Reddit Soars 48% in Debut as AI Pitch Gets Warm Reception
- Social media company, holders raised $748 Million in IPO
- Much of investors’ enthusiasm attributed to AI business
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Reddit Inc. shares soared 48% above their initial public offering price, as investors embraced the social media company’s vision of profiting from the growth of artificial intelligence.
The San Francisco-based company’s stock closed at $50.44 each on Thursday in New York, a day after the company and some of its shareholders raised $748 million in an offering priced at the top of a marketed range.