Redditstock soars in highly anticipated market debut
The company's debut on the New York Stock Exchange had been highly anticipated, given the lull in public listings over the past two years.
in 2021. At that time, retail traders on the subreddit WallStreetBets encouraged short squeezes on shares of video game retailer GameStop (GME), theater chain (AMC), and other heavily shorted stocks.
Reddit’s revenue in 2023 jumped about 20% year over year to $804 million, according to the company's S-1 filing.
About 98% of sales in the third quarter of last year were generated from advertising on the platform.
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