Reddit pops as much as 70% in NYSE debut after selling shares at top of range
Publishing timestamp: 2024-03-21 13:45:25
Summary
Reddit began trading on NYSE under stock ticker "RDDT" with a strong debut, raising about $750 million. The company's IPO price was at the top of the expected range. Reddit's market cap reached about $10.9 billion at its peak, but dropped to $7.9 billion. The company is betting on data licensing for revenue and has faced scrutiny from the FTC. Existing stakeholders, including CEO Steve Huffman, sold shares in the IPO. Redditors were given the opportunity to buy stock through a directed-share program.
Sentiment: MIXED
Tickers: 700-HK, META, GOOGL, ABNB, GME, DOCS, ARM, RIVN, ALAB, UNDEFINED, AMZN, PINS, SNAP,
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Source: https://www.cnbc.com/2024/03/21/reddit-ipo-rddt-starts-trading-on-nyse.html