- China says will issue special bonds to boost ailing economy
- China offers $325 bn in fiscal stimulus for ailing economy
- Dodgers drop Padres 2-0 to advance in MLB playoffs
- Alexei Navalny wrote he knew he would die in prison in new memoir
- Last-minute legal ruling allows betting on US election
- Despite hurricanes, Floridians refuse to leave 'paradise'
- Israel observes Yom Kippur amid firestorm over Lebanon strikes
- Trump demonizes migrants in dark, misleading speech
- X says 'alert' to manipulation efforts after pro-Russia bots report
- US, European markets rise before Boeing unveils sweeping job cuts
- Small Quebec company dominates one part of NHL hockey: jerseys
- Comoros shock Tunisia, Salah, Mbeumo strike in AFCON qualifiers
- Boeing to cut 10% of workforce as it sees big Q3 loss
- Germany win in Nations League as 10-man Dutch rescue point
- Undav brace sends Germany to victory against Bosnia
- Israel says fired at 'threat' near UN position in Lebanon
- Want to film in Paris? No sexism allowed
- Ecuador's last mountain iceman dies at 80
- Milton leaves at least 16 dead, millions without power in Florida
- Senegal set to announce breakaway development agenda: PM
- UN says 2 peacekeepers wounded in south Lebanon explosions
- Injury-hit Australia thrash 'embarrassing' Pakistan at Women's T20 World Cup
- Internal TikTok documents show prioritization of traffic over well-being
- Israel says fired at 'immediate threat' near UN position in Lebanon
- New US coach Pochettino hails Pulisic but worries over workload
- Brazil orders closure of 2,000 betting sites
- UK govt urged to raise pro-democracy tycoon's case with China
- Sculptor Lalanne's animal creations sell for $59 mn
- From Tesla to Trump: Behind Musk's giant leap into politics
- US, European markets rise as investors weigh rates, earnings
- In Colombia, children trade plastic waste for school supplies
- Supercharged hurricanes trigger 'perfect storm' for disinformation
- JPMorgan Chase profits top estimates, bank sees 'resilient' US economy
- Djokovic proves staying power as he progresses to Shanghai semi-finals
- Sheffield Utd boss Wilder 'numb' after Baldock death
- Little progress at key meet ahead of COP29 climate summit
- Fans immerse themselves in Marina Abramovic's first China exhibition
- Israel says conducting review after UN peacekeepers wounded in Lebanon
- 'Party atmosphere': Skygazers treated to another aurora show
- Djokovic 'overwhelmed' after 'greatest rival' Nadal's retirement
- Zelensky in Berlin says hopes war with Russia will end next year
- Kyrgyzstan opens rare probe into glacier destruction
- European Mediterranean states discuss Middle East, migration
- Djokovic proves staying power as progresses to Shanghai semi-finals
- Hurricane Milton leaves at least 16 dead as Florida cleans up
- Britain face 'ultimate challenge' in America's Cup duel with New Zealand
- Lebanon calls for 'immediate' ceasefire in Israel-Hezbollah war
- Nihon Hidankyo: Japan's A-bomb survivors awarded Nobel
- Thunberg leads pro-Palestinian, climate protest in Milan
- Boat captain rescued clinging to cooler in Gulf of Mexico after storm Milton
Reddit aims to raise $500 mn in stock market debut
Reddit plans to raise some $500 million with its initial public offering of shares , using the money to improve the platform and its money-making power, according to a regulatory filing on Monday.
The New York Stock Exchange debut of the platform that bills itself as "the front page of the Internet" when it comes to hot news will be a test of an IPO market that has been idling since the middle of last year.
A date for the initial public offering of shares has yet to be set.
The San Francisco-based company said in the filing that it will issue 15.2 million shares priced between $31 and $34.
Reddit's IPO will be the first for a social network since Pinterest went public in 2019.
That would mean Reddit could raise around $500 million in fresh capital.
Factoring in shares potentially sold by those with existing stakes in the company and shares set aside in event of significant demand, there is potential for more than 25 million shares to be placed overall, according to the filing.
Including stock options already issued, the company would be valued at around $6.5 billion.
In an unusual move, the company reserved 1.76 million shares for active users and forum moderators referred to as "Redditors."
Founded in 2005, the platform is home to more than 100,000 online communities devoted to a sweeping range of topics and was visited by an average of 73 million people daily, according to a filing Monday with the Securities and Exchange Commission (SEC).
Like Facebook, Instagram, YouTube and TikTok, Reddit's business model is based on advertising, but despite its popularity, the platform has never managed to turn a profit.
Plans for monetization include licensing data for training large language models (LLMs) that power artificial intelligence, according to an SEC filing.
Reddit's users can be vocal: Last year moderators of communities at Reddit held a major protest over new fees for developer access to the platform.
And with the rise of ChatGPT, chief executive Steve Huffman had been unwilling to allow companies that build AI chatbots to have free access to the site to perfect their large-language models.
Even more famously, the Wall Street Bets subreddit fueled a GameStop share runup in 2021 in a frenzy that inspired a US congressional inquiry and the film "Dumb Money."
"Reddit needs to be a self-sustaining business, and to do that, we can no longer subsidize commercial entities that require large-scale data use," Huffman wrote in a Reddit post at the time.
Publishing giant Conde Nast bought Reddit in late 2006 and later spun it off into an independent subsidiary.
The company is now working on ways for users to earn money on the platform.
"Today, subreddits are mostly communities for content and conversation, and they will evolve into places where Redditors can generate revenue for themselves," Huffman said.
P.Stevenson--AMWN