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☆ Reddit has never turned a profit in nearly 20 years, but it just filed to go public anyway
▼ + stars: | 2024-02-23 | by ( Clare Duffy | John Towfighi | ) edition.cnn.com time to read: +6 min

The move would make Reddit the first major social media company to go public since Snapchat in 2017. In its 18 years as an online social hub, Reddit has seen enormous growth, occasional controversy and even market-shifting stunts. Reddit users often post anonymously in these forums, discussing everything from memes to major news events. Steve Huffman, CEO of Reddit attends Variety & Reddit An Evening With Future Makers at Wynn Las Vegas on January 05, 2023 in Las Vegas, Nevada. Still, the incident helped draw attention to the power of Reddit communities.

Persons: New York CNN — Reddit, Reddit, ”, Steve Huffman, ” Huffman, Condé Nast, Alexis Ohanian, Huffman, Sam Altman, Ohanian, TheFacebook, Greg Doherty, ” Reddit Organizations: New, New York CNN, San Francisco, New York Stock Exchange, Securities and Exchange Commission, Advance, University of Virginia, Facebook, YouTube, Twitter, Wynn Las, Variety, GameStop, Google Locations: New York, San, Wynn Las Vegas, Las Vegas , Nevada

☆ Reddit aims to ride the AI wave by going public
▼ + stars: | 2024-02-23 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +4 min

The platform's listing, expected next month, would be the largest IPO by a social media company since Pinterest in 2019. That means some are wondering why Reddit has waited until now to make its move, but AI might have something to do with it. Reddit also listed data licensing and AI training as part of its income streams. "We are going public to advance our mission and become a stronger company," he said in a founder's letter included in the prospectus. AdvertisementRepresentatives for Reddit did not immediately respond to a request for comment from BI, made outside normal working hours.

Persons: Reddit, Sam Altman, Steve Huffman, Huffman, Fortune, Katie Notopoulos Organizations: New York Stock Exchange, Facebook, Twitter, Business, Securities and Exchange Commission, Google, University, Virginia, GameStop, AMC Locations: Reddit

☆ Reddit Warns That Meme Stock Investors Could Come for Its Own Stock
▼ + stars: | 2024-02-22 | by ( Meghan Morris | ) www.businessinsider.com time to read: +2 min

As Reddit prepares to go public, the social-media company issued an unusual warning to investors. AdvertisementGameStop, AMC, and other companies saw huge swings in their stock prices starting in 2021, thanks to chatter on social-media platform Reddit. In lawyerly language, Reddit wrote that individual ("retail") investors may home in on the company's stock. AdvertisementReddit S-1 cautions that retail investors could make the stock volatile Reddit S-1 screenshotReddit is offering its most frequent users a chance to buy into the IPO alongside institutional investors. Reddit users, meanwhile, gather on WallStreetBets (mentioned five times in the S-1) and other subreddits, where many posters are bearish about the company's upcoming IPO.

Persons: Reddit, Redditors, — Organizations: GameStop, Service, AMC, Securities and Exchange Commission

☆ Redditors don't want to buy Reddit stock
▼ + stars: | 2024-02-22 | by ( Katie Notopoulos | ) www.businessinsider.com time to read: +2 min

It's offering something unusual: the chance for moderators to buy stock. The possibility of a bunch of Redditors holding stock is enough of a risk for volatility that they had to mention it in their IPO filings. But are Reddit's power users actually interested in buying Reddit stock? r/WallStreetBets is a subreddit with 15 million subscribers devoted to meme-heavy stock chatter, best known for being the 2021 GameStop stock craze. AdvertisementAs far as what this means for Reddit's IPO, who knows?

Persons: — Organizations: Service, Google, Business, GameStop

☆ Reddit files to list IPO on NYSE under the ticker RDDT
▼ + stars: | 2024-02-22 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +6 min

Social media company Reddit filed its IPO prospectus with the Securities and Exchange Commission on Thursday after a yearslong run-up. The company plans to trade on the New York Stock Exchange under the ticker symbol "RDDT." The social networking company's core business is reliant on online advertising sales stemming from its website and mobile app. Reddit said the current addressable advertising market is $1.0 trillion, sans China and Russia. Reddit said that its non-employed moderators, known as Redditors, can participate in the company's IPO offering through its "directed share program."

