Reddit filed for an IPO to trade on the New York Stock Exchange, reporting $90.8 million in losses and revenue growth of 21% in 2023. The social media platform, in existence for almost two decades, faces the challenge of catching up to its more successful peers like Facebook and Twitter. Reddit plans to sell about 10% of its shares and has chosen Morgan Stanley and Goldman Sachs as lead underwriters. The company aims to list under the symbol RDDT, making it one of the most anticipated IPOs in recent years. This move comes after a deal with Google worth $60 million annually to use Reddit’s content for AI training. Excitement builds for Reddit’s market debut in March, signaling a potential shift in the IPO landscape.
Reddit Discloses $90.8M Loss in IPO Filing Ahead of Stock Debut, US
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