Reddit is going public and inviting power users to invest
Image: The Verge
On Thursday, Reddit filed its S-1 registration statement with the SEC detailing its finances and business goals ahead of its imminent initial public offering on the NYSE under the symbol RDDT.
In its S-1 document, Reddit said it made $804 million in revenue last year, the vast majority of which came from advertising. However, the company is unprofitable, with a net loss of $90.8 million in 2023.
In an unusual twist, Reddit is also giving a number of its top users, including moderators and those with high karma scores, the chance to buy shares in its initial public offering. That’s a privilege usually reserved for professional investors who want to buy stock at a theoretically lower price before everyone else gets to purchase.
Tier 1…
