Reddit ipo demonstrated that ipo is back n stable in this technical bull market- open at $46.8 to $47 n closed at $50😎 also, one of investors , open ai Sam did not sell his 9% stake in Reddit at all😎 reddit has data ai potential n biz model transform growth
Reddit Has a Huge Debut. The Stock Is an AI Play, of Course
It sure was an impressive start of trading for Reddit. And for that, you can thank artificial intelligence. Again.The online discussion site went public on Thursday with an offering of 22 million shares at $34 each, including 15.3 million new shares. The rest were sold by existing shareholders.The stock opened for trading at $47 and finished the first day of trading at just over $50, for a gain of 48% relative to the IPO price. On a fully diluted basis, that gives Reddit a valuation of about $9.6 billion, or about 10 times the roughly $1 billion in revenue the company is likely to report for 2024.Reddit posed a test of the stock market's appetite for IPOs, and its impressive debut should crack open the window for offerings a little further. The stock immediately jumped to a premium to more established social media plays.A more nascent business model for Reddit is licensing its vast library of posts for training large language models. He said that Reddit has agreements in place with Goo
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