players. It’s mostly bullshit.
But when the big players and enshitifying this quickly, that’s when the garage bands eat their lunches.
I’ll have my popcorn out for this, in any case.