On Wednesday, Reddit said that it has filed a draft registration to go public on Wall Street.
What is Reddit?
The social network platform is among the most popular destinations on the internet. Statistics show that it has 52 million daily users.
Steve Huffman and Alexis Ohanian created the platform in 2006. A year later, Conde Nast – which is behind Vogue and The New Yorker – acquired it and later made it an independent subsidiary.
Reddit has raised numerous fundings, the most recent one being in August this year, when it collected $700 million. As a result, it is now valued at over $10 billion.
In the light of the events in 2021, the company said it planned to double its workforce to about 1,400 employees.
Among the platform’s biggest financial backers are names like Sequoia Capital, Fidelity Investments, and Chinese technology Tencent.
Selling the Shares
On the 15th of December, Reddit filed a draft registration statement on Form S-1 with the Securities and Exchange Commission.
According to the statement, the number of shares offered and the price range have not yet been determined. The SEC must first complete the reviewing process.
Because of regulatory reasons, Reddit is unable to share more details with the general public.