Reddit is making its debut on the New York Stock Exchange on Thursday, and here's what it means for the company.
Reddit is now public, with shares traded Thursday on the New York Stock Exchange under the ticker symbol "RDDT."The IPO will test Reddit’s ability to overcome a nearly 20-year history involving financial losses, management problems and some user reactions encouraging them to create a sustainable business, the Associated Press reported.
Per the IPO custom, the remaining shares are expected to be purchased primarily by mutual funds and other institutional investors betting Reddit is ready for prime time in finance.Reddit noted in its IPO filing that it didn’t begin to focus on generating revenue until 2018. Those efforts, centered around selling ads, have helped the company increase its annual revenue from $229 million in 2020 to $804 million last year.
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