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☆ How to lock in attractive, high-income returns from low-risk bonds in an inverted yield curve, according to a portfolio manager
▼ + stars: | 2024-04-25 | by ( Laila Maidan | ) www.businessinsider.com time to read: +4 min

And that's seen by the dot plot and their own inability to predict when interest rate cuts are going to happen." Related storiesWhen the yield curve is inverted, meaning short-term rates are above longer-term ones, a barbell strategy in bonds means betting on long- and short-duration bonds. And that barbell is kind of what investing in the yield curve looks like today", Huffman said. But if interest rates fall, you will be forced to reinvest in a lower interest rate environment. Avoid the 10-year or 30-year duration bonds because they will face a negative yield curve role, which could reduce their total return potential, she added.

Persons: Taylor Huffman, Huffman, it's Organizations: PT Asset Management, Business, Management's, Bond, Securities

☆ It's not just you: Reddit is taking over Google
▼ + stars: | 2024-04-17 | by ( Hugh Langley | ) www.businessinsider.com time to read: +11 min

In February, Google and Reddit announced a blockbuster deal that would let Google train its AI models on Reddit content. Google said the deal, reportedly worth $60 million, would "facilitate more content-forward displays of Reddit information," leading to some speculation that Google promised Reddit better visibility in exchange for the valuable training data. Per Sistrix data, Reddit is now as visible in top Google Search results as Instagram. Google CEO Sundar Pichai on stage at Google IO 2023 JOSH EDELSON/GETTYGoogle's Reddit deal and its endorsement of Reddit content in Search show how much it sees Reddit as a crucial part of the future of search. AdvertisementYouTube already has heaps of videos offering advice on hijacking Reddit to rise to the top of Google Search.

Persons: —, Semrush, Reddit, It's, Steve Paine, Paine, we've, Danny Sullivan, Prabhakar Raghavan, Sundar Pichai, JOSH EDELSON, Aleyda Solis, Orainti, Glen Allsopp, Solis, Lily Ray, Ray, Perplexity, Steve Huffman Greg Doherty, Sistrix's Paine, Natalie Slater Organizations: Service, Google, Business, Sistrix, YouTube, Amazon, LinkedIn, Getty Locations: SEOs, Reddit, TikTok

☆ Microsoft just set the stage for an all-out AI talent war with Google
▼ + stars: | 2024-04-08 | by ( Hugh Langley | ) www.businessinsider.com time to read: +4 min

AdvertisementMicrosoft is opening a new artificial-intelligence unit in London, putting itself firmly on the turf of its biggest AI rival: Google DeepMind. In the battle for top AI talent, a bigger London presence could be a savvy move for Microsoft. Related storiesLast year, in response to increased pressure from rivals such as OpenAI, Google merged DeepMind with its central AI unit Brain, forming the new Google DeepMind. Meta itself recently lost three top AI employees, while Google has lost a steady stream of employees to OpenAI over the past year. As the Big Tech AI arms race for talent continues to heat up, Google may have to work even harder to stem the bleeding.

Persons: —, Mustafa Suleyman, Suleyman, Jordan Huffman, It's, OpenAI's, Alex Libre, BI's Aaron Mok, Sergey Brin, OpenAI, Mustafa Suleyman's Organizations: Microsoft, Google, Service, Gemini, Meta, who's, Big Tech Locations: London

☆ Opinion: NASA was America’s crown jewel. After the Columbia disaster it was never quite the same
▼ + stars: | 2024-04-06 | by ( Opinion Douglas Brinkley | ) edition.cnn.com time to read: +15 min

Space Shuttle Columbia launches from the Kennedy Space Center in Florida on January 16, 2003. Space Shuttle Columbia launched from the Kennedy Space Center in Florida at 10:39 a.m. The environmentally controlled chamber was mated to Space Shuttle Columbia for access into the orbiter. NASA Space Shuttle Columbia lifts off from the Kennedy Space Center in Florida on January 16, 2003. Students and staff of the Shoshone-Bannock High School had an experiment on board Space Shuttle Columbia.

