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☆ Here are Friday's biggest analyst calls: Nvidia, Netflix, Shopify, Dell, Microsoft, Meta, Coca-Cola, Amazon & more
▼ + stars: | 2024-04-19 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Morgan Stanley reiterates Ford and General Motors at overweight Morgan Stanley remains bullish on both automakers. Loop initiates DoorDash as buy Loop said in its initiation of the stock that it has more earnings potential. We think that years of debate over viability and earnings potential of on-demand gig platforms has been settled." Morgan Stanley upgrades Shopify to overweight from equal weight Morgan Stanley said market share gains are increasing for Shopify. Morgan Stanley reiterates Microsoft at overweight Morgan Stanley said it's bullish heading into earnings next week. "

Persons: Oppenheimer, Morgan Stanley, Ford, Mizuho, Jefferies, Ulta, they've, Riley, we've, Wells, Sunnova, it's, we're, Edward Jones downgrades Hershey, Edward Jones, Hershey, Wolfe, Raymond James downgrades, Raymond James, Dell, Needham, Baird, COLM Organizations: Nvidia, General Motors, GM, Mizuho, Netflix, Bank of America, Lam Research, NOVA, " Bank of America, Meta, JPMorgan, Charlotte, Shopify, RBC, Inspire, Systems, Microsoft, UBS, Columbia Locations: U.S, Charlotte , North Carolina

☆ Instacart, DoorDash, and other apps appear to be trying to roll back Seattle's new laws for gig workers
▼ + stars: | 2024-04-13 | by ( Alex Bitter | ) www.businessinsider.com time to read: +8 min

Instacart, DoorDash, and other apps seem to be trying to roll back Seattle's new gig worker pay law. They say Seattle gig workers are making less and delivering fewer orders after many raised prices. But in the preamble to the survey, Instacart indicated it already had thoughts about how things were going. One poster, who included screenshots of the message, encouraged other Instacart shoppers to turn the pre-written letter to the city council around. Uber Eats and Grubhub have also put out statements saying that things have gotten worse for their gig workers since Seattle's law took effect.

Persons: —, Instacart, they've, That's, PayUp, DoorDash, Dashers, Anna Powell, GeekWire, Powell Organizations: Service, Seattle City Council, Business, Instacart, BI, Walmart Locations: Seattle, Seattle's, DoorDash

☆ These are the 11 startups most likely to IPO this year, according to analysts.
▼ + stars: | 2024-04-11 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +1 min

Rising interest rates and limited VC funding have slowed IPOs in the tech sector. With Instacart, Arm, and Klaviyo going public, the IPO market could be reviving this year. BI profiled 11 startups that are expected to IPO, according to PitchBook's Exit Predictor. Initial public offerings (IPOs) have slumped since the record-breaking 2021, when the the likes of likes of Roblox, UiPath, and Rivian listed. The market hasn't been helped by rising interest rates and a slump in venture capital funding, which has slowed down activity in late-stage startups.

Persons: —, It's Organizations: Service, Business

☆ Some Walmart Spark drivers are getting hundreds of dollars in tips they never received due to the retailer's buggy system
▼ + stars: | 2024-04-10 | by ( Alex Bitter | ) www.businessinsider.com time to read: +3 min

Read previewSome drivers for Walmart's Spark delivery service are now getting hundreds of dollars in tips that they were owed after the retailer fixed a glitch. Some Spark drivers got an email informing them of the payment on Tuesday, according to emails seen by Business Insider. Related storiesOne driver posted a screenshot of a $179.77 adjustment payment on Tuesday to Spark Driver Community, a Facebook group for Spark drivers with just over 30,000 members. AdvertisementTips have long been a contentious topic for Walmart's Spark drivers. Do you work for Walmart Spark, DoorDash, Instacart, or another gig delivery service and have a story idea to share?

Persons: —, wouldn't, Adrian Youngblood Organizations: Service, Business, Walmart, Driver, BI Locations: Ohio

☆ People are getting taxed for gig work they've never done
▼ + stars: | 2024-04-06 | by ( Alex Bitter | ) www.businessinsider.com time to read: +7 min

It claimed that his wife, Kelly, hadn't paid about $10,000 in taxes on income from her work on DoorDash. None of them referenced Gardner's actual Social Security number, though all included the last four digits of other people's Social Security numbers. The hack gave the attackers access to Social Security numbers and other personal information about the drivers, the retailer said. Gardner, who had previously used DoorDash as a customer, said she ultimately ignored the 1099s she received. Do you work for DoorDash, Instacart, Walmart Spark, or another gig delivery service and have a story idea?

