Business Reddit files to list IPO on NYSE under the ticker RDDT - Reddit are trying to sell stocks to jannies too while spez made 200 million last year lmfao

• Reddit on Thursday filed to go public.
• Its market debut will mark the first major tech initial public offering of the year and the first social media IPO since Pinterest went public in 2019.
• The social media company, founded in 2005 by technology entrepreneurs Alexis Ohanian and Steve Huffman, has raised about $1.3 billion in funding and has a post valuation of $10 billion, according to deal-tracking service PitchBook.

Social media company Reddit filed its IPO prospectus with the Securities and Exchange Commission on Thursday after a yearslong run-up. The company plans to trade on the New York Stock Exchange under the ticker symbol “RDDT.”

Its market debut, expected in March, will be the first major tech initial public offering of the year. It’s the first social media IPO since Pinterest went public in 2019.

Reddit said it had $804 million in annual sales for 2023, up 20% from the $666.7 million it brought in the previous year, according to the filing. The social networking company’s core business is reliant on online advertising sales stemming from its website and mobile app.

The company, founded in 2005 by technology entrepreneurs Alexis Ohanian and Steve Huffman, said it has incurred net losses since its inception. It reported a net loss of $90.8 million for the year ended Dec. 31, 2023, compared with a net loss of $158.6 million the year prior.

Reddit is one of the most-visited websites in the U.S., according to analytics firm Semrush, but it has struggled to build an online advertising business comparable to those of tech giants such as Facebook parent Meta and Google parent Alphabet.

Reddit has more than 100,000 communities, 73 million average daily active uniques, or DAUq, and 267 million average weekly active uniques, according to the filing. As of the fourth quarter of 2023, Reddit’s U.S. average revenue per user, or ARPU, was $5.51, down from $5.92 from the previous year. The company’s global ARPU was $3.42, which was a 2% year-over-year decline from $3.49.

Reddit said that by 2027 it estimates the “total addressable market globally from advertising, excluding China and Russia, to be $1.4 trillion.” Reddit said the current addressable advertising market is $1.0 trillion, sans China and Russia.

The company is building on its search capabilities and plans to “more fully address the $750 billion opportunity in search advertising that S&P Global Market Intelligence estimates the market to be in 2027.”

Reddit said it plans to use artificial intelligence to improve its ad business and that it expects to open new revenue channels by offering tools and incentives to “drive continued creation, improvements, and commerce.“

It’s also in the early stages of developing and monetizing a data-licensing business in which third parties would be allowed to access and search data on its platform.

For example, Google on Thursday announced an expanded partnership with Reddit that will give the search giant access to the company’s data to, among other uses, train its AI models.

In June, several prominent Reddit moderators locked subreddits as part of a blackout to protest the company’s decision to increase the price some third-party developers pay to use its application programming interface, or API, depending on their usage. At the time, Reddit said the pricing change was necessary because many big tech companies were using data to train large language models.

“In January 2024, we entered into certain data licensing arrangements with an aggregate contract value of $203.0 million and terms ranging from two to three years,” Reddit said, regarding its data-licensing business. “We expect a minimum of $66.4 million of revenue to be recognized during the year ending December 31, 2024 and the remaining thereafter.”

Reddit appears to be investigating a business strategy akin to that of Roblox, which derives the bulk of its revenue from digital sales on its social gaming platform, and online retailer eBay. The company wants to introduce more features to create a user economy that could include games, according to the filing. Reddit said there are currently informal exchanges of physical and digital goods and services that may create another line of revenue.

Reddit will offer three classes of stock with different voting shares. Class A stock will come with one vote per share. Class B shares will come with 10 votes per share and can be converted at any time into one share of Class A stock. Class C shares have no voting rights.

Reddit said that its non-employed moderators, known as Redditors, can participate in the company’s IPO offering through its “directed share program.” Because of this, Reddit said there’s a possibility of “individual investors, retail or otherwise constituting a larger proportion of the investors participating in this offering than is typical for an initial public offering.” Reddit said it had an average of more than 60,000 daily active moderators in December 2023.

