Reddit's 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.

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.”

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 company 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 to a net loss of $158.6 million the year prior.

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

Reddit first filed a confidential draft of its public offering prospectus with the Securities and Exchange Commission in December 2021.

    • dependencyinjection@discuss.tchncs.de
      0·
      2 years ago

      If you think it’ll tank, you’re just as deluded as the people that came here in the Exodus (myself included) who think Reddit is dying.

      The vast majority of people still use it and it will make money.

      Edit: Just look at how pretty much all the largest corporations can treat their customers and still make money. Reddit will force ads down everyone’s throats and sure some will leave, but the vast majority done care. Also, you have to factor in selling data for AI and and targeted ads etc.

  • Chef@sh.itjust.works
    0·
    2 years ago

    I will short the ever-loving shit out of that stock. This is a no brainer.

    It’s a TERRIBLE investment. The business model is completely flawed and dependent upon assumptions that there will be only positive growth in the user base.

    Google is going to use Reddit to train its AI. That software is going to immediately become a smug, whiny, racist, pedophile femboy.

    I look forward to capitalizing on this completely predictable sunbaked diaper.

    • BaldProphet@kbin.social
      0·
      2 years ago

      I’ve never shorted stock before, but I’m really tempted to start now. RDDT will become the inverse meme stock.

        • mosiacmango@lemm.ee
          0·
          2 years ago

          Better than a true “short” is to buy a put option on the stock for 100 shares. You buy a contract that lets you buy someone else shares at a lower price. If youre sure the stock is going to decrease, you pay a minor amount to make more money when it does.

          You can then opt to exercise this and get cheap shares, or more likely, sell the put contract directly for profit.

          You can also sell a call option that says you will provide 100 shares at a higher price. If you think the stock is going down, you will never have to actually fulfill this, so the money you made from selling the call is pure profit.

          The positive with options is that they limit your losses if youre wrong, unlike shorting where technically your losses can be unlimited. Options are also easier to get into than shorts, which generally require specific brokers that have minimum account size.

          The negative is that options are time limited. They last only a certain amount of time you specify when you buy. You can be 100% right about how the market will move, but if you get the timing wrong, you still lose money

          • BaldProphet@kbin.social
            0·
            2 years ago

            I think this is what I had in mind when I said I would consider shorting RDDT. Gonna watch and see what happens with the IPO first, though.

  • Mostly_Harmless@lemmy.world
    0·
    2 years ago

    Interesting. Today Reddit sent a new TOS letter to an old email address (I don’t have any Reddit accounts because fuck u/spez). The username it referenced was created today. I’ve never used this address with Reddit and don’t have any confirmation emails in my box or spam indicating someone else tried to create this account. I changed the password and deleted the account, but I have to wonder if they might be trying to boost their subscriber numbers for an IPO.