Persons: Reddit, Pinterest, Alexis Ohanian, Steve Huffman, It's, DAUq, Condé Nast Organizations: Securities and Exchange Commission, New York Stock Exchange, P Global Market Intelligence, Google, eBay, . Publishing, Condé Locations: U.S, Reddit's U.S, China, Russia, Ukraine

☆ Reddit will let users buy its IPO, but warns that they could make the stock riskier
▼ + stars: | 2024-02-22 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Reddit's initial public offering will include a quirk that allows some of its most active users to buy the stock. "Our users have a deep sense of ownership over the communities they create on Reddit. We want this sense of ownership to be reflected in real ownership — for our users to be our owners. But the Reddit users that participate in the IPO will not be subject to a lock-up agreement, the filing said, which could add to volatility in the stock. Reddit users have already proven that they have a taste for trading volatile stocks.

Persons: Reddit, Redditors Organizations: GameStop, AMC Entertainment

☆ The economy's gone from strength to strength after the pandemic — but no one quite knows why, or what comes next
▼ + stars: | 2024-02-20 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +8 min

America has gone from a pandemic crash and recession fears to stocks at record highs and an economic boom. Lockdowns, wars, shortages, inflation, interest rates, day trading, and AI have all played a role. Noam Galai/SOPA/Getty ImagesMany Americans also socked away money during the pandemic, as they saved on expenses like travel and live entertainment. Stimulus-fueled demand, combined with pandemic and war-related supply disruptions, caused inflation to spike to a 40-year high of 9.1% in June that year. The Fed swiftly raised interest rates to rein in the price growth, lifting them from virtually zero to upward of 5% in under 18 months, and hasn't touched them since.

Persons: —, We've, Noam Galai, hasn't, It's, dory Organizations: Service, Federal Reserve, GameStop, AMC Entertainment, AMC, Bank Locations: America, China, Ukraine

☆ George Santos rode the meme stock wave, buying and selling Gamestop and AMC stocks like a WallStreetBets regular
▼ + stars: | 2023-11-16 | by ( Madison Hall | ) www.businessinsider.com time to read: +2 min

The House Ethics Committee released a report regarding its investigation into George Santos. Included in its hundreds of pages of evidence are documents showing stocks Santos once traded. It appears he bought and sold stocks of GameStop and AMC when it en vogue. Buried in "Exhibit 58" of the committee's "Appendix D Part 5" is a selection of tens of thousands of dollars worth of GameStop and AMC Entertainment stock trades Santos reported making in 2021. AdvertisementIn early 2021, hobby stock traders from the "WallStreetBets" subreddit purchased stocks in GameStop en masse after learning investors had begun to short it.

Persons: George Santos, —, Santos, It's, subreddit, Hermes Organizations: Santos, GameStop, AMC, Service, GOP Rep, House, AMC Entertainment Locations: Santos

☆ Billionaire Chewy cofounder Ryan Cohen takes over as GameStop CEO
▼ + stars: | 2023-09-28 | by ( Chris Johnston | ) www.businessinsider.com time to read: +2 min

Ryan Cohen was announced as the new CEO of GameStop on Thursday. AdvertisementAdvertisementGameStop has a CEO once again after Ryan Cohen, the billionaire founder of Chewy, was appointed Thursday. Cohen had been executive chairman since early June after CEO Matt Furlong was shown the door. Cohen, who's the largest investor in GameStop with a 12.1% stake, sold Chewy in 2017 for $3.3 billion. Cohen first took a stake in GameStop in 2020 and joined its board in January 2021 before becoming chairman that June.

Persons: Ryan Cohen, Chewy, —, Cohen, Matt Furlong, Furlong, Keith Gill, Kitty, Paul Dano, Gill, David Organizations: GameStop, Service, Amazon, Forbes, YouTube, Sony Pictures

☆ The meme stock mania is now a movie. Here's what has happened to GameStop and AMC
▼ + stars: | 2023-09-15 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +6 min

There's Anthony Ramos' Marcus, a GameStop cashier, being lectured by his parents that this stock trading thing isn't real. Reddit versus Wall StreetMany social media traders discussed the meme stock moment in David vs Goliath terms — the retail traders versus the hedge funds. Several brokerages limited trading in meme stocks at the height of the meme stock mania. In the second quarter of 2019, before the meme stock mania began, the company generated about $1.3 billion in net sales. The AMC stock sales have diluted the holdings of individual shareholders, and the market cap of AMC is still down more than 50% from its peak.