“These factors could cause volatility in the market price of our Class A common stock,” the company warned.

Regarding risks, Reddit said its daily active unique figures “may fluctuate or decrease in one or more markets from time to time due to various factors.”

“For example, although we saw increased growth in our user base during the COVID-19 pandemic, we experienced lower levels of DAUq growth and declining DAUq as the effects of the COVID-19 pandemic subsided,” the filing said. “DAUq has also declined in the past in periods following usage peaks surrounding certain worldwide events, such as the onset of the conflict between Russia and Ukraine in the three months ended March 31, 2022, and cultural trends, including video game releases, such as Elden Ring in the three months ended March 31, 2022, and traffic related to r/wallstreetbets in the three months ended March 31, 2021.”

Reddit first filed a confidential draft of its public offering prospectus with the Securities and Exchange Commission in December 2021. The company has an employee headcount of 2,013 as of December 31, 2023, which was up from 1,942 during the previous year.

Reddit has raised about $1.3 billion in funding and has a post valuation of $10 billion, according to deal-tracking service PitchBook. Publishing giant Condé Nast bought Reddit in 2006. Reddit spun out of Conde Nast’s parent company, Advance Magazine Publishers, in 2011.

Advance now owns 34% of voting power. Other notable shareholders include Tencent and Sam Altman, CEO of startup OpenAI.

https://www.cnbc.com/2024/02/22/reddit-files-to-list-ipo-on-nyse-under-the-ticker-rddt.html (Archive)

Message some jannies received trying to sell stocks to them:

Hello,

TL;DR: – you're invited to a special program that lets redditors purchase stock at the same price as institutional investors when we IPO. Details about eligibility and next steps follow. This (long, dense) message has all the info we can provide due to legal restrictions.

As you may have heard, Reddit has taken steps toward becoming a publicly traded company with the initial public filing of our registration statement with the U.S. Securities and Exchange Commission on February 22, 2024. Yes, it's happening.

And because you have helped make Reddit what it is today, you now have the opportunity to become Reddit owners at the same price as institutional investors.

We're offering a Directed Share Program (“DSP”) that invites eligible users and moderators who have contributed to Reddit to participate in our initial public offering (“IPO”). (Including you!)

Program Requirements​

While being selected to pre-register is the first step, there are certain legal and regulatory requirements to participate in the DSP that are outside of Reddit's control. Bear with us here…

To be eligible for the DSP, you must:

• Be a current U.S. resident;

• You will be asked to provide the DSP Administrator a valid social security or permanent resident number, along with other personal information. Reddit will not have access to this data.

• Please note that U.S. residents using a VPN may face application limitations if the VPN locates them in certain non-U.S. jurisdictions.

• Be at least 18 years old;

• Provide your full legal name and an email address;

• Not be a current or former Reddit employee (FTE).

When the DSP launches (a few weeks after pre-registration ends), individuals who have been confirmed for the program will be contacted by our external DSP Administrator. You will then be asked to provide additional information securely to the DSP Administrator to confirm your eligibility.

How to pre-register​

The number of people who can participate in the DSP is limited; we will offer this opportunity to as many redditors as we are able to accommodate. If capacity is reached before the deadline, you will be added to the waitlist. Based on demand, we may also limit the number of shares available.

If you are interested in being part of Reddit's DSP, please go to https://reddit.com/dsp on desktop to complete the pre-registration form. If you are one of the confirmed participants, we will follow up with an email with more details in the coming weeks. You can also refer to the Frequently Asked Questions for more information. Due to regulatory restrictions (yeah… we know…), we are not able to respond to further inquiries or questions.

Pre-registering does not guarantee that you will be invited or able to participate in the DSP; it also does not obligate you to purchase shares.

As with any investment opportunity, you should make an individual decision based on your own personal circumstances and risk tolerance. Therefore, we urge you to review the preliminary prospectus, when available, before deciding whether to invest in Reddit.

