Reddit shares rise 30% to start week after social media company's IPO
Publishing timestamp: 2024-03-25 19:25:11
Summary
Reddit's IPO raised roughly $750 million, with shares jumping 30% on Monday. Investors are optimistic about the IPO market picking up after a long lull, with Reddit being the first major social media company to go public since 2019. Plexo Capital's Lo Toney sees Reddit's debut as a positive sign for the tech industry and future IPOs, but notes that more dynamics need to happen before floodgates open.
Sentiment: POSITIVE
Keywords: technology, mobile, breaking news: technology, internet, social media, astera labs inc, reddit inc, business news,