Persons: Pete Davidson, Paul Dano's Keith Gill, Kitty, There's Anthony Ramos, Marcus, Jenny, hasn't, David, Gabe Plotkin, Seth Rogen, Capital, Robinhood, Chewy, Ryan Cohen, Matthew Furlong, shakeups, Adam Aron, Plotkin Organizations: Sony Pictures Entertainment, GameStop, YouTube, Ferrari, AMC Entertainment, AMC, SEC, Amazon, Wall Street titans, Charlotte Hornets

☆ Vietnamese EV maker VinFast fails to cement meme stock status as eye-popping rally fades quickly
▼ + stars: | 2023-09-01 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Frantic trading in VinFast has raised eyebrows, but it's still far from becoming a meme stock. After a head-scratching six-day winning streak, VinFast has lost 60% this week, cutting its gains since its market debut to about 170%. No meme stock VinFast's short-lived rally is reminiscent of the trading frenzy last year in AMTD Digital, a little-known Hong Kong-based fintech company, where the stock was up more than 20,000% in just two weeks. The stock is now trading at $5.60 apiece, nearly 30% lower than its initial public offering price of $7.80. The SPAC market dried up over the past year as interest rates surged and regulatory pressure ramped up.

Persons: VinFast, Marco Iachini, I'm, Iachini, Alex Harring Organizations: Ford, GM, Vanda Research, AMTD, GameStop, Nasdaq, Black Locations: VinFast, Hong Kong

☆ Reddit throughout the years: Its rise to prominence, recent revolts and IPO plans
▼ + stars: | 2023-07-30 | by ( Katie Brigham | ) www.cnbc.com time to read: +6 min

The price hikes have led some beloved third-party Reddit apps such as Apollo to shut down, instigating an uproar among the website's community of volunteer moderators, who often rely on third-party apps to run the site's 100,000+ discussion communities, called subreddits. But tensions remain high, and some say that if Reddit doesn't rebuild trust, its most passionate users will go elsewhere. Ohanian rejoined Reddit as executive chairman in 2014 and Huffman rejoined as CEO the next year. But it's not just tech giants who use Reddit's API. These third-party apps are largely just alternatives to Reddit's official mobile app, which didn't even exist until 2016.

Persons: Reddit, David DeWald, Alexis Ohanian, Steve Huffman, Paul Graham, Ohanian, Huffman, Y Combinator, Condé Nast, Debra Aho Williamson, George Floyd's, it's, Apollo, Jakub Porzycki Organizations: University of Virginia, Advance, Facebook, Insider Intelligence, GameStop, AMC, Google, Getty

☆ Tupperware might just be the latest meme stock after its shares tripled in a week
▼ + stars: | 2023-07-29 | by ( Ryan Hogg | Jyoti Mann | ) www.businessinsider.com time to read: +4 min

Tupperware might be the latest meme stock after more than tripling in value within a week. Shares in the embattled food container maker more than tripled since July 20 to just over $3, leaving many to wonder whether it might be the latest "meme stock." According to data from Marketwatch, 27% of Tupperware shares that are available to trade have been "shorted" by investors. The amount of short interest in Tupperware has indeed fallen more than a quarter this year amid apparent interest from retail investors. On r/WallStreetBets, the birthplace of the meme stock craze, members were giddily comparing the stock to Bed Bath & Beyond, the now-bankrupt homeware chain that had captivated certain investors since 2021.

Persons: Earl Tupper, didn't, Neil Saunders, Saunders, I've, Tupperware Organizations: Marketwatch, Orlando Business Journal, BlackRock, Orlando Business, Bed Locations: freefall, Tupperware

☆ The Meme ETF is tearing it up again. Some stocks inside it have further to go, according to Wall Street
▼ + stars: | 2023-07-24 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

The so-called meme stock trade is gaining steam once again, and several of the most popular stocks among social media traders have serious upside, according to Wall Street analysts. A quick way to check the pulse of social media-driven traders is the Roundhilll Meme Stock ETF (MEME) . The meme stock with the most upside, according to Wall Street analyst targets compiled by FactSet, is battery manufacturer Enovix . Airlines may not be obvious meme stocks, but Delta Air Lines and Spirit Airlines are both holdings in the fund. To be sure, Wall Street analysts are bullish on fewer than half of the holdings in the MEME ETF.

