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☆ Reddit to raise nearly $750 million in upcoming IPO
▼ + stars: | 2024-03-11 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +2 min

Reddit aims to raise up to $748 million as part of its upcoming IPO, in which the social media company is seeking a valuation of about to $6.5 billion. The company plans to sell about 22 million shares between a range of $31 to $34 per share, according to a corporate filing released Monday. Investors are closely watching Reddit's upcoming IPO, which will be this year's first major tech stock launch and the first social media IPO since Pinterest went public in 2019. Reddit's annual sales in 2023 were $804 million, which was a 20% year-over-year increase from $666.7 million, according to the company's S-1 filing. It also recorded a net loss of $90.8 million for 2023, which was narrower than the $158.6 million net loss it logged in 2022.

Persons: Reddit, Redditors, Pinterest, Sam Altman Organizations: New York Stock Exchange, Securities and Exchange Commission, Tencent, Advance Magazine Publishers Locations: Los Angeles , California

Companies with upcoming IPOs can offer directed share programs to qualifying groups of retail investors to buy IPO stock. Rather than buying shares through a broker, a directed share program allows investors to buy IPO stock directly from the company. AdvertisementCompanies may offer a directed share program to employees, vendors, or, in Reddit's case, loyal users and moderators. The risk involved with directed share programsOne of the risks associated with directed share programs is that a DSP may harm the company's IPO by causing the IPO value to inflate. How to participate in Reddit's directed share programReddit began rolling out directed share program pre-registration invitations to certain users and moderators on February 22, 2024.

Persons: you'll, Reddit, Redditors, Insider's, Will McDonough, McDonough, Airbnb, Uber, —, there's, Reddit's Organizations: Companies, Corestone, New York Stock Exchange, Reddit, IPOs, DSP Locations: IPOs

☆ 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

☆ Here’s how Reddit users can participate in the company’s IPO
▼ + stars: | 2024-02-26 | by ( Clare Duffy | ) edition.cnn.com time to read: +4 min

The IPO direct share program will be open to adult US Reddit users with accounts created on or before January 1, 2024, who are not current or former Reddit employees. Reddit has not yet set the price at which shares will be listed in its IPO. Reddit is set to be the first major social media company to IPO in years. While somewhat unusual, offering users the opportunity to invest in its IPO makes sense for Reddit, a platform with a community of users famously — some might say infamously — interested in investing. “As with any investment opportunity, you should make an individual decision based on your own personal circumstances and risk tolerance,” Reddit said in an email inviting eligible users to participate in the IPO.

Persons: New York CNN —, ” Reddit, what’s, Reddit, they’ve Organizations: New, New York CNN, New York Stock Exchange, week’s Securities, Exchange Commission, GameStop, Wall Street Locations: New York

☆ 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

ImageReddit’s bet on RedditorsReddit is the latest company set to test the uncertain I.P.O. market, after the unprofitable social media company built around an avid community of newshounds, cryptocurrency devotees and reality TV fans filed to go public. The company is seeking a valuation of at least $5 billion and DealBook sifted through its prospectus to figure out its pitch to investors. demand that’s fueling a global stock market rally. But whether that’s enough to push Reddit to become profitable is a big question hanging over the listing.

Persons: Reddit, Google that’s Organizations: Google Locations: newshounds, A.I

☆ Reddit reveals how much karma you'll need for a chance to buy into its IPO early
▼ + stars: | 2024-02-22 | by ( Alex Bitter | ) www.businessinsider.com time to read: +1 min

Reddit unveiled how users will qualify for priority access to buy its stock ahead of its opening. Reddit users and moderators will be sorted into one of six tiers, according to its IPO paperwork. One of the top tiers is open to users with 200,000 karma or 5,000 moderator actions. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementYou'll need a whole lot of karma or moderator experience on Reddit if you want the chance to buy into the company's stock at its IPO price ahead of its public debut.

Persons: Reddit, — Organizations: Service, Wall Street Journal, Business

☆ 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 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

☆ OpenAI CEO Sam Altman stands to net millions as Reddit goes public
▼ + stars: | 2024-02-22 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

OpenAI CEO Sam Altman will be in a position to make millions after Reddit goes public, thanks to a series of bets on the online discussion board company that go back to 2014. Altman will hold 9.2% of voting power after Reddit's initial public offering, according to information in the company's prospectus. In 2014 Altman led Reddit's $50 million Series B funding round, after using the service every day for nine years, he wrote in a blog post. In the first half of 2021, Reddit was raising a Series E round, and Altman invested $50 million. He went on to say that investors in the Series B round would give 10% of shares to Reddit users.