Persons: Douglas Brinkley, Katherine Tsanoff, John F, Kennedy, ”, Douglas Brinkley Moore Huffman, Nancy Currie, Gregg, Scott Andrews, NASA's, Michael P, Anderson, William C, McCool, Rick D, David M, Brown, Laurel, Ilan Ramon, Kalpana Chawla, Joe Skipper, Karl Ronstrom, Ramon, NASA Chawla, Clark, Chawla, Robert Giroux, Kathryn O'Neill, Zachary, Brett Coomer, Florida Sen, Bill Nelson, Matt Stroshane, Tommy Peltier, Eric Gay, Smiley, Gene Theriot, Sean O'Keefe, George W, Bush, Ron Dittemore, Joe Cavaretta, O'Keefe, Mannie Garcia, NASA Sandy Anderson, Carlos Noriega, Michael L, Coats, Evelyn Husband, Thomas, John Raoux, Glenn Benson, Kim Shiflett, Sean O’Keefe, Jeff Bezos, Lockheed Martin, Sir Richard Branson, “ Organizations: Rice University, CNN, Shuttle Columbia, National Aeronautics and Space Administration, NASA, Russian Space Agency, Russia, United Arab, Challenger, Columbia, Space, Space Shuttle Columbia, Kennedy Space Center, Reuters Space Shuttle Columbia, Scott Andrews People, Control Center, Getty, NASA Space, Israeli Air Force, Space Shuttle, Red Team, Blue Team, Johnson Space Center, Former, Houston, Houston Chronicle, People, US Navy Corps, Columbia Reconstruction, NASA Workers, Astronauts Memorial Foundation, Reuters, Bannock, Bannock Junior, Senior, Bannock High School, Johnson Space, Shuttle, Investigation, Elon, SpaceX, United Launch Alliance, Boeing, Lockheed, Virgin Galactic, JFK Locations: China, United Arab Emirates, Japan, Columbia, Texas, Louisiana, Florida, Houston, Israel, SPACEHAB, New York, Laguna Hills , California, San Augustine , Texas, Washington ,, Shoshone, Fort Hall , Idaho, American

☆ Robo-lawyer startup DoNotPay did something almost unheard of in Silicon Valley: It paid a dividend.
▼ + stars: | 2024-04-01 | by ( Melia Russell | ) www.businessinsider.com time to read: +6 min

In January, the legal startup DoNotPay sent more than $1 million to employees and investors in its first-ever dividend. He got the idea from one of his own angels, Sahil Lavingia, whose startup Gumroad issued a dividend last year. The expectation is that when a company sells or goes public, employees will cash in their shares for untold riches. Last year, the digital commerce startup Gumroad paid a dividend of $1 million across employees, investors, and thousands of crowdfunding backers. Cash rewardsBrowder said he wanted to offer a dividend to reward those employees and investors who bet on the startup early.

Persons: Joshua Browder, Browder, DoNotPay, it's, Sahil Lavingia, Josh Seidenfeld, Cooley, Steve Huffman, Spencer Platt, Seidenfeld, Lavingia, Andreessen Horowitz, Greylock, Dylan Field, Scott Belsky, Daniel Dines, Balaji Srinivasan, Cash, there's Organizations: Business, Big Law, Employees, Founders Fund, Adobe Locations: San Francisco

☆ Stocks making the biggest moves midday: RH, Reddit, Estée Lauder, AMC and more
▼ + stars: | 2024-03-28 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Check out the companies making the biggest moves midday. Estée Lauder — Shares jumped 6.28% after Bank of America upgraded them to buy from neutral. AMC Entertainment — Shares dropped 14.29% after the movie theater chain said in a filing it will sell $250 million worth of stock. Verint Systems — Shares added 6.63% after the customer engagement solutions provider surpassed fourth-quarter earnings per share and revenue expectations. Braze anticipates a loss of 10 cents to 11 cents per share for its first quarter, versus a 5 cents loss expected from analysts polled by FactSet.