Persons: —, Brandon Emerson, Kelly, hadn't, DoorDash, Brandon, She's, @Uber I've, Michael M Organizations: Service, Business, Social, Uber Locations: Rochester , New York

☆ Cathie Wood says she’s not buying Reddit at this price, but long term it’s an AI play
▼ + stars: | 2024-04-03 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

Ark Invest CEO Cathie Wood is holding off buying shares of the recent IPO Reddit at current prices, despite a long-term belief in the company's artificial intelligence prospects. "We don't think it's a meme stock," Wood told CNBC's Andrew Ross Sorkin during a " Squawk Box " interview Wednesday. RDDT YTD mountain Reddit shares since going public To be sure, Wood bought Reddit on the offering but said she's avoiding purchasing more after its run-up. Reddit went public last month in the first initial public offering of a major social media company since Pinterest 's debut in 2019. Reddit's offering came amid a slow revival in the IPO market following a two-year dry spell.

Persons: Cathie Wood, Wood, CNBC's Andrew Ross Sorkin, Reddit Organizations: Twitter, New York Stock Exchange, Arm Holdings Locations: Reddit

☆ Rubrik files to go public as tech companies see thawing of IPO market
▼ + stars: | 2024-04-01 | by ( Jordan Novet | ) www.cnbc.com time to read: +1 min

Rubrik, a 9-year-old data security software vendor, filed to go public on Monday, the latest venture-backed company to make moves toward the public market after an extended lull dating back to late 2021. More than three-quarters of Rubrik's revenue went to pay for sales and marketing in the latest fiscal year. Following a dry spell that lasted over two years, the IPO market is showing signs of life in recent weeks. In March, social media company Reddit and data center technology vendor Astera Labs went public on consecutive days. Prior to that, the last two venture-backed tech IPOs in the U.S. were Instacart and Klaviyo in September 2023, but those deals received tepid responses on Wall Street and failed to crack open the window.

Persons: Rubrik Organizations: Dell, IBM, New York Stock Exchange, Astera Labs Locations: U.S, Klaviyo

☆ San Francisco’s ‘Twitter Menace’ or True Believer? He Might Be Both.
▼ + stars: | 2024-03-29 | by ( Heather Knight | ) www.nytimes.com time to read: +1 min

Under cathedral ceilings and soaring stained glass windows, Garry Tan clutched a microphone as he greeted a crowd of political centrists, including San Francisco’s mayor, local prosecutors and police brass. “Welcome to the church of turning San Francisco around!” said Mr. Tan at a fund-raiser he was hosting for local Asian American female political candidates just days before the Super Tuesday elections this month. For a man evangelizing for change in San Francisco, owning a condo that used to be part of a church comes in handy. Last year, he scooped up the $3.95 million space near the city’s palm-tree-studded Dolores Park to hold events like this one — events he hopes will shift San Francisco from its idealistic progressivism toward nuts-and-bolts centrism. Mr. Tan’s day job is chief executive of Y Combinator, the accelerator for tech start-ups that has helped create household names including Airbnb, DoorDash, Dropbox, Instacart and Reddit.

Persons: Garry Tan clutched, ”, Tan, Y Organizations: Francisco’s Locations: San Francisco, Dolores, Francisco

☆ Walgreens CEO says 'human interface' will help the chain beat Amazon
▼ + stars: | 2024-03-28 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

Walgreens CEO Tim Wentworth told CNBC's Jim Cramer his retail pharmacy chain can rival Amazon because of its human-to-human interactions with customers. Wentworth said he loves Amazon, and the online retail giant has set the bar and driven innovation in the industry. But he emphasized that its consumer presence is really what makes the company competitive against Amazon. Over the past few years, Walgreens' business has been hurt by decreasing demand for Covid products, low pharmacy reimbursement rates, competition from online retailers and discontent from pharmacy staff. He also said Walgreens is decreasing pharmacists' "low-value work," such as pill counting, by using micro-fulfillment centers.

