After years of hypothesis, Reddit has paperwork for an Preliminary Public Providing on the New York Inventory Trade. The corporate, which plans to make use of RDDT as its ticker image, may also enable some longtime customers to take part by shopping for shares.
In a observe shared within the firm’s with the SEC, Reddit CEO Steve Huffman mentioned that many longtime customers already really feel a “deep sense of possession” over their communities on the platform. “We wish this sense of possession to be mirrored in actual possession—for our customers to be our house owners,” he wrote. “With this in thoughts, we’re excited to ask the customers and moderators who’ve contributed to Reddit to purchase shares in our IPO, alongside our traders.”
The corporate didn’t say what number of customers may be capable to take part, however mentioned that eligible customers could be decided primarily based on their karma scores whereas “moderator contributions will probably be measured by membership and moderator actions.”
The submitting additionally presents up new particulars in regards to the inside workings of Reddit’s enterprise. The corporate had 500 million guests in the course of the month of December and has lately averaged simply over 73 million “each day lively distinctive” guests. In 2023, the corporate introduced in $804 million in income (Reddit has but to show a revenue). The doc additionally notes that the corporate is “exploring” offers with AI corporations to license its content material because it seems to be to increase its income sooner or later.
Earlier within the day, Reddit and Google introduced that that they had struck such , reportedly valued at round $60 million a 12 months. “We consider our rising platform knowledge will probably be a key aspect within the coaching of main giant language fashions (“LLMs”) and function a further monetization channel for Reddit,” the corporate writes.
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