Persons: Estée Lauder —, Steve Ladd Huffman, Jennifer Wong, Chemours, Sridhar Ramaswamy, FactSet, Synnex, TD Synnex, MillerKnoll, Braze, —, Alex Harring, Hakyung Kim, Pia Singh, Jason Kempin Organizations: Bank of America, New York Stock Exchange, AMC, Verint Systems, Apollo Global Management, FactSet, Allstate, HSBC, Getty

☆ Reddit shares plunge almost 25% in two days, finish the week below first day close
▼ + stars: | 2024-03-28 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +2 min

Reddit shares are plummeting after experiencing a rally stemming from the social media company's IPO last week. Shares closed at $49.32, ending the week below their closing price on Reddit's first day of trading on the New York Stock Exchange. Reddit shares began their downward spiral on Wednesday, when they sank about 11% to $57.75 at market close. Meanwhile, Reddit Chief Operating Officer Jennifer Wong disclosed that she sold 514,000 shares and now holds 1.4 million of the company's shares. The company's shares then rose 8.8% on Tuesday to close at $65.11, even after New Street Research issued a neutral rating on the company.

Persons: Reddit, Steve Huffman, Ben Silverman, Verity, Jennifer Wong, Silverman, It's Organizations: New York Stock Exchange, Stock, Bloomberg News, CNBC, New, Research, New Street Research Locations: New York City

☆ CNN Exclusive: Conservative bigwig Matt Schlapp agreed to hefty settlement to end sexual assault lawsuit
▼ + stars: | 2024-03-27 | by ( Jamie Gangel | Gregory Krieg | ) edition.cnn.com time to read: +6 min

CNN —The Republican operative who accused American Conservative Union chairman Matt Schlapp of sexual assault last year received a significant financial settlement in exchange for dropping his lawsuit against Schlapp, multiple sources familiar with the case told CNN. The $480,000 settlement was paid to Carlton Huffman through an insurance policy, according to a source familiar with the details. The original lawsuit filed by Huffman against Schlapp asked for more than $9 million in damages. Huffman told CNN that Schlapp made unwanted sexual advances, including groping and fondling his groin without consent, on the ride back from two Atlanta-area bars on October 19, 2022. A former official on the Walker campaign told CNN he does not believe the settlement exonerates Schlapp.

Persons: Matt Schlapp, Schlapp, Carlton Huffman, Huffman, “, ” Schlapp, ”, ” Huffman, Tim Hyland, Mark Corallo, Donald Trump, George W, Bush, Mercedes Schlapp, Republican Herschel Walker’s, Charlie Gerow, Walker, Carlton, Huffman’s, ” “ Organizations: CNN, Republican, American Conservative, ACU, Washington Examiner, Political, Conference, House, Georgia GOP, Republican Herschel Walker’s Senate Locations: Atlanta, CPAC, Walker’s, Raleigh , North Carolina

☆ Reddit shares slump after CEO Steve Huffman sells 500,000 shares
▼ + stars: | 2024-03-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailReddit shares slump after CEO Steve Huffman sells 500,000 sharesHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.

Persons: Steve Huffman, Brian Sullivan, “ Organizations: CNBC

☆ Reddit investors shrug off hold rating, bid up stock another 15% as post-IPO rally continues
▼ + stars: | 2024-03-26 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +5 min

Reddit's post-IPO rally continues, despite the company receiving a hold rating from a prominent analyst. Investors continue to rally behind Reddit despite New Street Research issuing a neutral rating on the company "after the stock goes to the moon," analysts wrote in a note that was published Tuesday. Investors expect such a deal "to be added soon," considering OpenAI CEO Sam Altman maintains a 9% stake in Reddit. It also recently entered into an expanded partnership with Google, allowing the search giant to access more Reddit data to train its AI models. Meanwhile, some Reddit users took to the company's various finance-related subreddits on Tuesday to discuss the company's rising shares since its IPO.