Persons: Sam Altman, Reddit, Altman, OpenAI, Reddit's, It's, Steve Huffman, that's, FirstMark's Organizations: Microsoft, New York Stock Exchange, Nasdaq, Silicon

☆ 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 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

☆ Loyal Reddit users could win big from its IPO
▼ + stars: | 2024-02-21 | by ( Alex Bitter | ) www.businessinsider.com time to read: +1 min

Some Reddit users could be among the first to buy the company's stock in its IPO next month. It's an unusual strategy, but one that stock trading app Robinhood tried in 2021. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementReddit's most frequent users could go from posting comments to posting gains — or losses — when the company goes public. Some 75,000 of the company's biggest users will have the chance to buy its stock at the IPO price in March before it starts trading, The Wall Street Journal reported on Wednesday.

Persons: — Organizations: Service, Street, Business

☆ These Apple Vision Pro buyers are returning their headsets — and this is why
▼ + stars: | 2024-02-13 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

Read previewWhen the Apple Vision Pro hit the market on February 2nd, would-be fans lined up at the break of dawn to test the mixed-reality headset at their local Apple Stores. One major reason Vision Pro customers say they want a refund: its seemingly clunky design. Some Redditors who claim to be returning the Vision Pro also referenced how uncomfortable it is to wear the headset. Disappointment in the headset's vision quality is another gripe expressed by Vision Pro customers. AdvertisementThat is, if the Vision Pro ever gets cheaper.

Persons: —, they're, Farzad Mesbahi, Mesbahi, Collin Michael, he's, Michael, Apple, Kane Sutter, Matt Schneider, Apple didn't, Sutter Organizations: Service, Apple Vision, Apple Stores, Business, Twitter, Apple, Vision, Vision Pro, YouTube, Pro

Mint is set to shut down in 2024, and some users are switching to the budgeting app Monarch Money. One of the most hyped-up Mint alternatives among Reddit users is the budgeting app Monarch Money. Find out why some Mint users are switching to Monarch Money and decide whether it's a good option for you. Monarch Money FAQsWho is the founder of Monarch Money? Monarch Money allows you to create a budget, set savings goals, track your net worth, and analyze your cash flow.

Persons: —, Karma, Val Agostino, You'll, you've, Jon Sutherland, Ozzie Osman Organizations: Service, Mint, Money, Intuit, Karma, Monarch, Plaid

☆ Who is Elly Conway? Everything to know about the mysterious author at the center of the movie 'Argylle'
▼ + stars: | 2024-01-31 | by ( Olivia Singh | ) www.businessinsider.com time to read: +7 min

Matthew Vaughn's "Argylle" stars Bryce Dallas Howard as an author named Elly Conway. The film is based on a book written by a supposedly real-life author named Elly Conway. AdvertisementMatthew Vaughn's latest action movie "Argylle" has been garnering lots of attention lately, and fans are demanding to know the identity of first-time author Elly Conway. AdvertisementVery little is known about ConwayBryce Dallas Howard as Elly Conway in "Argylle." "I am begging Elly Conway to come out of the shadows because this Taylor Swift thing freaked me out.

Persons: Matthew Vaughn's, Bryce Dallas Howard, Elly Conway, Conway, Vaughn, it's Taylor Swift, —, Conway Bryce Dallas Howard, Peter, MARV Conway's, Jason Fuchs, Henry Cavill, Samuel L, Jackson, Ian Fleming's, Ellie, Elly, Alfred Solomon, Matthew Vaughn, Peter Mountain, MARV, Argylle, Instagram, who's, Terry Hayes, Hayes, James Gray, Taylor Swift Taylor Swift, Anita Ko, Kevin Mazur, Swift, she's, Nils Sjöberg, Conway's, Meredith Grey, Chip, it's, Taylor Swift, Claudia Schiffer, Rolling Stone, Schiffer, Alfie, Taylor Organizations: Service, Universal Pictures, Apple, Apple Original Films, Bantam Books, Random, Penguin Random, New Yorker, Twitter, The Hollywood, Washington Post, argyle, Netflix Locations: United States, New, New York, Swift

☆ 7 weird jobs that are well-paying but nobody knows about, according to a viral Reddit thread
▼ + stars: | 2023-11-30 | by ( Aria Yang | ) www.businessinsider.com time to read: +5 min

A Reddit user asked what are weird jobs nobody knows about but pay well. AdvertisementA Reddit user asked which jobs were relatively unknown but lucrative and the post went viral. Teeth designerA Reddit user said he makes teeth on a computer using CAD/CAM software for dental laboratories. Artificial flavor makerOne Reddit user wrote, "My dad was a master flavorist. Reddit user solarblack wrote, "My Aunt and her daughter both do seasonal work as hand pollinators and harvesters.

