11 March 2024 – A person familiar with the subject claims that Reddit Inc. and its investors are attempting to raise $748 million via one of the largest IPOs this year. According to insiders who requested not to be named because the information was not yet public, the social media network and a few of its present owners want to sell $22 million shares for $31 to $34 a share. According to Bloomberg News, the business requested a value of up to $6.5 billion during the offering.
According to the sources, the business is reserving 1.76 million shares for users and moderators who registered accounts prior to January 1st to purchase at the Initial public offering.
Reddit said that the firm benefits and faces dangers from its millions of devoted users and moderators. Redditors have a contentious history with the website, sparking uprisings over everything from executive hiring choices to bigotry on the network.
Conclusion
Reddit said that it is only now beginning to provide other companies license access to its data for purposes such as building AI models. According to the corporation, it signed data licensing agreements in January with periods ranging from two to three years and a total contract value of $203 million. Based on the report, it anticipates generating at least $66.4 million in revenue from such agreements this year.
