Reddit says it will have a turnover of 666.70 million US dollars in 2022. (Photo: 123RF)
The social network Reddit filed Thursday with the American Stock Exchange Police (SEC) its proposed listing under the label “RDDT” on the New York Stock Exchange, on a date not determined at this stage.
In documents available on the SEC website, the American company founded in August 2005 specifies that it has 267.5 million unique users per week and has received more than 500 million visits in December 2023.
“We are going public to advance our mission, to become a stronger company and to provide compelling benefits to our environment,” she noted, specifying that we are reserving around 1.3 million ordinary shares to finance investments. programs allowing its users to “make their ideas come to life”.
“Being listed allows us to raise capital and provide liquidity to our employees who have worked tirelessly to build Reddit,” commented Steve Huffman, co-founder of the company, in a letter attached to the prospectus filed with the SEC.
He points out that the shares reserved for financing programs to help users represented approximately 1% of the shares issued.
“I have never been more excited about the future of Reddit than I am today,” he continued, referring in particular to advertising opportunities and artificial intelligence.
The group specifies having achieved a turnover of 666.70 million US dollars (M$US) in 2022 and 804.03 million in 2023. The net loss was 158.55M$US in 2022 and 90. US$82M one year later.
He announced in December 2021 that he had filed a file with the SEC, for a market introduction on Wall Street. He then said “having submitted a draft registration declaration in confidence”.
Created in 2005 by two students from Virginia (eastern United States), the discussion platform was bought in 2006 by Condé Nast (publisher of magazines Vogue, The New Yorker et Vanity Fair). The company became an independent subsidiary in 2011.
Reddit showed its influence in January 2021, when armies of stock marketers, communicating on the network, shook Wall Street by betting against the tide on actions that had gone viral such as those of the video store chain GameStop.
2024-02-22 22:54:50
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