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)

 

[quaawaa]

It sounds like Elon plans on competing with reddit:

Tweet 1 (Archive)
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[AnOminous]

It sounds like Elon plans on competing with reddit:
View attachment 5766834View attachment 5766839
Tweet 1 (Archive)
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He should just buy reddit and then nosedive it into the ground like he did Twitter. Maybe also rename it X somehow.

 

[X Prime]

He could name it Xeddit.

 

[Whoopsie Daisy]

He could rename it Tidder. (Reddit backwards)

 

[ChooChooChooseMe]

I'd like Peter Thiel to buy it and when people complain he can call them homophobes

 

[macrodegenerate]

What I want to know is why the fuck are all these "editorials" dicking Aaron Swartz from reddits founder list? Checked a few writeups, and ZILCH. No trace of him.

Correct me if I'm wrong, but is he not a founder? Huffman turned into a spook in record timing.

The idea that there are good men in the west willing to fight and die for their principles cannot be allowed to propagate. They must be utterly destroyed, made an example of and then annilated from history completely by TPTB.

Swartz was an example of one such man. His life was spent in direct opposition to IP laws, and he was one of the key people who orchastrated the fall of SOPA in 2012. They never let go of that, and from that day every Intellectual Property faggot at the glory hole were after anyone involved in that, him included. The MIT thing was just an easy way to fuck with him, and instead of dealing with the farce of a justice system he decided to check out.

You can tell that TPTB knew that KF was going to come back up eventually. That's why all of the articles are left up. If Null were to vanish and the kiwi farms taken down permanently, within 5 years there would be no evidence this site or him existed. Every article by the lugenpress about us would vanish. All of the Geno Samuel videos would be taken down and a bunch of millennial YouTubers would receive some interesting emails, about some of their old content having hate speech.

Edit:For the uninitiated and forgetful, SOPA was a bill in washington designed to be the DMCA on steroids. Strangely enough back in the early 2010s senators and congressman were actually afraid of being piked if they went against public interest, and the public was made ready to pike by people like Swartz.

 

[SaveTheWhales]

Too late they're already all over the fucking net. Instead of acting as a containment site leddit makes things worse by providing them with an echo and grooming chamber for these communities to multiply exponentially.

Plus, let's not forget how many of their communities organize to raid other websites.

 

[TrainWreckWatcher]

He should just buy reddit and then nosedive it into the ground like he did Twitter. Maybe also rename it X somehow.

Call it Y

 

[DamnWolves!]

One thing that can't get me the stop scratching my head is why the hell would they want money from Reddit mods? they know they got not a dime to their name
Even if they give them a few dollars here and there how long do you think till the stock craters?
It scares me to think of all the fags jumping from Reddit to other places

1. Their IPO may be undersubscribed, although this is unlikely. But, the more oversubscribed the IPO, the better the press release after the first closing bell and the more attractive a secondary offering looks to the market.
2. They're not wrong when they say that the tranny jannies are an integral part of the site... not so much for the site to actually operate the way it was originally intended, but to keep it advertiser-friendly, estradiol-flavoured pablum. If jannies own stock, they are far less likely to quit and aligning the jannies' financial interests with those of management also greatly reduces the risk of things like a Reddit blackout, because the jannies then have their own net worth at risk. Its important that the jannies continue to DO IT FOR FREE, so this is essentially a bribe that the jannies pay for with their own money.
3. My own pet theory here, but I think they want to to tout "MOST LGBTPQRS+8 DIVERSE SHAREHOLDERS EVAR", "community owned & operated", etc. like they're some kind of co-op (lol) and the bunch of old Jewish democrat donors who own investment banks weren't doing it for them.

 

[Terfmaster9000]

lol limited to US residents. way to exclude 95% of potential suckers from the scam.

They should have just sent the email to everyone on WSBets. Those retards are so addicted to gambling they just can't help themselves but to flush their money down the toilet.

 

[Terfmaster9000]

If the mods are getting options instead of stock, this will take "he does it for free" to a whole new level.

He does it for free. He pays to do it.

 

[Outer Space Traveller]

>shameless begging for money program
>called DSP

DOOD, I DID EVERYTHING CORRECT, THAT'S BULLSHIT!

 

[Tanner Glass]

I just do not fundamentally understand how the fuck Reddit spends almost a billion fucking dollars a year. There isn't any infrastructure. There's barely any development. Tech men are, overwhelmingly, just bad business men.

They're extremely great businessmen.

They spend a bunch of money to increase their value to attract investors, which increases their value, which increases investors, and so on. They've just been siphoning up all this money for 20 years and are about to cash out to the tune of 4 to 10 billion dollars.

The morons are the people that kept investing in it and will ultimately be the last group of morons that buy the IPO.

I'd 100% fleece VC investors if I had the chance and I don't blame any executives that also do so.

 

[TerminalTryHard]

He could name it Rexxit

 

[Flatsfag]

1. Their IPO may be undersubscribed, although this is unlikely. But, the more oversubscribed the IPO, the better the press release after the first closing bell and the more attractive a secondary offering looks to the market.
2. They're not wrong when they say that the tranny jannies are an integral part of the site... not so much for the site to actually operate the way it was originally intended, but to keep it advertiser-friendly, estradiol-flavoured pablum. If jannies own stock, they are far less likely to quit and aligning the jannies' financial interests with those of management also greatly reduces the risk of things like a Reddit blackout, because the jannies then have their own net worth at risk. Its important that the jannies continue to DO IT FOR FREE, so this is essentially a bribe that the jannies pay for with their own money.
3. My own pet theory here, but I think they want to to tout "MOST LGBTPQRS+8 DIVERSE SHAREHOLDERS EVAR", "community owned & operated", etc. like they're some kind of co-op (lol) and the bunch of old Jewish democrat donors who own investment banks weren't doing it for them.