Persons: Tim Wentworth, CNBC's Jim Cramer, Wentworth Organizations: Walgreens, Consumers, Amazon Locations: U.S

☆ Match adds two directors in deal with activist investor Elliott Management
▼ + stars: | 2024-03-25 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Tinder and Hinge operator Match Group added two new directors and signed an agreement with Elliott Management, months after the activist investor was reported to have taken a stake in the company, Match announced Monday. The appointments come after a "constructive" dialogue with Elliott that resulted in an information-sharing agreement, Match said in a release. Such agreements allow activist investors to have insight into the company's finances and operations, above and beyond what everyday investors have. Elliott is one of the most prolific activist investors in the space. The Wall Street Journal reported in January that the activist had an economic interest of around $1 billion.

Persons: Laura Jones, Zillow, Spencer Rascoff, Elliott, Marc Steinberg Organizations: Elliott Management, Instacart, Match, Street

While occupying very different corners of the technology market, Reddit and Astera were the first notable venture-backed tech companies to go public in the U.S. since Instacart and Klaviyo in September. Morgan Stanley was the big winner among banks, having captured the coveted lead left spot on both IPOs. Goldman Sachs led last year's only two big venture-backed offerings, meaning it had been a long dry spell for Morgan Stanley. In the past two years, there have only been 15 tech IPOs total, according to research provided by University of Florida finance professor Jay Ritter. That came after a booming market in 2021, when 121 tech companies went public, the most since the dot-com bubble in 2000.

Persons: hadn't, Morgan Stanley, Goldman Sachs, Jay Ritter, Eric Juergens, Debevoise, Plimpton, Lynn Martin Organizations: New York Stock Exchange, Inc, Astera Labs, University of Florida, Investment, . New York Stock Exchange, CNBC Locations: U.S, Klaviyo, IPOs, .

☆ Sam Altman's mission to increase human lifespan with a $180 million shipping container experiment at Retro Biosciences
▼ + stars: | 2024-03-23 | by ( Hilary Brueck | ) www.businessinsider.com time to read: +11 min

Called Retro Biosciences, the startup's goal is simple yet supremely ambitious: Add 10 healthy, enjoyable years onto the back end of our lifetimes. But Retro Biosciences actually fits quite neatly into Altman's futuristic worldview. Retro BiosciencesRetro Biosciences sits about 30 miles south of OpenAI's San Francisco headquarters, where ChatGPT was hatched. Joe Betts-LaCroix is the CEO of Retro Biosciences. There are things we already know work super well to improve human longevity, like exercise, diet, faith, and social support.

Persons: Sam Altman, he's, Elon Musk, Mark Zuckerberg, Altman, Instacart —, Joe Betts, LaCroix, isn't, Betts, Retro's, spry, Yamanaka, Shinya Yamanaka, it's, they've, Sora, Thiel, Jeff Bezos, Bezos, Yuri Milner, Billionaire Peter Thiel, He's, Aubrey de Grey, Christian Angermayer, biogerontologist Daniel Promislow, Altman's, Matt Buckley Organizations: Business, OpenAI, Biosciences, Harvard, MIT, Caltech, Extension, Apple, Stanford University, Retro, Bezos, Labs, Billionaire, Cambrian, Retro Biosciences, Bloomberg Locations: geroscience, Silicon Valley, OpenAI's San Francisco, Meta, Golden City, Retro.bio, Redwood City , California, San Diego

☆ 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'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

☆ Digital firm Kevel raised $23 million to help brands stand up advertising businesses. Here's the pitch deck it used to take on giants like Criteo and Epsilon.
▼ + stars: | 2024-03-21 | by ( Lauren Johnson | ) www.businessinsider.com time to read: +2 min

Earlier this month, the adtech firm Kevel announced that it had raised $23 million in a Series C round of funding to help retailers set up and run advertising businesses. Fourteen-year-old Kevel, formerly known as Adzerk, sells software that brands, including Klarna and Delivery Hero, pay a monthly fee for to manage advertising businesses on e-commerce websites. Kevel's products help retailers sell search ads on e-commerce websites, provide an ad server to manage and place ads, and give access to an audience tool that collects retailers' first-party data. Kevel competes with a growing number of adtech firms that help retailers stand up ad businesses, like Criteo, Epsilon, and Microsoft. Kevel doesn't sell ads, which Avery said the firm benefits from as more retailers like Target's Roundel take their ad businesses in-house.