The deadline for pre-registering for the DSP is March 5, 2024. If capacity is reached before the deadline, you will be added to the waitlist.

What happens next?​

While there won't be a confirmation email immediately after you pre-register, everyone who pre-registers will receive an email in the coming weeks from “noreply@redditmail.com” telling them whether they can proceed with the next steps for the DSP.

This is an automated message (beep, boop, beep) and does not receive replies. Please refer to the FAQ for more information. Per our lawyercats, we are not able to respond to further inquiries or questions.

Prospectus and Important Disclosures

*The offering will be made only by means of a prospectus. When available, a copy of the preliminary prospectus related to the offering may be obtained from:

Morgan Stanley & Co. LLC, Prospectus Department, 180 Varick Street, New York, New York 10014, or email: prospectus@morganstanley.com; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316, or email: prospectus-ny@ny.email.gs.com; J.P. Morgan Securities LLC, Attention/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: 1-866-803-9204, or email: prospectus-eq_fi@jpmorgan.com; and BofA Securities, Inc., NC1-022-02-25, 201 North Tryon Street, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department, telephone: 1-800-294-1322, or email: dg.prospectus_requests@bofa.com.*

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This notification shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

No offer to buy the securities can be accepted and no part of the purchase price can be received until the registration statement has become effective, and any such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any time prior to the notice of its acceptance given after the effective date. An indication of interest in response to this notification will involve no obligation or commitment of any kind.

Spez made almost 200 million last year too:



And it's important for the jannies to do it for free:



SEC filing attached and can be found here: https://www.sec.gov/Archives/edgar/data/1713445/000162828024006294/reddits-1q423.htm (Archive)

 

[Hollywood Hulk Hogan]

Interesting how pyramid schemes are illegal, but you're allowed to "IPO" a company without a record of positive income.
I don't see how an IPO of a company that's a massive net loss isn't fraud on retail investors.

A lot of companies use IPOs as fundraising efforts for growth. Sell x% to the public so that you can get some cash to spend on growth.

This is obviously not the case here, but it's not unheard of

End of Redditevalion

In the end all of reddit melts down to ad friendly orange Fanta.

The refugees will end up here eventually.

They can't be any worse than the incel /pol/ rapefugees from the past few years

 

[Billy_Sama!]

If financial industry failed with bitcoin and NFT, those walls street brokers deserve to jump off buildings for investing in reddit.

 

[30+GameOvers]

Realistically, what is even going to change? Reddit has been corporate and sterile for years now. All that means is that what few people haven't seen the writing on the wall will leave and what remains will be corporate official "fan driven" subreddits where jannies all work for the companies directly, and tranny ones where they talk about how much their dilations hurt or how much they want to kill the political groups (((The Cathedral))) deems acceptable to hate.

 

[BillTheButcher]

Nigger the fuck are you talking about, a bunch of human soybugs regurgitating shit from 4chan and other websites isn't the internet equivalent of the library of alexandria

Im not talking about meme content you dumb fuck, I'm talking about technical information. Reddit is still decent for learning how to do something or accomplish a task if you don't rely solely on being spoon fed like some chimp on a youtube video. Dont forget to like and subscribe!

 

[Owlbear]

Here's a question:

Why do companies become publicly traded at all?

Like, even if we assume Reddit was doing well (and that's a big if)... everything I've ever heard about becoming publicly traded is that it puts you under the thumb of shareholders and you lose control over your own destiny, and then if you have a string of bad luck you get held accountable and they basically take your company from you.

Maybe that's just a movie myth, I dunno.

But like... I've only ever heard bad things about becoming publicly traded, never good. So why bother?

There are two reasons for using C corporations and doing IPOs:

1. They are not doing well, but they want to cash in on the hopes of true believers who can give them liquidity to sell their worthless stock. See most tech businesses and penny stocks.

2. They are doing well, and this is a tax-efficient way to capture the profits of the business. This is why Facebook, Google, and other companies that are doing well choose this company structure. This is also why VCs and private equity firms like these kinds of corporations.

