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.”
Reddit said it had $804 million in annual sales for 2023, up 20% from the $666.7 million it brought in the previous year, according to the filing.
The company said it has incurred net losses since its inception. It reported a net loss of $90.8 million for the year ended Dec. 31, 2023, compared to a net loss of $158.6 million the year prior.
Its market debut, expected in March, will mark the first major tech initial public offering of the year. It’s the first social media IPO since Pinterest went public in 2019.
Reddit first filed a confidential draft of its public offering prospectus with the Securities and Exchange Commission in December 2021.
I find it really hard to hate Myspace Tom. He’s very rich, he’s worth $70 million. He didn’t try to maximize that into $700 million or over a billion, stepping on everyone he could along the way. He just made a website a lot of people enjoyed, ended up making a decent chunk of personal income from selling it, and then just spent the next 20 years just seeing the world and taking photos.
As far as I know, he isn’t giving millions to the Sierra Club or whatever, but as far as people that rich go, he seems like he’s as not-evil as possible.