Social media platform Reddit has announced that it has started the process to sell its shares on the stock market.<\/p>\n\n\n\n
In a confidential filing, it did not reveal how many shares it planned to sell or the price of the shares.<\/p>\n\n\n\n
In August, the company said it had raised $700m (\u00a3528m) in new funding, valuing it at more than $10bn.<\/p>\n\n\n\n
Reddit was at the centre of the so-called “meme stock” phenomenon earlier this year.<\/p>\n\n\n\n
“The initial public offering is expected to occur after the SEC completes its review process, subject to market and other conditions,” Reddit said in a filing with the US Securities and Exchange Commission.<\/p>\n\n\n\n
Earlier this year, investors flocked to the San Francisco-based firm’s messaging board for tips on trading stocks like US video game retailer GameStop and the AMC cinema chain – known as “meme stocks”, those that gain popularity through sites like Reddit.<\/p>\n\n\n\n
Stocks that often became popular were ones that had been heavily bet against by professional investors, such as hedge funds.<\/p>\n\n\n\n
As a result some of these shares saw their prices rise and fall sharply in hugely volatile trade.<\/p>\n\n\n\n
In August, co-founder and chief executive Steve Huffman told the New York Times that Reddit was “still planning on going public” but didn’t have a firm timeline, adding, “All good companies should go public when they can.”<\/p>\n\n\n\n
The following month the company was looking at a valuation of more than $15bn, according to the Reuters newswire.<\/p>\n\n\n\n
Reddit, which was founded in 2005, had around 52 million daily users as of August this year.<\/p>\n\n\n\n
Earlier this year, the firm said it planned to double its workforce by the end of 2021 to about 1,400 staff.<\/p>\n\n\n\n
Reddit’s biggest financial backers include Chinese technology Tencent, Fidelity Investments and venture capital firm Sequoia Capital.<\/p>\n","protected":false},"excerpt":{"rendered":"
Social media platform Reddit has announced that it has started the process to sell its shares on the stock market. In a confidential filing, it did not reveal how many shares it planned to sell or the price of the shares. In August, the company said it had raised $700m (\u00a3528m) in new funding, valuing … Continue reading “Reddit: Social media platform files to go public”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3628","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.tech-battery.com\/batteriesblog\/wp-json\/wp\/v2\/posts\/3628","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.tech-battery.com\/batteriesblog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.tech-battery.com\/batteriesblog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.tech-battery.com\/batteriesblog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.tech-battery.com\/batteriesblog\/wp-json\/wp\/v2\/comments?post=3628"}],"version-history":[{"count":1,"href":"https:\/\/www.tech-battery.com\/batteriesblog\/wp-json\/wp\/v2\/posts\/3628\/revisions"}],"predecessor-version":[{"id":3629,"href":"https:\/\/www.tech-battery.com\/batteriesblog\/wp-json\/wp\/v2\/posts\/3628\/revisions\/3629"}],"wp:attachment":[{"href":"https:\/\/www.tech-battery.com\/batteriesblog\/wp-json\/wp\/v2\/media?parent=3628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.tech-battery.com\/batteriesblog\/wp-json\/wp\/v2\/categories?post=3628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tech-battery.com\/batteriesblog\/wp-json\/wp\/v2\/tags?post=3628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}