Persons: Steve Huffman, Sam Altman, Altman, Condé Nast, Reddit, Reddit's, I've, I'd, Dash Organizations: New York Stock Exchange, New, Research, Investors, Advance Magazine Publishers, Google, Federal Trade Commission, FTC, GameStop, Nasdaq, Trump Media & Technology Group Locations: New York City, Reddit's, Reddit, pontificating

☆ Reddit shares rise 30% to start week after social media company's IPO
▼ + stars: | 2024-03-25 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +3 min

Reddit CEO Steve Huffman hugs mascot Snoo as Reddit begins trading on the New York Stock Exchange (NYSE) in New York on March 21, 2024. Reddit shares were up 30% to $59.80 at the market's close on Monday. The social media company's stock has been rising ever since it went public last week and raised roughly $750 million from the IPO, of which the company brought in about $519 million. Reddit shares soared 48% when it began trading on the New York Stock Exchange under the stock ticker "RDDT," resulting in a number of moderators and users, known as Redditors, earning millions of dollars as a group. Reddit's IPO came the same week that Astera Labs shares skyrocketed 72% on the day that the data center hardware company made its public market debut on the Nasdaq.

Persons: Steve Huffman, Snoo, Sam Altman, Reddit, Lo Toney, Toney Organizations: New York Stock Exchange, Reddit's, Astera Labs, Nasdaq, Capital, CNBC Locations: New York

Reddit went public on Thursday after raising $748 million in its IPO. CEO Steve Huffman and Sam Altman and his network of investment firms are some who profited the most. Reddit is the most recent tech company to debut in the public markets as Wall Street watches to gauge the dormant IPO market. The company, founded in 2005 by Steve Huffman and Alexis Ohanian, had been rumored to go public over the past several years. However, the market has been shaky for the past two years, causing several companies to put off pursuing IPOs because of less-than-desirable macro conditions.

Persons: Reddit, Steve Huffman, Sam Altman, Alexis Ohanian Organizations: Business

☆ Redditors bank millions of dollars as a group on stock's opening day
▼ + stars: | 2024-03-21 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +4 min

Reddit power users who participated in the company's IPO made millions of dollars as a group in profits after the stock's big jump in its first day on the market. It's a model that was used by companies like Airbnb , Rivian and Doximity to reward their loyal users and customers. In a reply to LearnedButt, Reddit user friskevision wrote, "Although I didn't invest as much as you, I did make a quick $1,500. Reddit user Reepicheepee made a small investment in the shares. The Reddit user Galactic responded, "High-5, fellow DSP dumper," adding, "Never thought this site would make me money, but here we are!"

Persons: Redditors, Drew Vollero, Axios, —, LearnedButt, friskevision, Reddit, blackberrydoughnuts, Reepicheepee, follysurfer, subreddit, Steve Huffman, Huffman, Redditor erjo5055 Organizations: New York Stock Exchange, Inc, CNBC, GameStop, AMC Entertainment, Galactic Locations: It's

☆ Reddit's co-founder is bickering with investors on the company's big IPO day
▼ + stars: | 2024-03-21 | by ( Samantha Stokes | ) www.businessinsider.com time to read: +4 min

But Reddit's co-founder took to X to call out a perceived slight by investor Initialized Capital. But it's not all sunshine and roses for Reddit, whose co-founder and early investors are bickering on social media. Alexis Ohanian called out Initialized Capital investors on X after the firm's social media account failed to congratulate him by name on Reddit's IPO. Garry Tan tweeted a congrtulations to both Alexis Ohanian an Steve Huffman on Reddit's IPO. Ohanian, Tan, and representatives for Initialized Capital did not immediately respond to requests for comment.