 

[kim foxx]

You can blame r/SRS for that one, which goes back to SA, which goes back to the BitingBeaver Raids, so really you can blame BitingBeaver and her wanting to abort her son for masturbating for all of this.

goony retards have little to do with it. after trump won in 2016 the deep state moved to consolidate its grip over every possible media platform and install glowies to manage the narrative. reddit's director of policy is a glow in the dark ex-government official who parachuted straight in from the atlantic council.

 

[InteracialBowelSyndrome]

Think about it: On a user-to-profit basis per capita, Kiwi Farms makes more money then Reddit.

I love you all, you beautiful faggots.

 

[Fagnacious D]

I look forward to seeing Reddit increase the pace at which it censors itself into oblivion. I wonder what kind of splinter communities will develop.

 

[Smar Mijou]

its value isnt in making money, its value is in spreading propaganda.
its the same with some media outlets: they lose money every year but continue to operate anyway. it's not about the money, it's about sending a message.

When you look at the largest common funding sources for all of the media and news companies, that's your answer to who really is running things. And when you see who  LEADS those funding sources, it all just turns into a big (((coincidence))). (It's the fucking JEWS, if I didn't make it obvious enough.)

Interesting how pyramid schemes are illegal, but you're allowed to "IPO" a company without a record of positive income.
I don't see how an IPO of a company that's a massive net loss isn't fraud on retail investors.

Well, for me, I peaked on the utter bullshit of the stock market after the fuckery in 07-08 with the "great recession" as I watched the lenders and financial institutions absolutely decimate the world's economy and ruin many people's 401K and empty their life savings, and get off scott-free. Then they implemented these "rules" where they can arbitrarily halt trading on certain stocks if they don't go the direction that (((The powers that be))) have planned. Then, of course, you have people like Pelosi and the rest of the government that can make fortunes from insider trading, but a few spergs on r/wallstreetbets finally manage to game the system and fuck over a few of the big guys with the gamestop pump and make a few bucks, but OH NO, we can't let that happen again! We need more RULES AND REGULATIONS, to make sure that the integrity of the stock market is preserved! It's all just a big fucking gambling grift set up to further enrich the already rich and powerful. As a side note, while I'm admittedly not too familiar with the stock market, the fact that they're sort of hosting a "lottery" for stock options based on email replies, and arbitrary things like mod/admin status, and pReddit karma seems awfully sketchy, and worthy of investigating for SEC violations...

End of Redditevalion

In the end all of reddit melts down to ad friendly orange Fanta.

The refugees will end up here eventually.

They're easy to weed out, I don't think they'd last very long.

If Reddit bursts like a cyst on the internet, @Null better hire a dozen more janitors to clean up the newfag shit that will eventually rain down on us.

hopefully none of them will come here since they think Kiwi Farms as an entity is exterminating troons. They'll certainly out themselves as a Redditor the very moment they say "yikes" or "y'all" or "educate yourself" or "it's called being a decent human being" or other classic Redditisms.

I think an excellent troll honeypot from @Null would be to set up a front page "welcoming" all of the pReddit tranny-janny refugees, with all of the insufferable pReddit speak, "Welcome all you Redditorinos! Did those heckin' evil capitalists take away your updoots?" (and so on...) And offer a way for them to input their pReddit username, subs they moderated/were a part of, and karma count, in exchange for "KiwiKarma" with a small application and a chance to be a KiwiFarms moderator. Only for them to submit their application and be met with an instant e-mail and blanket IP ban, a page telling them how fucking retarded they are, and their application post to go into a compilation thread for all of us to laugh at hysterically.

You can blame r/SRS for that one, which goes back to SA, which goes back to the BitingBeaver Raids, so really you can blame BitingBeaver and her wanting to abort her son for masturbating for all of this.

Wow, holy shit! BitingBeaver is a blast from the past that I had completely forgotten about! That's definitely some old-school 4Chan/SomethingAwful lore you brought up there! That bitch was definitely off her rocker, and now that you brought that memory rushing back, I'm all of a sudden reminded of who Android Raptor reminds me of...

