this post was submitted on 24 Feb 2024
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This is the best summary I could come up with:
Reddit, the message board site known for its chronically online userbase and for originating much internet discourse, filed for its long-anticipated initial public offering on Thursday.
The filing comes nearly three years after Reddit hired its first chief financial officer, and executives, including co-founder and CEO Steve Huffman, began publicly discussing the possibility of an IPO to further elevate the company’s profile.
Reddit, which has called itself the “front page of the internet,” is a social media veteran: the company started in 2005, the year that college roommates Huffman and Ohanian graduated from the University of Virginia.
In 2021, Reddit caused mass market upheaval when a community of day traders on the platform called WallStreetBets began buying up shares of GameStop in an effort to hurt hedge funds that bet against the stock.
Thursday’s filing offers the most detailed look yet at the state of Reddit’s business, which seeks to grow beyond the traditional ad-supported model upon which most social platforms continue to heavily rely.
And while Reddit said it expects its total addressable market in advertising to grow to $1.4 trillion by 2027, it also acknowledged in the filing’s risk factors disclosure that it has “a history of net losses and we may not be able to achieve or maintain profitability in the future.”
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