Persons: Kevel, James Avery, Puja Rios, —, Avery, Morgan Stanley Organizations: Business, Walmart, Epsilon, Microsoft, Interactive, Fulcrum, Partners, Godwin Capital Group, Iberis, Dunnhumby Ventures, Commerce Ventures

☆ Amazon gets boost from 72% pop in AI company Astera Labs' IPO
▼ + stars: | 2024-03-20 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

Amazon CEO Andy Jassy loves to talk about how much his company is benefiting from the artificial intelligence boom. Shares of Astera Labs , which sells data center connectivity chips to cloud and AI infrastructure companies, soared 72% in their Nasdaq debut, closing at $62.03. Astera's IPO plays into Wall Street's thirst for all things AI. As of the end of last year, Amazon controlled 232,608 shares, according to a securities filing. The three types of products Amazon has agreed to buy are are all designed to address "critical bottlenecks in AI infrastructure," according to Astera's IPO prospectus.

Persons: Andy Jassy, It's, Reddit's Organizations: Amazon, Astera Labs, Nasdaq, Texas Instruments, Nvidia, AMD, Intel, Astera, New York Stock Exchange, Arm Holdings Locations: New

☆ 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

☆ 2 experts suggest these 8 side hustles to try this year if you're looking to make money outside your job
▼ + stars: | 2024-03-16 | by ( Madison Hoff | ) www.businessinsider.com time to read: +10 min

AdvertisementSide hustles can include building a profitable business, spending a few minutes on an online gig like survey work, or working a job that falls outside your typical 9-to-5. AdvertisementPet sitting or other kinds of care workAnother side job could be watching someone's pets or care-related side hustles. AdvertisementFood deliveryThere are several food delivery platforms people can try as a side job, such as Uber Eats. "You may be really passionate about art or that creative side, but that's not something that you do in your day job," Caban said. Have you made money from a side job or a side hustle?

Persons: Instawork's Kira Caban, Ted Rossman, —, Kira Caban, it's, Gen Zers, Rossman, Caban, Davis, Taylor Swift, Scott, Meghan Lim, Lim, Uber, Erin Couch, Couch Organizations: Service, Instawork, Business, BI, Baseball, Connect Locations: Nashville

☆ FTC conducting inquiry into Reddit's AI data-licensing practices ahead of IPO
▼ + stars: | 2024-03-15 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +4 min

Reddit said Friday that the Federal Trade Commission sent a letter to the company about its data-licensing business related to the training of artificial intelligence systems. "On March 14, 2024, we received a letter from the FTC advising us that the FTC's staff is conducting a non-public inquiry focused on our sale, licensing, or sharing of user-generated content with third parties to train AI models," Reddit said in an updated IPO prospectus. Reddit filed for an IPO in February, and plans to trade on the New York Stock Exchange under the ticker symbol "RDDT." Reddit said "the opportunity does not conflict with our values and the rights of our Redditors," referring to its users and forum moderators. "We do not believe that we have engaged in any unfair or deceptive trade practice," Reddit said.

Persons: Reddit, hasn't Organizations: Federal Trade Commission, New York Stock Exchange, FTC, Google Locations: Klaviyo

☆ Here are Thursday's biggest analyst calls: Nvidia, Netflix, Tesla, Citi, Robinhood, Meta, IBM, Broadcom & more
▼ + stars: | 2024-03-14 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Evercore ISI reiterates Netflix as outperform Evercore raised its price target on Netflix to $640 per share from $600. Citi downgrades Chubb to neutral from buy Citi said it sees a more balanced risk/reward for the insurance company. Goldman Sachs upgrades Citi to buy from neutral Goldman said in its upgrade of Citi that shares are "compelling." Citi reiterates Nvidia as buy Citi said after a series of investor meetings that Nvidia is a "most favored name." Bernstein reiterates Nvidia and Broadcom as outperform Bernstein said Nvidia and Broadcom are still top picks at the firm.

Persons: Deere, Truist, Bernstein, Tesla, Citi downgrades Chubb, Goldman Sachs, Goldman, Wells, Berenberg, it's, Caterpillar, Morgan Stanley, Meta, Utz, Armour, Evercore, Kevin Plank, Stephanie Linnartz, Jack, Argus Organizations: Deere, UBS, Netflix, Citi, Logitech, Barclays, Thomson Reuters, Caterpillar, Nvidia, Micron, Facebook, Raytheon, Bank of America, of America, Utz, UAA, JPMorgan, IBM, Broadcom, VMware, Argus, Oracle, Oracle Corp Locations: Williams, Sonoma

☆ Facial recognition tech is widespread now, but still might not recognize you
▼ + stars: | 2024-03-14 | by ( Alex Bitter | ) www.businessinsider.com time to read: +6 min