Completely gut all of the best user experiences that used to be free and put them behind paywalls, try to algorithmically push slop to users that will both get them more addicted to using the site while also burying controversial content, way more ads that cannot be skipped then the introduction of reddit premium which has no ads, push features literally no one asked for or wants that will alienate the userbase in an attempt to suck more money out of them, gut features and customization to make the website as streamlined as possible for the previously mentioned algorithmically assigned slop and ads to be featured more prominently, replace the top designers with psychologists, etc.

Welcome to the Department Of Redundancy Department! You just described every other corporatization takeover ever. A.K.A. "enshittification" Even then, It still surprises me how many times these zogbots continually fuck up things by making these same mistakes over and over and over again. It's as if they have no real-world experience, or the concept of customer/user input has been lost to them.

It appears to me that Blackrock has stopped getting fake money to play with and a lot of old scams they were propping up are suddenly having to be financially successful.

By far the best thing to come out of this current "economic slowdown/these unprecedented times" is the fact that with all of the free/easy Tardbucks drying up, we are finally seeing how useless these people and companies really are. Of course, alot of us here already knew that journoscum and places like Vice and Buzzfeed and overgrown babysitting at places like Twitter were useless, but the retards themselves are finally experiencing a bit of karma and getting "future endeavored." The snarky and dismissive "learn to code" faggots might actually have to produce something worthwhile for the first time in their lives.

I very much agree with that sentiment, but it also frustrates me that the people who tend to be in a position of power for the general good tend to put themselves in easy positions to get fucked by the system. Now, if it wasnt for the journals, im sure they could have concocted something else up with aaron. Im not denying that.. Either way, i wish aaron would have been more discipline, but he let his ethos/emotions cloud his tactical longevity. He chose to die on a weird academic journal/JSTOR hill, when he could have done more good in the world by focusing his efforts on checking huffman at every turn on reddit. In a purely utilitarian view, he does more good staying on reddits board and steering the boat; not risking it all by releasing thousands of undergrad/post-grad mostly bunk research (not to say some of it isn't valuable). Being a voice for a free internet, and telling corporate overlords to fuck off.

As much as i love this site, reddit is still one of the last and largest open repository's of HUMAN information. After this public listing and new changes? I dont know how much longer that lasts... Hell, i already feel paranoid as it is that im only ever reading shit from robots on most social media..

The initial concept behind pReddit was a good idea, aggregation of news and links in one area for people to comment on and discuss. Unfortunately the hivemind mentality, and the fact that it (along with image sites like photobucket screwing everyone over) killed actual forums was the true consequence. And then of course the pozzed tranny/faggot infestation and takeover didn't help either.

And the random usernames on Jewtube, pReddit, Twitter and numerous other platforms that are something like "Warbling_Antfarm5956" are all obviously bots. I forget where I saw it, but there was one notable pReddit post where someone unleashed their bot army in a wrong, completely unrelated sub during the 2016 election cycle and people watched a full-scale back and forth between numerous bots that was eerily realistic and if not for the usernames and out of context sub, nobody probably would have been the wiser. Of course, because they got it wrong, hilarity ensued, but it exposed how insidious the mechanisms behind these bots are, and how real, actual people can get swept up in it.

Burn it with a tranny pride flag for huge karma.

Bold of you to assume that a share of pReddit stock and the tranny flag aren't already the same exact thing.

 

[Null]

I don't think that this will change anything regarding rapefugees fyi.

 

[CumDumpster]

Why would anyone pay for a website that censors users and promotes troon shit?

Because ESG is a good way to swindle pensioners out of their money.
There is a reason that scams tend to target the old folk...

 

[Harbinger of Kali Yuga]

goony retards have little to do with it. after trump won in 2016 the deep state moved to consolidate its grip over every possible media platform and install glowies to manage the narrative. reddit's director of policy is a glow in the dark ex-government official who parachuted straight in from the atlantic council.