Persons: Redditors, —, IndependenceNo2060, Loreo1964, die_lahn, solarblack Organizations: Service, Business, Heineken

☆ 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

☆ A UPS driver posted their $2,400 weekly paycheck to Reddit. Here's the flood of comments it sparked.
▼ + stars: | 2023-09-14 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

A viral Reddit post about a UPS driver's pay sparked complaints and praise. Interest in becoming a UPS driver is spiking after UPS increased total compensation to $170,000. A Reddit user posted an apparent copy of their UPS paycheck to the site on Tuesday — and it quickly went viral. For 49 hours of work, the UPS driver made more than $2,400 before taxes, according to the paycheck that was posted. "I'm a UPS delivery driver.

Persons: couldn't, they'd Organizations: UPS, Service, Teamsters Locations: Wall, Silicon, Texas

☆ A bumper sticker mocking Elon Musk is sparking a polarizing debate about what it means to drive a Tesla
▼ + stars: | 2023-09-06 | by ( Grace Kay | ) www.businessinsider.com time to read: +5 min

A picture of a bumper sticker that mocks Elon Musk is again making the rounds on social media. A Reddit post about the sticker sparked a debate on whether Tesla can be separated from its CEO. It's unclear where the apparent bumper sticker originated, or whether there's more than one. As for the reaction to the bumper sticker, one user said people need to stop tying Musk so closely to Tesla. "It's idiotic," the user posted on a thread with a photo of the bumper sticker.

Persons: Elon Musk, Tesla, Elon, There's, Musk, Joe Biden, Redditors, I've, Redditor, I'd, MAGA Organizations: Service, EV, Twitter, Defamation, ADL, Starbucks, OG, Bloomberg, CNN Locations: Wall, Silicon

☆ A Tesla bumper sticker that says 'I bought this before we knew Elon was crazy' keeps popping up on social media. It's prompting a debate about whether you can separate a product from its CEO.
▼ + stars: | 2023-09-06 | by ( Grace Kay | ) www.businessinsider.com time to read: +5 min

A picture of a bumper sticker that mocks Elon Musk is again making the rounds on social media. In the picture that was posted on the "me_irl" subreddit, a Model Y is shown with a bumper sticker that says: "I bought this before we knew Elon was crazy." It's unclear where the apparent bumper sticker originated, or whether there's more than one. As for the reaction to the bumper sticker, one user said people need to stop tying Musk so closely to Tesla. "It's idiotic," the user posted on a thread with a photo of the bumper sticker.

Persons: Elon Musk, Tesla, Elon, There's, Elon Musk's, Musk, Joe Biden, Redditors, I've, Redditor, I'd, MAGA Organizations: Service, EV, Twitter, SEC, Tesla, Defamation, ADL, Starbucks, OG, Bloomberg, CNN Locations: Wall, Silicon

☆ Welcome to the rabbit hole of agony aunt-killer subreddits, where users discuss money, love, and villainy
▼ + stars: | 2023-08-23 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +6 min

Today, Reddit's subreddits take center stage. But these advice subreddits might not be so different from the agony aunt advice columns of yesteryear. But beyond them is a funky constellation of subreddits where users come to pour out their innermost thoughts and burning questions. The poster wrote, "I feel like even at 28, no matter how hard I try to fit in and be nice, I somehow mess it up." AdvertisementAdvertisementTo be sure, Reddit's public advice columns are not without their detractors.

Persons: Abby, Dan Savage, Reddit's, —, Redditors, University of Tampa's David Gudelunas, Dorothy Dix, Ann Landers, Gudelunas Organizations: Morning, University of Tampa's Locations: London

☆ Redditors in LA are compiling a list of restaurants that ask customers to pay extra fees as diners grow increasingly frustrated with added charges
▼ + stars: | 2023-08-14 | by ( Grace Dean | ) www.businessinsider.com time to read: +5 min

Redditors are compiling a list of Los Angeles restaurants that charge diners extra fees on their checks. The additional costs include security charges, service charges, card fees, and "administrative fees." Redditors have begun compiling a list of restaurants in Los Angeles that charge diners additional fees on their checks. The Google Sheets document, which started in r/LosAngeles, has more than 200 entries, with fees including corkage charges, service charges, and credit card fees. Some are a bit more vague, described on their menus or websites as "administrative fees" or "restaurant fees."

Persons: it's, gratuities, Il Organizations: Google, Service, Oceanview Locations: Angeles, Wall, Silicon, Los Angeles, Santa Monica, Hollywood, Venice, Century City, Encino, Manhattan Beach, Lake, Perch, Downtown Los Angeles, Korean, Alhambra

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