Late on Wednesday evening, popular social platform Reddit announced that it had started publishing the company. The company has filed a confidential S-1 with the Securities and Exchange Commission (SEC) informing it of its intentions to go public.
According to SEC regulations, they are not allowed to provide details about stocks or prices until a dormant period has passed to protect trade secrets from setting an IPO date. The SEC filing confirmed longstanding rumors of Reddit’s plans for a public offering.
Back in August Reddit has raised $ 700 million in new fundingwhich is worth more than $ 10 billion. In a recent update, Reddit said it had $ 100 million in ad revenue in the second quarter of 2021, up nearly 200 percent year over year.
Hello, we have news. pic.twitter.com/DjkjBRloHF
– Reddit (@Reddit) December 16, 2021
“The IPO is expected to take place after the SEC completes its review process, subject to market and other conditions,” Reddit stated in a submission with the US Securities and Exchange Commission.
Reddit competes with ad-supported social media platforms like Meta and Twitter. According to Huffman, the company is overshadowed by. grew up Facebook, now meta, and Google, and every dollar they make is a struggle. On the other hand, Reddit already has its cryptocurrency in the form of. established Reddit Community Points, or RCPs.
Related: Reddit is said to tokenize karma points and add 500 million new users
As of August, Reddit had around 52 million daily users and more than 100,000 active subreddits. Reddit is a forum where seasoned traders gather to share their expertise, as well as a popular hangout for infamous meme stocks r / wallstreetbetsthat this year with his. had a major impact on the stock and cryptocurrency markets Retail and pumping tactics. The group’s popularity led to the creation of its crypto counterpart r / SatoshiStreetB, which now has 509,000 members.
