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    Kennedy Publishing, MGA Entertainment Launch Yummiland Magazine – License Global

    Kennedy Publishing, MGA Entertainment Launch Yummiland Magazine – License Global

    MAY HER SOUL REST IN PEACE 🙏 Veteran entertainment columnist and talent manager Lolit Solis has passed away. She was 78 years old. https://tinyurl.com/6kumarkx | LatestChika.com – Facebook

    Beloved Entertainment Icon Lolit Solis Passes Away at 78 – A Life Remembered with Love and Respect 🙏

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    A Secret Society, Ritualistic Killings, and a Century-Old Curse: Dive into the Chilling World of ‘Mandala Murders’ Premiering July 25

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    Kennedy Publishing, MGA Entertainment Launch Yummiland Magazine – License Global

    Kennedy Publishing, MGA Entertainment Launch Yummiland Magazine – License Global

    MAY HER SOUL REST IN PEACE 🙏 Veteran entertainment columnist and talent manager Lolit Solis has passed away. She was 78 years old. https://tinyurl.com/6kumarkx | LatestChika.com – Facebook

    Beloved Entertainment Icon Lolit Solis Passes Away at 78 – A Life Remembered with Love and Respect 🙏

    Neil Young Plays Rare Full-Band ‘Ambulance Blues’ With The Chrome Hearts – Yahoo

    Neil Young Stuns Fans with Rare Full-Band Performance of ‘Ambulance Blues’ Alongside The Chrome Hearts

    BTS Announce Their Big Return and Yes, They Already Have Some Major Plans in the Works – Yahoo

    BTS Announce Their Big Return and Yes, They Already Have Some Major Plans in the Works – Yahoo

    Nantucket Dance Festival opens July 8 – The Inquirer and Mirror

    Nantucket Dance Festival Launches with Thrilling Performances Beginning July 8

    A Secret Society, Ritualistic Killings, and a Century-Old Curse Netflix and YRF Entertainment’s ‘Mandala Murders’ Premieres July 25 – About Netflix

    A Secret Society, Ritualistic Killings, and a Century-Old Curse: Dive into the Chilling World of ‘Mandala Murders’ Premiering July 25

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    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

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    Environmental cognitive distance, R&D capability distance, and supply chain green technology innovation – Nature

    Bridging Gaps: How Environmental and R&D Differences Drive Green Technology Innovation in Supply Chains

    LG Innotek CEO Moon Hyuksoo: “Our Next-gen Substrate Technology Will Change the Industry Paradigm” – TechPowerUp

    LG Innotek CEO Moon Hyuksoo: “Our Next-Gen Substrate Technology Will Revolutionize the Industry” Revolutionizing the Future: LG Innotek’s CEO Unveils Game-Changing Next-Gen Substrate Technology

    Inspira Technologies Secures Landmark $22.5M Deal: Major Revenue Breakthrough After FDA Clearance – Stock Titan

    Inspira Technologies Secures Landmark $22.5M Deal: Major Revenue Breakthrough After FDA Clearance – Stock Titan

    Meiwu Technology Company Limited and Shenzhen Zhinuo – GlobeNewswire

    Meiwu Technology Company Limited and Shenzhen Zhinuo – GlobeNewswire

    Owls inspire new revolutionary noise reduction technology – KTEN

    Owls inspire new revolutionary noise reduction technology – KTEN

    New center coming to Mizzou will focus on energy research and technology – Columbia Missourian

    Mizzou Launches Innovative New Center Dedicated to Energy Research and Technology

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Reddit IPO: Price, listing date, and which Redditors are getting the stock

March 13, 2024
in Entertainment
Reddit IPO: Price, listing date, and which Redditors are getting the stock
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The company wants users to get in on the action. Should they though?

Reddit logo displayed on a smartphone

Credit: Rafael Henrique/SOPA Images/LightRocket via Getty Images

Reddit (RDDT) is set to go public soon and is as of now, one of the most highly anticipated initial public offerings (IPOs) of 2024. The social media company, led by CEO Steve Huffman, is seeking a $6.5 billion valuation and is aiming to raise up to $748 million in the company’s public offering.

Planned for March 21, the offering is imminent, and Reddit said last week that it will be selling 22 million shares at an expected price of $32.50 per share to help reach that aforementioned $748 million. Around 1.76 million shares of the stock have been isolated for Redditors — meaning they’ll have the opportunity to buy separate shares at the initial offering price and can sell them when the IPO happens without delay. A mandatory six-month holding period is typical for early investors after a stock debut.

These isolated shares are mostly for the holders of Reddit accounts made before January 1, 2024, so if you’re new to Reddit you can’t get in on this. The offer to buy the stock applies to select users, moderators and then “friends and family of various board members and employees,” according to Yahoo Finance.

Back in February, select users were given invitations for the IPO with participants chosen based on their level of activity as forum moderators on the platform, or their “karma” scores, which reflect the perceived value of users’ contributions and work as shorthand metrics for individual standing within the community. Users of Reddit who did not receive an invitation had the chance to sign up in advance to purchase shares in the IPO from March 1 to March 5. If the program reached its capacity before March 5, Reddit would initiate a waitlist.

Reddit’s IPO launch has been in the works since the company first confidentially filed in 2021. Unsurprisingly, Redditors hate this move. Most heavy users seem to feel that the site is already suffering from Reddit’s attempt to further monetize a platform that hasn’t turned a profit in 20 years. This includes, most notably, Terms of Service changes in 2023, specifically to its API, that forced developers of very popular third-party Reddit apps to shut them down. Then there’s the $60 million content licensing deal with Google that allows its AI to be trained on the sites data. Additionally, Reddit removed users’ option to opt-out of personalized ads.

The relationship between Reddit and its free workforce of volunteer moderators is already in a precarious place, especially after many were removed from their subreddits after protesting the company’s API changes. Thus, Reddit allowing moderators early dibs to its IPO can be thought of as an attempt to “make good” to those who feel slighted.

Many users’ enthusiasm about grabbing the stock is not overwhelming, however. “They failed to turn a profit as one of the most popular websites in the world for decades and their only path to profit now is selling access to the previously-not-profitable shitposts to scrapers who will feed it to their AI,” wrote user DPSnacks on the r/investing Subreddit.

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Assistant Editor, General Assignments

Currently residing in Austin, Texas, Chance Townsend is an Assistant Editor at Mashable. He has a Master’s in Journalism from the University of North Texas with the bulk of his research primarily focused on online communities, dating apps, and professional wrestling.

In his free time, he’s an avid cook, loves to sleep, and “enjoys” watching the Lions and Pistons break his heart on a weekly basis. If you have any stories or recipes that might be of interest you can reach him by email at [email protected].

This newsletter may contain advertising, deals, or affiliate links. Subscribing to a newsletter indicates your consent to our Terms of Use and Privacy Policy. You may unsubscribe from the newsletters at any time.

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Copyright for syndicated content belongs to the linked Source : Mashable – https://mashable.com/article/reddit-ipo-everything-you-need-to-know

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