Persons: Enovix, Dave Portnoy Organizations: Wall Street, GameStop, AMC Entertainment, Wall, Penn Entertainment, Penn, Barstool Sports, YouTube, Airlines, Delta Air Lines, Spirit Airlines, Consumer

July 11 (Reuters) - A U.S. judge on Tuesday dismissed a lawsuit in which the founder of WallStreetBets, which helped ignite investors' fascination with "meme" stocks, accused Reddit of wrongly banning him from moderating the community and usurping his trademark rights. Rogozinski had applied to trademark "WallStreetBets" in March 2020, when the community reached 1 million subscribers. Meme stocks gain popularity through discussions, often among inexperienced investors, in online forums including Twitter. Prominent meme stocks have included AMC Entertainment Holdings (AMC.N), GameStop (GME.N), Koss (KOSS.O) and the now-bankrupt Bed Bath & Beyond (BBBYQ.PK). The case is Rogozinski v Reddit Inc, U.S. District Court, Northern District of California, No.

Persons: Reddit, Jaime Rogozinski, Rogozinski, Maxine Chesney, Rogozinski's, Chesney, today's, James Lawrence, subreddit, Jonathan Stempel, David Gregorio Our Organizations: WallStreetBets, Twitter, AMC Entertainment Holdings, GameStop, Reddit Inc, Court, Northern District of, Thomson Locations: U.S, San Francisco, Northern District, Northern District of California, New York

☆ Gamestop fires CEO as Q1 earnings released
▼ + stars: | 2023-06-07 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

CNN —GameStop fired its CEO, Matt Furlong, and elevated Ryan Cohen to executive chairman, the company announced on Wednesday. GameStop (GME) also reported a net loss of $50.5 million, compared to a net loss of $157.9 million in the first quarter of 2022. The loss comes just a few months after GameStop (GME) reported its first quarterly profit in two years. Shares of GameStop tumbled nearly 20% in after-hours trading on the news of the company’s financial results and C-suite shakeup. During this period, GameStop’s stock surged to an all-time intraday high of $483, before falling.

Persons: Matt Furlong, Ryan Cohen, Furlong, Dean Lewins, Chewy, ”, ’ Organizations: CNN, GameStop, Securities and Exchange Commission, GameStop’s, Bed, AMC Entertainment

☆ Reddit to lay off about 5% of its workforce
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +1 min

June 6 (Reuters) - Reddit said on Tuesday it is laying off about 5% of its workforce, or 90 employees, joining a list of technology companies that have been cutting jobs across corporate America. Tech companies including Meta Platforms (META.O) have been slashing jobs after aggressively hiring during the pandemic, as the industry braces for an economic downturn. The Wall Street Journal first reported Reddit's move on Tuesday, citing an email sent to employees from Chief Executive Steve Huffman. In December 2021, Reddit had confidentially filed for an initial public offering with the U.S. securities regulator after the company's message boards became the go-to destination for day traders during a meme stock frenzy. Reporting by Bhanvi Satija and Samrhitha Arunasalam in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Reddit, Conde Nast, Steve Huffman, Huffman, Bhanvi Satija, Maju Samuel Organizations: America . Tech, Meta, Facebook, Street Journal, Thomson Locations: Bengaluru

☆ AMC stock slumps, 'APEs' jump after litigation deal
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +2 min

April 3 (Reuters) - AMC Entertainment Holdings Inc (AMC.N) shares tumbled 24% in extended trade on Monday, while its preferred shares jumped 21% after the movie theater chain said it agreed to settle litigation and proceed with converting its preferred stock into common shares. The preferred shares have lost over 70% since they were issued in August as part of a plan to pay down the company's debt. AMC said that as part of the settlement, it has agreed to pay the plaintiffs one share for every 7.5 shares they own. Shareholders voted last month in favor of increasing the total number of authorized shares and carrying out a one-for-10 reverse stock split as part of a plan to convert its preferred shares into common shares. AMC listed the preferred shares under the symbol "APE" in a nod to Reddit's wallstreetbets stock trading forum, where participants often describe themselves as apes.

