Reddit’s Debut Delivers for New and Old Shareholders Alike
- Venture backers, Newhouse family score wins with first-day pop
- Insiders sell $288 million in stock, Reddit users buy in
Reddit’s shares climbed 48% in its trading debut Wednesday after pricing at the top of a marketed range to raise $748 million in the fourth-largest US IPO of the year.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
Reddit Inc.’s first-day jump fattened the wallets of the social media platform’s users who were given the unusual opportunity to buy shares at the initial public offering price as well as longtime investors benefiting from the rebound in the company’s valuation.
Touting its plan to profit from the growth of artificial intelligence, Reddit’s shares climbed 48% in its trading debut Thursday after pricing at the top of a marketed range to raise $748 million in the fourth-largest US IPO of the year. The stock was lower by as much as 5% in premarket trading on Friday.