5/1/2024 0 Comments Instagram symbol stock![]() Reddit, led by co-founder and CEO Steve Huffman, is expected to launch its official roadshow pitch to investors next month, at which time it will announce at what price it hopes to sell stock. "We will assign each eligible participant to a tier based on that participant's contributions to Reddit," the company wrote in its filing to regulators, which did not specify how many shares would be set aside for prolific Reddit users. Which users are picked will be determined by their Reddit "karma," a term the site uses to determine a user's reputation on the platform. ![]() The company also said it is setting aside stock to individual investors through brokerage apps like Robinhood. Typically, companies offer up stocks mostly to institutional investors during a stock market premiere. In an unusual move, the company plans to allow top users, including moderators, the chance to purchase shares in its initial public offering, also known as an IPO. The social media company said it will sell shares between $31 and $34 each when it makes its market debut in the coming weeks. Sam Altman, the CEO of ChatGPT maker OpenAI, is Reddit's third-largest shareholder, according to the filing.Īltman's stake is more than double that of Huffman, Reddit's CEO. 2 shareholder is Chinese tech company Tencent. "Our users have a deep sense of ownership over the communities they create on Reddit," Huffman wrote.Īdvance Publications, which owns Condé Nast, is Reddit's largest shareholder, Reddit's filing shows. ![]() In a letter that accompanied its regulatory filing, Huffman, Reddit's CEO, said he hopes going public will benefit the site's community, along with investors. For years, Reddit has been the world's most popular message board where droves of volunteer moderators decide the rules of each community.
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