☆ Meme stock GameStop surges nearly 50% after it posted a surprise profit for the first time in 2 years
▼ + stars: | 2023-03-22 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

GameStop reported a surprise profit in the fourth quarter of 2022, boosting its share price. GameStop's share price surged nearly 50% in after-hours trade on Tuesday. GameStop skyrocketed in popularity in 2021 as investors used the WallStreetBets subreddit to pump so-called meme stocks. GameStop skyrocketed in popularity in 2021 as retail investors used the WallStreetBets subreddit to identify and pump the so-called meme stocks. GameStop share prices have come off since then but remain volatile.

[1/2] A screen displays the logo and trading information for GameStop on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 29, 2022. REUTERS/Brendan McDermidMarch 21 (Reuters) - GameStop Corp (GME.N) on Tuesday posted a surprise profit for the fourth quarter, its first since early 2021, as lower costs and job cuts padded the videogame retailer's bottom line, sending its shares nearly 50% higher in extended trading. The retailer posted an adjusted profit of 16 cents per share, compared with Wall Street expectations for a loss of 13 cents. The so-called "meme stock", which is the top trending ticker on retail trader forum Stocktwits, has declined 4% this year. Net profit for the quarter ended Jan. 29 was $48.2 million, compared with a loss of $147.50 million a year earlier.

☆ Nearly 60% of institutional investors said they have used Reddit for investment decisions, survey shows
▼ + stars: | 2023-03-09 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

A Brunswick Group survey found 58% of institutional investors have used Reddit for investment decisions. "Institutional investors look for ways to keep their pulse on the conversation among retail investors." The investment advisory firm surveyed 257 US and European institutional investors – professionals who trade for banks, hedge funds and pensions – and found that 58% have used Reddit. "Institutional investors look for ways to keep their pulse on the conversation among retail investors. What's more, institutional investors are likely to be retail investors in their personal lives and may find their retail research habits helpful in their professional roles," the report said.

☆ A freelancer who makes 6-figures says that anyone can turn writing into a side hustle. He shares the 'funny and unconventional' cover letter that landed him his first major gig without a writing bac
▼ + stars: | 2023-03-03 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +4 min

He sent The Motley Fool an unconventional cover letter and it worked. Still, he decided to try his hand at freelance writing to make some extra money to spend on travel. "I had no qualifications so I resorted to shock value," he said of his application to The Motley Fool. The 27-year-old believes that anyone can try out freelance writing as a side hustle, regardless of your background. Courtesy of Tony Dong"Fortune favors the bold, or so I'm told," added Dong, who still writes for The Motley Fool today.

☆ Movie theatre operator AMC's stock surged 23% after a potential legal delay to a plan that could dilute its shares
▼ + stars: | 2023-02-28 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

AMC stock surged 23% on Monday after a judge scheduled a hearing for shareholders suing the company. The stock became popular in 2021 as a meme stock on Reddit. Investors of the movie theatre chain are scheduled to vote on a conversion of the preferred shares to common shares on March 14 — which will increase the pool of common stock and thus dilute the voting power of common shareholders. This boosted market sentiment and sent AMC common shares soaring. Insider's Phil Rosen reported on Thursday that the rally is like the meme stock boom of 2021.

☆ Europe’s now dealing with an oversupply of natural gas after hoarding it for months before winter
▼ + stars: | 2023-02-16 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

The benchmark price for natural gas futures has cratered about 28% this year, and it's trading roughly 85% cheaper than record highs reached in August. At that time, natural gas was costing buyers about 10 times more than usual ahead of the winter months. As a key energy supplier to Europe, many feared that Russia would cut off natural gas flows in retaliation to Western sanctions. Europe enjoyed its third hottest January ever last month, meaning people used less heating and thus less natural gas. A former Gazprom official told Reuters this week that all the years of work to build up Russia's natural gas exports have become moot.

Feb 15 (Reuters) - The founder of WallStreetBets, which has been credited with helping ignite investors' frenzy into "meme" stocks, sued Reddit Inc on Wednesday, accusing it of wrongly banning him from moderating the community and undermining his trademark rights. According to the complaint filed in federal court in Oakland, California, Rogozinski applied to trademark "WallStreetBets" in March 2020, one month before his ouster, when the community reached 1 million subscribers. "Jamie was removed as a moderator of r/WallStreetBets by Reddit and banned by the community moderators for attempting to enrich himself. Meme stocks typically gain popularity through discussions, often among inexperienced investors, in online forums such as WallStreetBets and Twitter. The case is Rogozinski v Reddit Inc, U.S. District Court, Northern District of California, No.

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