I see your point but there's something that has been ringing in my head

If the Jannys have financial interests and start banning any critical Reddit reports or bad actions
It's the rape diaper troon 2.0 all over again but all the mods are in lockstep
And if they don't? Oh sweet summer child we have noticed you acted against Reddit's financial interest were going to have to remove you from jannying r/incest and r/transbian

I think above all else they want the Reddit mods to never go against them again after the Api scandal
That was a wake up call to the people in power no matter how limp wristed the protest was

 

[Harbinger of Kali Yuga]

With the reddit IPO, I wonder if it will finally lead to a real, critical, public discussion of reddit's obvious, system, and politically extreme bias? Reddit has never done too well with PR when someone actually focuses on them and mounts a story or argument. Reddit's PR strategy has seemed to try to anticipate how the media might respond and preemptively manage optics, but I don't think anyone ever gave reddit the same kind of look-over Twitter always got.

One thing I'd really like to know is, just one simple question: are user votes 'weighted' somehow based on the user? I bet they fucking are. Reddit doesn't actually promise those upvote/downvote numbers represent actual users, too, let the investors think what they may at first glance...

They should have just sent the email to everyone on WSBets. Those retards are so addicted to gambling they just can't help themselves but to flush their money down the toilet.

I bet reddit has already asked their lawyers about how the SEC would view them blocking reddit stock shorting discussion.

 

[Kuritan Deplorable]

I see your point but there's something that has been ringing in my head

If the Jannys have financial interests and start banning any critical Reddit reports or bad actions
It's the rape diaper troon 2.0 all over again but all the mods are in lockstep
And if they don't? Oh sweet summer child we have noticed you acted against Reddit's financial interest were going to have to remove you from jannying r/incest and r/transbian

I think above all else they want the Reddit mods to never go against them again after the Api scandal
That was a wake up call to the people in power no matter how limp wristed the protest was

I suspect that if things start going that way, they'll start booting out powermods quietly and replacing them with lackeys. Admins have the ability to seize subreddits from people, and the ability to restore nuked content if someone tries to preemptively scorch a subreddit. Most of the important boards have dozens of mods from the looks of it, it won't be hard to find one who isn't a retarded troon, or to "recruit from the community" if the entire batch is considered fucked.

Similarly, anything that might paint reddit operations in a bad light, such as reddit getting a reputation for censoring itself, would probably also trigger action.

Either way, the best decision they can make going into this is increasing the reach and number of Paid admins to act as tard handlers for the worst of the spergs.

 

[AnOminous]

Call it Y

His autistic obsession is with the letter X though. He wouldn't go for it.

 

[thejackal2]

With the reddit IPO, I wonder if it will finally lead to a real, critical, public discussion of reddit's obvious, system, and politically extreme bias? Reddit has never done too well with PR when someone actually focuses on them and mounts a story or argument. Reddit's PR strategy has seemed to try to anticipate how the media might respond and preemptively manage optics, but I don't think anyone ever gave reddit the same kind of look-over Twitter always got.

One thing I'd really like to know is, just one simple question: are user votes 'weighted' somehow based on the user? I bet they fucking are. Reddit doesn't actually promise those upvote/downvote numbers represent actual users, too, let the investors think what they may at first glance...


I bet reddit has already asked their lawyers about how the SEC would view them blocking reddit stock shorting discussion.

Not likely. Reddit is simply IPO'ing during a (perhaps) blow off top in the market (probably) being caused by a mania in AI and expected rate lowering over the next two years. There's a good chance that what will happen is the preferred investors will get a sweetheart deal on their shares, the general public will get fucked over, and Reddit will trade as a zombie company until they either get delisted or just simply exists as a "do nothing" stock that always trades around the same general (low) valuation.

I don't think Reddit has any long term plans for growth, like the SPAC mania during the last blow off top, this is just a way to make a quick buck for the insiders that will get the cushy stock conversions and then when all those shares get sold and flood the market the share price will drop and the retail investors will be left holding the bag.

 

[Harbinger of Kali Yuga]

Not likely. Reddit is simply IPO'ing during a (perhaps) blow off top in the market (probably) being caused by a mania in AI and expected rate lowering over the next two years. There's a good chance that what will happen is the preferred investors will get a sweetheart deal on their shares, the general public will get fucked over, and Reddit will trade as a zombie company until they either get delisted or just simply exists as a "do nothing" stock that always trades around the same general (low) valuation.

I don't think Reddit has any long term plans for growth, like the SPAC mania during the last blow off top, this is just a way to make a quick buck for the insiders that will get the cushy stock conversions and then when all those shares get sold and flood the market the share price will drop and the retail investors will be left holding the bag.

I still think that's an ideal result given that it implies reddit runs itself into the ground, which I agree is likely. I wonder what will pop up next? People are aware of the bias of social media companies now, which wasn't the case when all of these companies today started up. Reddit's even had trouble advertising. An IPO is supposed to happen if they have a long term plan for growth, that's why a company IPOs, or is supposed to. I don't know how they would intend to grow, they're a rather inept company that had really just gotten lucky that Digg fucked itself.