Persons: Reddit, Reddit's, —, it's, Alexis Ohanian, Steve Huffman, Y, Garry Tan —, Ohanian, Tan, Brett Gibson, Jen Wolf, @jenhwolf, George Floyd's, Michael Seibel, Tan's, confidentially, Instacart, Huffman, Garry Tan, Garry Organizations: Service, Twitter, VC, NYSE, New York Stock Exchange

☆ Reddit pops 48% in NYSE debut after selling shares at top of range
▼ + stars: | 2024-03-21 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +5 min

Reddit shares jumped 48% in their debut on Thursday in the first initial public offering for a major social media company since Pinterest hit the market in 2019. Reddit and selling shareholders raised about $750 million from the offering, with the company collecting about $519 million. This year, Reddit said it plans to recognize roughly $66.4 million in revenue as part of its data licensing deals. Google has also entered into an expanded partnership with Reddit, allowing the search giant to obtain more access to Reddit data to train AI models and improve its products. "I hope they believe in Reddit and support Reddit," Huffman told CNBC in an interview on Thursday.

Persons: Steve Huffman, Lynn Martin, Reddit, Pinterest, Klaviyo, Pinterest's, it's, Alexis Ohanian, Huffman, Redditors, Sam Altman, Condé Nast, Altman's, Altman Organizations: New York Stock Exchange, Astera Labs, Nasdaq, Meta, Google, Reddit, Federal Trade Commission, FTC, Companies, CNBC, GameStop, Tencent, Advance Magazine Publishers Locations: New York, It's, Reddit

☆ Reddit power users balk at chance to participate in IPO as Wall Street debut nears
▼ + stars: | 2024-03-20 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +10 min

It's not just market conditions that have Reddit moderators like Gilbert forgoing the investment opportunity. Reddit has long had a rocky relationship with moderators and the site's most dedicated users, or Redditors. In total, Reddit said underwriters have reserved 1.76 million of the 8 million shares in the IPO for the DSP. Meme stocksOf all companies, Reddit knows something about stock market volatility. However, given the dearth of tech IPOs since the start of 2022, White said Reddit's offering is "probably a little more risky."

Persons: Jonathan Raa, Sarah Gilbert, she's, She's, Airbnb, Doximity, Reddit's, Klaviyo —, It's, Gilbert forgoing, Reddit, Steve Huffman, Gilbert, you've, Alexis Ohanian, Twitch, BuckRowdy, Joshua White, White, FormicaDinette33, subreddits, it's, Wrestlegirl, Maharaj, shouldn't, He's, jeering, Courtnie Swearingen, Victoria Taylor, Swearingen, San, — CNBC's Cameron Costa Organizations: Nurphoto, Getty, New York Stock Exchange, Cornell University's Citizens, Technology, Google, YouTube, Facebook, CNBC, GameStop, AMC Entertainment, Vanderbilt University Locations: New, Chicago, San Francisco

☆ Reddit CEO Steve Huffman defends his $193 million compensation package
▼ + stars: | 2024-03-19 | by ( Ana Altchek | ) www.businessinsider.com time to read: +5 min

Reddit CEO Steve Huffman discussed his compensation package in a video Q&A posted on the forum. The CEO's $193 million pay package includes a mix of salary and stock. AdvertisementReddit CEO Steve Huffman has received backlash over his $193 million compensation. Related storiesThe bulk of his compensation package is now in restricted stock units and stock options. Huffman's chances of getting even richerBack at Reddit, it's unlikely that Huffman will get $193 million in compensation.

Persons: Steve Huffman, —, Huffman, there's, That's, Reddit, Mark Zuckerberg, Zuckerberg, Elon Organizations: Service, SEC, Zuckerberg, Elon, Meta, Tesla Locations: Reddit, Delaware

☆ Google and Apple's rumored partnership could upend the AI industry
▼ + stars: | 2024-03-19 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at what a potential partnership between Google and Apple over AI features would mean for both companies and the wider industry. The big storyGoogle, Apple, AIRebecca Zisser/BITwo of the world's biggest tech companies are reportedly discussing a partnership that would upend the AI industry. Apple is considering integrating Google's AI model, Gemini, into the iPhone . The company has been noticeably quiet around its AI plans compared to peers like Google, Microsoft, Meta, and Amazon. So even if Apple and Google come to an agreement, they could still face some serious regulatory pushback.

