Reddit Come | Reddit Files Confidentially In Order To Make Them Public: In August, Reddit received a substantial $410 million funding round headed by Fidelity, putting the company’s value at $10 billion. It had intended to close out the round, which was a Series F, with a $700 million valuation at the time.
Reddit Come | Reddit Files Confidentially In Order To Make Them Public
According to the New York Times, the company’s CEO, Steve Huffman, said that Fidelity’s investment will allow the company more time to decide when and how to go public.
Now comes word that the 16-year-old site has submitted a secret draught registration statement for the Securities and Exchange Commission in order for going public, according to a statement released by the firm on Wednesday evening.
For the time being, Reddit has not finalised how many shares it will offer or what price range it will use for its first public offering.
There were hints that the well-capitalized corporation was getting ready to list on the stock market.
Drew Vollero, who previously working on Snap’s initial public offering (IPO). It was hired as the company’s first-ever chief financial officer in March.
According to publicly available statistics, Reddit has raised a total of $1.3 billion in funding to date.
In order to advertise itself as a home for communities while also attempting to police hate speech.
The content collecting behemoth has faced a number of significant obstacles. Earlier this year, a subreddit played a critical role in the big stock market rallies seen by firms such as GameStop and AMC.
Tencent’s leadership position in Reddit’s $300 million Series D funding round in 2019 prompted fears that the community network might be subjected to censorship. My colleague Jon, who is present at the moment, contradict the claims.
The popularity of Reddit has played a role in the company’s financial success.
In the second quarter, Reddit generated more than $100 million in advertising income. In August, the site received 50 million daily users and had 100,000 active subreddits, according to the most recent figure.