OpenAI's Sam Altman, Condé Nast-parent's Steven Newhouse make hay from Reddit IPO

seekingalpha03-23

Reddit's (NYSE:RDDT) red-hot market debut on Thursday not only invigorated the initial public offering (IPO) market, but also delivered big gains for two major investors in the social media platform -...

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They were last down 5.1% in Friday afternoon trade, having earlier fallen below their IPO opening price of $47/share. Following Thursday's advance in RDDT, Altman's stake in Reddit (RDDT) increased by ~$200M to $613.3M. Meanwhile, Newhouse's stake ballooned by nearly $700M to $2.13B. According to Reddit's (RDDT) prospectus, Newhouse through Condé Nast-parent Advance Magazine Publishers is one of the company's biggest shareholders, holding a 26.5% stake following the IPO. Advance publishes some of the most well known magazines in the world under Condé Nast, including GQ, Vogue and Vanity Fair. Moreover, Advance holds major stakes in Charter Communications (CHTR) and Warner Bros. Discovery (WBD).  The prospectus also showed that entities affiliated with Sam Altman held the third biggest stake of 7.6% in Reddit (RDDT) following the IPO. That's behind only Advance and Chinese gaming giant Tencent's (OTCPK:TCEHY) (OTCPK:TCTZF) 9.7% stake.  Like other insiders, Altman is prohibited from selling any Reddit (RDDT) shares for six months during a so-called lockup period. Altman has long been loyal to Reddit (RDDT), personally investing in the company back in 2014, at which time had said in a blog post that he had been a daily user of the platform for nine years. More on Reddit  Reddit: Sell The IPO Pop Reddit: A Potential Meme Stock Itself Reddit: A Robust Growth Prospect With Fuel Behind It Reddit CEO: “I want our investors to be users, our users to be investors” Reddit: The Ultimate Boom Or Bust Stock","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2421284707"}