Reddit says it has filed for an IPO

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Reddit has filed for an preliminary public providing by means of a confidential draft registration assertion with the U.S. Securities and Exchange Commission. While the timing of the IPO is unclear, the submitting comes after a powerful 12 months of public choices for expertise corporations. 

It additionally comes after Reddit’s personal WallStreetBets group drew the eye of regulators and market specialists for the so-called meme inventory explosion earlier this 12 months. Meme shares are publicly traded corporations corresponding to GameStop and AMC that generate buzz by way of social media networks like Reddit regardless of typically shedding cash. 

Users on WallStreetBets greeted Reddit’s IPO announcement with each glee and concern, with some members expressing worries that it may mark the top of the social-media firm’s freewheeling tradition. Others chatted about shopping for the inventory — or probably shedding cash on it. 


Reddit’s WallStreetBets hit by bots

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Reddit, which introduced its plan to go public on Wednesday on its company weblog, did not share any particulars about its IPO. Since the registration was confidential, its particulars aren’t obtainable to the general public. 

Reddit has attracted greater than $1 billion in funding, with an August funding from mutual-fund big Fidelity, based on Crunchbase. The social media firm is valued at about $10 billion. 

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