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☆ 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 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 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 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

☆ 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

☆ 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

☆ 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

☆ 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

☆ Sam Altman secretly owned way more Reddit stock than we thought
▼ + stars: | 2024-02-22 | by ( Grace Eliza Goodwin | Lauren Steussy | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewWe learned a new detail about Sam Altman Thursday: just how much he supports Reddit. The filing revealed that Altman, the CEO of OpenAI, owns an 8.7% stake in the company. Reddit is the first social media company to submit an initial public offering since Pinterest in 2019, and it's the first major tech company to file for an IPO in 2024. The concept of working this closely with AI companies hasn't gone over great with some Reddit users, who have criticized the idea of profiting off users' data without their consent.

Persons: —, Sam Altman, Altman, Newhouse, Tencent, Reddit, Reddit doesn't, Steve Huffman, hasn't Organizations: Service, Securities and Exchange Commission, Business, Altman, Advance, Hollywood, Bloomberg, Google, OpenAI, SEC Locations: Reddit

☆ 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

☆ 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

☆ Reddit may be targeting a $5 billion valuation for its upcoming IPO
▼ + stars: | 2024-01-28 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +2 min

The success of the IPO is contingent in part on the state of the IPO market, which has struggled in recent years. When Reddit first began preparing to go public in late 2021 — a record-breaking year for venture capital — some thought the company could be valued as high as $15 billion in an IPO. Investors are hoping that 2024 will be a more active year for the IPO market. This year's IPO market may also be helped by the Fed's promised rate cuts and a weak M&A market. The last time a social media company went public was in 2019.

Persons: Reddit, —, IPOs, Klaviyo, Steve Huffman, Alexis Ohanian, Aaron Swartz, Condé Nast, Ohanian, Huffman Organizations: Service, Bloomberg, Business, Investors, University of Virginia

☆ Reddit reportedly seeks to launch IPO in March
▼ + stars: | 2024-01-18 | by ( ) www.cnbc.com time to read: +3 min

Social media platform Reddit has drawn up detailed plans to launch its initial public offering (IPO) in March, moving forward with a listing it has been eyeing for more than three years, according to people familiar with the matter. The offering would also test the willingness of some Reddit users to back the company's stock market debut. Reddit, which filed confidentially for its IPO in December 2021, is planning to make its public filing in late February, launch its roadshow in early March, and complete the IPO by the end of March, two of the sources said. It will decide on what IPO valuation it will pursue closer to the time of the listing, according to the sources. The company held back from pulling the IPO trigger until it came closer to profitability.

Persons: Steve Huffman, Alexis Ohanian, Reddit, Huffman Organizations: Facebook, GameStop, AMC Entertainment Holdings Locations: San Francisco

☆ Confessions of a startup founder's wife
▼ + stars: | 2023-11-15 | by ( Melia Russell | ) www.businessinsider.com time to read: +20 min

I wished I had told Kyle that I would understand if he wanted to quit. That's as apt a description of Kyle's startup as it is of our relationship. I'm not sure Kyle has found as many perks to being a startup founder married to a startup reporter. Now Kyle's startup has pivoted a third time. The truth is, I don't know if Kyle's startup will make it.

Persons: Kyle, Kyle shrugged, pang, I'd, hadn't, Scott Belsky, It's, messier, I've, he'd, Jillian, Chris Dixon, Andreessen Horowitz, Jeff Bezos, MacKenzie Scott, Schulze, TikTok, Josh Cochran, Marc Andreessen, I'm, He'd, Eric Paley, Steve Jobs, —, Playbyte, he's, Rohan Seth, Paul Davison, Steve Huffman, hasn't, Instagram, it's, Zelda, That's, cradling, Melia Russell Organizations: Apple Watch, Steam, Francisco's Mission, University of California, TechCrunch, White House, YouTube, Labor Locations: Champagne, Francisco's, Berkeley, San Francisco, New York, America, Playbyte, Kyle, Boston, Bay, sobs

☆ Reddit co-founder Alexis Ohanian: If you want more success than most people, trick your brain into the 'surfer mindset'
▼ + stars: | 2023-10-28 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +3 min

The most successful people in life can recognize a window of opportunity, and know when and how to seize it. It's not unlike surfing, according to Reddit co-founder Alexis Ohanian. A "surfer's mindset" can help you succeed in both life and business, Ohanian told students in a keynote address at his alma mater, the University of Virginia, last week. Afterward, you might "paddle back out ... and wait five hours for another good wave," he continued. "That mindset is the right mindset for a life well-lived," he said.

Persons: Reddit, Alexis Ohanian, Ohanian, You've, Patrón —, you've, Bill Gates, Steve Jobs, Steve Huffman, Huffman, Y Combinator Organizations: University of Virginia, CNBC, Global

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