Reddit is finally moving forward with the initial public offering it has been planning for more than two years. The social platform’s S-1 filing outlines the terms of its IPO, which will bring in some individual users as investors.
18-year-old Reddit has long harbored Wall Street aspirations. It filed confidentially with the Securities and Exchange Commission in December 2021. At the time, the IPO was scheduled to occur “after the SEC completes its review process, subject to market and other conditions.”
The exact size of the Reddit IPO won’t be revealed until a later filing, but the company co-founded by Steve Huffman, Alexis Ohanian, and Aaron Swartz is expected to reach a valuation of at least $5 billion. That’s good news for Huffman, who currently serves as Reddit’s CEO and holds Class B common stock that is issuable when Reddit achieves a $5 billion market capitalization.
A 2021 funding round...
18-year-old Reddit has long harbored Wall Street aspirations. It filed confidentially with the Securities and Exchange Commission in December 2021. At the time, the IPO was scheduled to occur “after the SEC completes its review process, subject to market and other conditions.”
The exact size of the Reddit IPO won’t be revealed until a later filing, but the company co-founded by Steve Huffman, Alexis Ohanian, and Aaron Swartz is expected to reach a valuation of at least $5 billion. That’s good news for Huffman, who currently serves as Reddit’s CEO and holds Class B common stock that is issuable when Reddit achieves a $5 billion market capitalization.
A 2021 funding round...
- 2/23/2024
- by Sam Gutelle
- Tubefilter.com
Social media platform Reddit filed with the SEC today for an initial public offering, a move anticipated for years by the company, which was founded in 2005 by Steve Huffman, Alexis Ohanian and Aaron Swartz. It boasts 100k+ communities, or subreddits, including wallstreetbets, the home of meme stock traders who upended Wall Street in 2021, taking shares of GameStop and others to the moon.
The offering is expected in March, according to CNBC. The company, which runs on advertising, said it had revenue of $804 million in 2023 and 73 million average daily active uniques (267 million average weekly), and 1 billion cumulative posts.
“We are going public to advance our mission to become a stronger company, and provide meaningful benefits to our community. We plan to do this by keeping Reddit a real and authentic place,” the filing said.
In a letter attached, Huffman said, “The communities of Reddit help people at a scale that I never imagined might be possible,...
The offering is expected in March, according to CNBC. The company, which runs on advertising, said it had revenue of $804 million in 2023 and 73 million average daily active uniques (267 million average weekly), and 1 billion cumulative posts.
“We are going public to advance our mission to become a stronger company, and provide meaningful benefits to our community. We plan to do this by keeping Reddit a real and authentic place,” the filing said.
In a letter attached, Huffman said, “The communities of Reddit help people at a scale that I never imagined might be possible,...
- 2/23/2024
- by Jill Goldsmith
- Deadline Film + TV
The Reddit IPO appears set to move forward, with the tech platform filing its form S-1 with the Securities and Exchange Commission on Thursday.
The form lists a variety of new details about the site, including its financials, risk factors and key business lines.
But it also includes new details on its ownership, which includes a sizable stake controlled by OpenAI CEO Sam Altman, who controls 8.7 percent of the company’s stock, including 4.5 percent of its Class A shares, and 9.3 percent of its Class B shares.
That makes Altman the third-largest shareholder in Reddit, behind only the Newhouse family’s Advance, which owns just over 30 percent of the company, and China’s Tencent, which owns 11 percent of the company. Both the Newhouse family and Tencent were previously known as major investors in Reddit. Altman was known to be an investor, but the size of his stake was unclear.
Reddit reported...
The form lists a variety of new details about the site, including its financials, risk factors and key business lines.
But it also includes new details on its ownership, which includes a sizable stake controlled by OpenAI CEO Sam Altman, who controls 8.7 percent of the company’s stock, including 4.5 percent of its Class A shares, and 9.3 percent of its Class B shares.
That makes Altman the third-largest shareholder in Reddit, behind only the Newhouse family’s Advance, which owns just over 30 percent of the company, and China’s Tencent, which owns 11 percent of the company. Both the Newhouse family and Tencent were previously known as major investors in Reddit. Altman was known to be an investor, but the size of his stake was unclear.
