NEW YORK :Reddit's initial public offering is currently between four and five times oversubscribed, people familiar with the matter said on Sunday, making it more likely the social media platform will attain the $6.5 billion valuation it seeks.
Reddit has already curbed its valuation expectations after it was valued in a $10 billion private fundraising round in 2021. The company's IPO is currently seeking to raise as much as $748 million. Moderators can decide to withdraw from their duty at any time, as in 2023, when several quit in protest over Reddit's decision to charge third-party app developers for access to its data.
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