Persons: —, hasn't, Rebecca Zisser, Mark Gurman, Sundar Pichai, Apple, it's, Tim Cook, Google's Gemini, Insider's Hasan Chowdhury, BI's Phil Rosen, Mike Coppola, Jerod Harris, Grzegorz Wajda, Chelsea Jia Feng, It's, OpenAI, Stephanie Cohen, Goldman Sach's, Goldman Sachs, Jenny Chang, Rodriguez, Goldman, Josh Edelson, Chip Somodevilla, TikTok, Jensen Huang, Blackwell, Alyssa Powell, elbowed, Manoj Bhargava, Steve Huffman, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb, George Glover Organizations: Service, Google, Apple, Business, Gemini, Microsoft, Meta, Google's, Getty, Vox Media, Getty Images, Department of, Big Tech, Wall, Cloudflare, Bank of Japan, SXSW, Nvidia, Sports Illustrated, Arena Group Locations: AFP, Woodstock, Arizona , Florida , Illinois , Kansas, Ohio, New York, London

☆ Biden administration softens EV mileage rule in a win for automakers
▼ + stars: | 2024-03-19 | by ( ) www.cnbc.com time to read: +6 min

The original Biden administration proposal would have lowered such "petroleum-equivalent fuel economy" ratings for EVs by 72% in 2027. The industry cheered the Energy Department announcement. Automakers, auto dealers and the UAW called the original EPA plan unrealistic. The National Resources Defense Council (NRDC) and Sierra Club had urged EV mileage rating reductions after the Energy Department left them unchanged for two decades. "The automakers' free ride is over," he said, adding that changes "will curtail automakers' use of phantom credits they used to keep selling gas-guzzlers."

Persons: Biden, Joe Biden's, Donald Trump, John Bozella, Tesla, Pete Huffman Organizations: Detroit, Biden, Department of Energy, Reuters, U.S, Republican, Energy Department, Ford, Alliance, Automotive, United Auto Workers, General Motors, Chrysler, Traffic, Environmental Protection Agency, EPA, Toyota, Honda, Hyundai, GM, Volkswagen, UAW, National Resources Defense Council, Sierra Club, Energy Locations: New York City, United States, Michigan, fleetwide, U.S, NRDC

☆ Reddit’s Long, Rocky Road to an Initial Public Offering
▼ + stars: | 2024-03-13 | by ( Mike Isaac | ) www.nytimes.com time to read: +1 min

During a leadership crisis in 2015, Reddit asked Steve Huffman, one of its founders, to return to run the social media platform. This month, Reddit is poised to reach the stock market in one of the first tech initial public offerings of the year. Unlike a recent crop of start-ups that are focused entirely on artificial intelligence, the 19-year-old company is a throwback to an earlier era of social media. But what stands out the most is that Reddit is able to go public at all. After being early to social media, the San Francisco-based company stagnated for years.

Persons: Reddit, Steve Huffman, Huffman, “, Mr Locations: San Francisco

Social media company Reddit is looking to raise almost $750 million in an initial public offering of its common stock. The company said in a regulatory filing that the IPO will include 22 million shares of Class A common stock. Reddit is offering approximately 15.3 million shares, while the selling stockholders are offering about 6.7 million shares. The underwriters were also given the right to buy up to an additional 3.3 million shares to cover any overallotments. The agreement will also give Reddit access to Google AI models for improving its internal site search and other features.