Reddit reported...
- 2/22/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
Reddit has had a rocky relationship with its users, especially after the company listed changes to its third-party Api access prices last year, which led to users protesting against the decision. And now things have once again taken a turn for the worse following the platform’s new AI training deal with an unnamed organization, causing users to cry foul against this deal.
With AI already being a major talking point, following its impact on different fields and its misuse in recent times, users are less than thrilled about the company’s reported decision ahead of going public.
Reddit
Users Share Their Distaste With Reddit’s Reported Deal with Unnamed AI Organization
Last year, mods proceeded to shut down many of the popular subreddits to protest against the new Api changes, leading to the platform going completely dark for a few days. Even though the platform heavily relies on user-generated content,...
With AI already being a major talking point, following its impact on different fields and its misuse in recent times, users are less than thrilled about the company’s reported decision ahead of going public.
Users Share Their Distaste With Reddit’s Reported Deal with Unnamed AI Organization
Last year, mods proceeded to shut down many of the popular subreddits to protest against the new Api changes, leading to the platform going completely dark for a few days. Even though the platform heavily relies on user-generated content,...
- 2/21/2024
- by Santanu Roy
- FandomWire
San Francisco, April 20 (Ians) Social discussion forum Reddit has announced that it’ll begin charging for use of its Api (Application Programming Interface).
Reddit’s Api will continue to be available for free to developers who want to create apps and bots that help people utilise Reddit, as well as researchers who want to study Reddit for solely academic or noncommercial purposes, reports TechCrunch.
The New York Times first reported the news.
According to Reddit’s co-founder and CEO, Steve Huffman, companies that extract data from Reddit without providing any benefits to its users will now be required to pay a fee, the report mentioned.
“It’s a good time for us to tighten things up. We think that’s fair,” Huffman was quoted as saying.
According to the report, Reddit is seeking avenues to monetise its extensive collection of user-generated content.
This move comes at a time when the...
Reddit’s Api will continue to be available for free to developers who want to create apps and bots that help people utilise Reddit, as well as researchers who want to study Reddit for solely academic or noncommercial purposes, reports TechCrunch.
The New York Times first reported the news.
According to Reddit’s co-founder and CEO, Steve Huffman, companies that extract data from Reddit without providing any benefits to its users will now be required to pay a fee, the report mentioned.
“It’s a good time for us to tighten things up. We think that’s fair,” Huffman was quoted as saying.
According to the report, Reddit is seeking avenues to monetise its extensive collection of user-generated content.
This move comes at a time when the...
- 4/20/2023
- by Agency News Desk
- GlamSham
Meme stock engine and message board giant Reddit moved a step closer to a public offering, launching the process this week via a confidential filing with the SEC.
It’s been a frenetic year for initial public offerings, with Ipos of more than 900 companies after many businesses and investors sat out an uncertain 2020. Online brokerage Robinhood Markets, the trading app that was also at the center of the meme stock frenzy that started in January, had its IPO in July. (IPOs have raised nearly $300 billion in 2021.) Reddit did not disclose the number of shares to be offered, the price range of the IPO or a timeline in the confidential filing, which it said was a draft registration statement.
“We are in a quiet period, and for regulatory reasons we cannot say anything further,” the company wrote in a tweet. It said “the initial public offering is expected to occur after...
It’s been a frenetic year for initial public offerings, with Ipos of more than 900 companies after many businesses and investors sat out an uncertain 2020. Online brokerage Robinhood Markets, the trading app that was also at the center of the meme stock frenzy that started in January, had its IPO in July. (IPOs have raised nearly $300 billion in 2021.) Reddit did not disclose the number of shares to be offered, the price range of the IPO or a timeline in the confidential filing, which it said was a draft registration statement.
“We are in a quiet period, and for regulatory reasons we cannot say anything further,” the company wrote in a tweet. It said “the initial public offering is expected to occur after...
- 12/16/2021
- by Dade Hayes and Jill Goldsmith
- Deadline Film + TV
Reddit has found its first chief product officer in Pali Bhat, who formerly served as VP of product and design at Google Cloud.
Bhat will oversee Reddit’s product teams and spearhead the creation of new tools and features, the company said, reporting directly to CEO Steve Huffman.