Facial recognition frequently misidentifies people of colorMIT Media Lab researcher Joy Buolamwini found that facial recognition technology misidentified black women up to 35% of the time, the New York Times reported in 2018. When fewer photos of people from other racial and gender groups are used, facial recognition tech is less accurate at identifying people of those backgrounds, the study said. In some cases, it's possible to opt out of using facial recognition technology — and its high error rate. But sidestepping facial recognition often isn't possible, said Gideon Christian, a law professor at the University of Calgary who has written about the legal and societal aspects of facial recognition technology. AdvertisementThe FTC banned Rite Aid from using facial recognition technology in stores for five years as a result.

Persons: —, Spark, Joy Buolamwini, shoplifters haven't, Gideon Christian, Samuel Levine, Christian Organizations: Service, TSA, Business, MIT Media, New York Times, MIT Technology Review, Walmart, CBP, University of Calgary, FTC, FTC's, Consumer Protection, Rite Aid Locations: India

☆ AI could boost these stocks with customer support needs, Barclays says
▼ + stars: | 2024-03-13 | by ( Pia Singh | ) www.cnbc.com time to read: +4 min

One of the leading emerging use cases for artificial intelligence could be automating customer support requests, according to Barclays. At a time when some investors are beginning to doubt the AI momentum, some companies are now experimenting with AI for customer support and consumer-facing features. These support levels involve escalations from solving simple customer service problems, and can entail trouble-shooting with support technicians and the involvement of engineers, if needed. Lyft stands to be the biggest beneficiary of AI automating customer support requests, assuming that it can move just over a third of its Level 2 and 3 human-based customer service requests to AI. To be sure, it's still early days for companies that could benefit from deploying AI as part of their customer support, Barclays found.

Persons: Ross Sandler, Klarna, Sandler, GoDaddy, Roblox's, it's, We've Organizations: Barclays, Web Services, Google, FactSet

☆ Goldman loves these stocks but the rest of Wall Street does not
▼ + stars: | 2024-03-13 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

Investors who take the risk of owning certain unloved stocks could see outperformance down the road, according to Goldman Sachs. This basket of stocks consists of buy-rated names on which the firm's analysts are out of line with the rest of Wall Street. Here are a few of Goldman's differentiated buy names. About a quarter of analysts covering the stock have given it a buy or strong buy rating, according to LSEG. The pet retailer has buy or strong buy ratings from about one-third of Wall Street analysts covering the name, per LSEG.

Persons: Goldman Sachs, Warren Buffett, Goldman, Deep Mehta, Instacart, Petco, Ron Coughlin Organizations: Investors, The New York Times, Citi, Capital, JPMorgan, Petco, Wall Street Locations: 2024E

☆ Instacart, DoorDash, and other delivery service customers say their accounts were deactivated because of innocent mistakes
▼ + stars: | 2024-03-12 | by ( Alex Bitter | ) www.businessinsider.com time to read: +7 min

Some customers of Instacart, DoorDash, and other delivery services have had their accounts randomly deactivated. Other delivery customers have similar stories. Instacart's website says that customers' accounts can be deactivated "due to potential fraud or other risks." "In accordance with our Community Guidelines, Instacart can deactivate customer accounts in cases of suspected fraud," an Instacart spokesperson said. AdvertisementDo you work for or use Instacart, DoorDash, Uber Eats, Walmart Spark, or another gig delivery app and have a story idea to share?

Persons: —, Ryan Ladd, Ladd, rancid, Uber, Instacart Organizations: Service, Costco, Facebook, BI, Walmart Locations: Instacart, Denver , Colorado, South Carolina, Denver

☆ Reddit's long-awaited IPO is targeting a $6.4 billion valuation
▼ + stars: | 2024-03-11 | by ( Aruni Soni | ) www.businessinsider.com time to read: +2 min

Reddit is targeting a $6.4 billion valuation for its IPO this year. The company is planning to sell 22 million shares, with a pricing range of $31 to $34. At the top end of the valuation range, the offering would raise $748 million. About 15.3 million of the 22 million shares will be sold by the company. Reddit's expected pricing range sets a fully diluted valuation range between $5.8 billion and $6.4 billion, marking a sharp decrease from the $10 billion private valuation the company achieved in its last funding round, in August 2021.

Persons: —, Reddit Organizations: Service, SEC, GameStop, AMC Locations: Birkenstock

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