100% true. a lot of people don't remember this stuff because it's not the kind of thing that's easy to record, but as Trump was gaining front page publicity the first times, reddit actually altered their algorithm specifically so it couldn't happen again. reddit's excuse was that they (the_donald) were gaming the algorithm which you can see in the news articles at the time, but what they omit is that months before the exact same kind of Bernie Sanders spam was hitting the front page all the time and they did nothing. And in the case of things like GameStop and WSB, reddit actually allowed, promoted, and cheered on that very sort of thing.

I know reddit admins would sic the FBI on people that would spam "physical removal" memes under the pretense of them being terroristic threats to scare them off the site and from reregging (no, not me). You know, stuff with a shallow pretense.

Anyone watching or involved back in 2016 and during the election cycle and really paying attention could tell big things really were happening behind the scenes in response to Trump gaining popularity on the platform.

 

[AstaSilva]

There are two reasons for using C corporations and doing IPOs:

1. They are not doing well, but they want to cash in on the hopes of true believers who can give them liquidity to sell their worthless stock. See most tech businesses and penny stocks.

2. They are doing well, and this is a tax-efficient way to capture the profits of the business. This is why Facebook, Google, and other companies that are doing well choose this company structure. This is also why VCs and private equity firms like these kinds of corporations.

Huffman is likely doing what the old Twitter CEO did; allow bots in order to inflate number of active monetizable users for advertisers.
Except Huffman doesn't have a Musk character to bail him out so he's resorting to this.

From past data it seems the daily active userbase of Reddit is flat at best. As many people stop using the site as do join as regular users.
And when you cut the NSFW content/communities, I'd imagine the numbers worsen; hence why they stopped publishing comprehensive data a long time ago.

Reddit is not sustainable.

 

[geckogoy]

This does smell like financial troubles yea

 

[A Logging Company]

I guarantee something very funny is going to come from this. Maybe not soon, but eventually.

 

[Sexy Senior Citizen]

I'm getting visions of the 1990s tech boom, when everyone and his brother started a tech company in the hopes of getting Wall Street's billions. Many companies failed. I predict Reddit will either meet an ignominious end, or become a meme stock like GameStop.

 

[cybertoaster]

They should've done this shit in 2011 when reddit was at peak relevance.

Now? its a fucking cesspool, all the community subs are full of adverticles, marketing bots on the comments and political propaganda, want to ask something? discuss? uh oh your post has been deleted because fuck you.

Now that they are whoring themselves to openAI I'm gonna nuke my old ass inactive account with one of those overwrite scripts and you should too because they can use that shit to ID you anywhere else on the web just from how you write.

Welcome to the future...

 

[Level99Manchild]

Why would anyone pay for a website that censors users and promotes troon shit?

Having another site to shill your poorly made-in-China models and censor all forms of criticism is a wet dream for a company like Games Wokeshop.

Now? its a fucking cesspool, all the community subs are full of adverticles, marketing bots on the comments and political propaganda, want to ask something? discuss? uh oh your post has been deleted because fuck you.

Didn't use the "right sewing term" some tranny faggot just made up? You're banned, Nazi.

If you want to see some cancer, go to a gacha thread that's alive or dead. Raid Shadow Legends' subreddit bans anyone who criticizes or exposes Plarium as slimy Jews even when they fucked over players so many times. The dead subs are more or less one youtuber shilling out his shitty videos while he pushes away players who want to interact with him.

 

[Tracer from Overwatch]

called me autistic because i'm going all in on the power of the troon when people with social skills are allowed to buy this fucking piece of shit IPO

 

[LinkinParkxNaruto[AMV]]

-Data scraping for AI

I just wonder whats the point of bots scraping data from other bots. The whole bussiness model of social media was farm the human cattle to marketeers and political parties but right now on every major site robot content outweights real human content by several leagues and it became exponentially worse precisely because of AI.

Its robots posting garbage and robots replying and sharing it. Extrancting data from that is completely worthless. I know ad agencies like to use inflated data from botnets to scam their clients into bad strategies but eventually someone has to do the math and find out this shit is all trash and burning money.