Bhat previously spent more than 10 years at Google, and most recently led a thousand-person team of engineers, product managers, user experience designers, and researchers across Google Cloud's multi-billion dollar product suite. Prior to Google, Bhat worked at Sap Labs and McKinsey & Co.
“Being part of the Reddit team enables me to bring together my passions for community, creators, and technology platforms -- and provides me a unique opportunity to contribute to Reddit as it scales its platform and expands its user community around the world,” Bhat said in a statement.
Visit Tubefilter for more great stories.
Bhat will oversee Reddit’s product teams and spearhead the creation of new tools and features, the company said, reporting directly to CEO Steve Huffman.
Bhat previously spent more than 10 years at Google, and most recently led a thousand-person team of engineers, product managers, user experience designers, and researchers across Google Cloud's multi-billion dollar product suite. Prior to Google, Bhat worked at Sap Labs and McKinsey & Co.
“Being part of the Reddit team enables me to bring together my passions for community, creators, and technology platforms -- and provides me a unique opportunity to contribute to Reddit as it scales its platform and expands its user community around the world,” Bhat said in a statement.
Visit Tubefilter for more great stories.
- 10/11/2021
- by Geoff Weiss
- Tubefilter.com
London, Feb 9 (Ians) Newly-formed consumer technology company Nothing, a brainchild of OnePlus co-founder Carl Pei, on Tuesday announced it has raised $15 million in a Series A round led by Gv (formerly Google Ventures), a subsidiary of Google.
With new funds, the company aims to expand its operations in Europe with headquarters in London and release its first smart devices in the coming months, it said in a statement.
"We are grateful to have a venture capital firm of this calibre help in building Nothing together with us," said Pei, CEO and co-founder of Nothing.
"We plan to aggressively grow the company, in particular our R&d and design capabilities, to realise our mission of removing barriers between people and technology," Pei said.
London-based Nothing has so far raised over $22 million. In December, the company raised $7 million in seed financing in December that included tech leaders and investors such as Tony Fadell,...
With new funds, the company aims to expand its operations in Europe with headquarters in London and release its first smart devices in the coming months, it said in a statement.
"We are grateful to have a venture capital firm of this calibre help in building Nothing together with us," said Pei, CEO and co-founder of Nothing.
"We plan to aggressively grow the company, in particular our R&d and design capabilities, to realise our mission of removing barriers between people and technology," Pei said.
London-based Nothing has so far raised over $22 million. In December, the company raised $7 million in seed financing in December that included tech leaders and investors such as Tony Fadell,...
- 2/9/2021
- by IANS
- GlamSham
London, Feb 9 (Ians) Newly-formed consumer technology company Nothing, a brainchild of OnePlus co-founder Carl Pei, on Tuesday announced it has raised $15 million in a Series A round led by Gv (formerly Google Ventures), a venture capital investment arm of Alphabet which is the parent company of Google.
With new funds, the company aims to expand its operations in Europe with headquarters in London and release its first smart devices in the coming months, it said in a statement.
"We are grateful to have a venture capital firm of this calibre help in building Nothing together with us," said Pei, CEO and co-founder of Nothing.
"We plan to aggressively grow the company, in particular our R&d and design capabilities, to realise our mission of removing barriers between people and technology," Pei said.
London-based Nothing has so far raised over $22 million. In December, the company raised $7 million in seed financing in...
With new funds, the company aims to expand its operations in Europe with headquarters in London and release its first smart devices in the coming months, it said in a statement.
"We are grateful to have a venture capital firm of this calibre help in building Nothing together with us," said Pei, CEO and co-founder of Nothing.
"We plan to aggressively grow the company, in particular our R&d and design capabilities, to realise our mission of removing barriers between people and technology," Pei said.
London-based Nothing has so far raised over $22 million. In December, the company raised $7 million in seed financing in...
- 2/9/2021
- by IANS
- GlamSham
New Delhi, Jan 27 (Ians) OnePlus Co-founder Carl Pei on Wednesday launched a new London-based consumer technology company called "Nothing" that will release its first smart devices in the first half of this year.
The announcement came shortly after a $7 million round in seed financing in December that included tech leaders and investors such as Tony Fadell, Casey Neistat, Kevin Lin, Steve Huffman and Josh Buckley.
