Priya Patel
TLDR: Reddit Discloses Finances in IPO Filing, Will Let Influential Moderators and Users Buy Shares at Offering Price
Reddit filed for an IPO, revealing financial details such as $804.0 million revenue in 2023 and a net loss of $90.8 million. The company offers users and moderators the chance to buy shares at the IPO price. Key points:
- Reddit filed for an IPO with plans to list its Class A common stock on the NYSE.
- Users and moderators who contributed to Reddit community programs can buy shares at the IPO price.
Reddit reported revenue growth of 21% in 2023 with 500 million visitors. Employees increased to 2,013 by the end of 2023. The company sees opportunities for growth through advertising, commerce, and data licensing. Reddit also disclosed licensing data arrangements totaling $203 million in January 2024. Major shareholders include Advance Publications, Tencent Holdings, and individuals like CEO Steve Huffman. Competitors listed include Google, Meta, YouTube, and others. Reddit aims to empower its user economy amidst competition from online marketplaces. Reddit was acquired by Condé Nast in 2006 and spun out in 2011.
Key players in Reddit’s IPO include CEO Steve Huffman, COO Jen Wong, and major shareholders like Sam Altman and Advance Publications.
