Tech

Reddit file to make it public

Steve Huffman CEO, Reddit, delivers comments on ‘Redesign Reddit’ during day three of Web Summit at Altice Arena on November 8, 2017 in Lisbon, Portugal.

Horacio Villalobos | Corbis | beautiful pictures

Reddit on Wednesday announced that it had secretly submitted a draft registration statement with the Securities and Exchange Commission to make it public.

The social media company has not made the profile public. The company also did not disclose the number of shares to be offered or the price for the proposed offering.

Although Reddit was created in 2005, it has taken a unique path towards reaching the masses.

Conde Nast Publications acquired Reddit in 2006. The social media services remained part of the publishing company until it became an independent subsidiary in 2011. Since then, it has raised received a series of funding rounds from venture capital firms.

Most recently, the company announced that it raised $700 million in August 2021 with a valuation of more than $10 billion.

At the time of that funding round, the company said it had hit $100 million in ad revenue in the second quarter of 2021, up 192% from a year earlier.

https://www.cnbc.com/2021/12/15/reddit-files-to-go-public-.html Reddit file to make it public

Sarah Ridley

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