Kunal Shah, Founder, Cred, has also invested in "Nothing" although the amount has not been disclosed yet.
"It's been a while since anything interesting happened in tech. It is time for a fresh breeze of change," said Pei, CEO and founder of ‘Nothing'.
"Nothing's mission is to remove barriers between people and technology to create a seamless digital future. We believe that the best technology is beautiful, yet natural and intuitive to use. When sufficiently advanced, it should fade into the background and feel like nothing,...
The announcement came shortly after a $7 million round in seed financing in December that included tech leaders and investors such as Tony Fadell, Casey Neistat, Kevin Lin, Steve Huffman and Josh Buckley.
Kunal Shah, Founder, Cred, has also invested in "Nothing" although the amount has not been disclosed yet.
"It's been a while since anything interesting happened in tech. It is time for a fresh breeze of change," said Pei, CEO and founder of ‘Nothing'.
"Nothing's mission is to remove barriers between people and technology to create a seamless digital future. We believe that the best technology is beautiful, yet natural and intuitive to use. When sufficiently advanced, it should fade into the background and feel like nothing,...
- 1/27/2021
- by IANS
- GlamSham
Twitch, the live-streaming site owned by Amazon, and Reddit have both taken steps to limit content related to President Donald Trump.
Along with recent moves by Facebook and Twitter, the sanctions have amped up recent tensions over the digital spread of Trump messages during the runup to the 2020 presidential election.
“Sorry,” a message read on Trump’s channel on Twitch, reflecting a temporary suspension. “Unless you’ve got a time machine, that content is unavailable.”
A Twitch rep explained the suspension to Deadline in a statement. “Hateful conduct is not allowed on Twitch,” the statement said. “In line with our policies, President Trump’s channel has been issued a temporary suspension from Twitch for comments made on stream, and the offending content has been removed.”
Two particular acts by the Trump account triggered the suspension: the re-posting of an infamous 2015 Trump campaign appearance, in which he describes Mexican immigrants as “rapists.
Along with recent moves by Facebook and Twitter, the sanctions have amped up recent tensions over the digital spread of Trump messages during the runup to the 2020 presidential election.
“Sorry,” a message read on Trump’s channel on Twitch, reflecting a temporary suspension. “Unless you’ve got a time machine, that content is unavailable.”
A Twitch rep explained the suspension to Deadline in a statement. “Hateful conduct is not allowed on Twitch,” the statement said. “In line with our policies, President Trump’s channel has been issued a temporary suspension from Twitch for comments made on stream, and the offending content has been removed.”
Two particular acts by the Trump account triggered the suspension: the re-posting of an infamous 2015 Trump campaign appearance, in which he describes Mexican immigrants as “rapists.
- 6/29/2020
- by Dade Hayes
- Deadline Film + TV
Reddit has recruited a digital media insider for a key exec position: Jen Wong, who most recently served as president of digital and COO of Time Inc., is joining Reddit as its new COO, the company announced Thursday.
“Jen is a seasoned digital veteran and successful executive at some of the biggest media companies in the world, her experience and vision will help carry Reddit’s momentum forward in the years to come,” said Reddit CEO Steve Huffman in a statement.
Before joining Reddit, Wong worked for over two years at Time Inc. as president of digital and COO. Among other things, she headed the Foundry, the company’s branded content studio. Before that, Wong served for over 4 years as Popsugar’s Chief Business Officer, and for close to 2 years as AOL Media’s global head of business operations.
Wong’s new gig will have her oversee the company’s...
“Jen is a seasoned digital veteran and successful executive at some of the biggest media companies in the world, her experience and vision will help carry Reddit’s momentum forward in the years to come,” said Reddit CEO Steve Huffman in a statement.
Before joining Reddit, Wong worked for over two years at Time Inc. as president of digital and COO. Among other things, she headed the Foundry, the company’s branded content studio. Before that, Wong served for over 4 years as Popsugar’s Chief Business Officer, and for close to 2 years as AOL Media’s global head of business operations.
Wong’s new gig will have her oversee the company’s...
- 4/19/2018
- by Janko Roettgers
- Variety Film + TV
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