Reddit is a social media platform where registered users rate contents posted by other users. These contents can be site links, texts, images, or videos, and the rating is done by either up voting or down voting the posted contents. The company was founded in 2005 with its headquarters in California, USA, and boasts of a daily average user (DAU) count of over 73 million users as of 2023.
According to recent reports, Reddit made its debut on the public trading market of the New York Stock Exchange (NYSE) on Thursday, March 21, 2024. Trading under acronym, RDDT, the company’s initial public offering (IPO) was tagged at $34 USD in the early hours of Thursday, and by noon of the same day, the price was as high as $57.80 USD, placing its market cap slightly over $10 billion USD.
An initial public offering (IPO) is the launch of the shares of a privately owned company into the public stock exchange market. IPOs are usually handled by investment banks who list the shares of the proposed company on the stock market at a predetermined price based on perceived market value.
