Matt Levine, Columnist

Reddit’s IPO Is for Redditors

Also SoundHound and Nano-X, Su Zhu and Kyle Davies, and Allen Brodeur taking Questla private at $420 per share.

February 21, 2024 at 7:14 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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I guess there are three ways to look at this:

One is the sort of philosophical view. Reddit Inc., more so even than most social media companies, is a publisher that doesn’t pay its writers and editors. It runs a website that publishes huge amounts of content on various message boards; the boards are mostly moderated by volunteers and the content is written by users. From this, Reddit generates hundreds of millions of dollars of revenue from ads and data. For the most part, the users do not really share in that revenue.