Persons: Reddit, Steve Huffman Organizations: underwriters, Securities and Exchange Commission, Google, New York Stock Exchange Locations: San Francisco

☆ Jim Cramer: Why a successful Reddit IPO would be bad news for this bull market
▼ + stars: | 2024-03-03 | by ( Jim Cramer | ) www.cnbc.com time to read: +14 min

There's nothing like a moribund IPO market to create a pleasant backdrop for a bull run. Hot on the heels of the Reddit deal is the expiration of the IPO lockup period for Arm Holdings on March 12. I thought it might occur after the successful Arm deal, but like so many nascent attempts to revive the IPO market there was nothing worth following up with until the Reddit deal. This brings me back to the IPO market. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: We've, It's, Reddit, Sam Altman, Conde Nast, Rene Haas, Steve Huffman, Reddit's, —, isn't, Morgan Stanley, Goldman Sachs, Uber, Jim Cramer's, Jim Cramer, Jim, Mateusz Slodkowski Organizations: Advance Magazine Publishers, Arm Holdings, Company, Nvidia, Employees, GameStop, Supply, Amazon, Walmart, Securities and Exchange Commission, Investors, Fidelity, ICE, Costco, Rite Aid, Tech, Microsoft, Meta, Federal Trade Commission, White House, Jim Cramer's Charitable, CNBC, Getty Locations: British, TheStreet.com, Reddit, POLAND

Reddit is seeking a valuation of up to $6.5 billion in its upcoming IPO, according to a person familiar with the matter. The Wall Street Journal was first to report on the expected range and valuation. Employees will be allowed to sell Reddit stock during the offering, the source added. Reddit had a private market valuation of $10 billion when it last raised a funding round of $1.3 billion in 2021, according to PitchBook. Reddit's IPO will represent the first major tech offering of the year and the first social media IPO since Pinterest's Wall Street debut in 2019.

Persons: Reddit, Sam Altman's, he'd, Altman, Condé Nast, Alexis Ohanian, Steve Huffman, Airbnb, OpenAI's, John Tuttle Organizations: New York Stock Exchange, Tencent, Advance Magazine Publishers, Securities and Exchange Commission, Google, Reddit Locations: Los Angeles , California, Reddit

☆ No, Sam Altman doesn't actually own half a billion dollars of Reddit stock
▼ + stars: | 2024-02-29 | by ( Madeline Berg | Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

Reddit filed for an IPO, revealing nearly 10% of its shares are owned by entities related to Sam Altman. AdvertisementLast week, not long after Reddit made moves toward a public listing, headlines began to appear about an unexpected figure: Sam Altman. For example, Hydrazine Capital II is listed as owning nearly 9.9 million shares of Reddit. But Altman, at most, owns 5% of Hydrazine Capital II's holdings, or 492,720 of its Reddit shares. AdvertisementThe various entities point to a side of Altman — Altman the investor — that has receded from view since he has become known to the public as OpenAI's CEO.

Persons: Reddit, Sam Altman, Altman, —, tech's, Reddit's, that's, he's, Chris Harvey, Altman — Altman, ADVs, Peter Thiel, Cruise, Steve Huffman, Alexis Ohanian Organizations: Service, Business, Securities and Exchange Commission, Harvey, Apollo, Apollo Projects, SPV, SEC, Investors, University of Michigan, Helion Energy, Facebook, Google Locations: Altman

☆ Wait. Why is Reddit losing so much money?
▼ + stars: | 2024-02-27 | by ( Peter Kafka | ) www.businessinsider.com time to read: +4 min

Last year, according to Reddit's newly filed IPO documents, the company generated $804 million in revenue and lost nearly $91 million. But it's still a lot of money to lose selling a free product. AdvertisementOne big, obvious answer: It has been hiring a lot of engineers and spending a lot of money on their salaries. (Note: There are some dumb stories floating out there about Reddit CEO Steve Huffman getting paid $193 million last year. The best argument I can make in their defense is that Reddit is still adding a lot of users and that more users equals more ad money.

Persons: —, it's, Condé Nast, that's, Steve, Greg Doherty, Steve Huffman, Elon Musk, Reddit, they're, Alex Heath Organizations: Service, Facebook, Business, Twitter, Google

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