- Hezbollah fires at Israel as wars rage on Yom Kippur
- Analysts warn more detail needed on new China economic measures
- China tees up fresh spending to boost ailing economy
- 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
Social media company Reddit rides high in IPO
The Reddit social network said Wednesday it had priced at the top of its expected range ahead of going public on the New York Stock Exchange, in a sign of enthusiasm by investors.
Reddit, set to debut Thursday under the ticker "RDDT", will be made public at $34 dollars a share, the company said in a statement, which would value the platform at around $6.4 billion.
The entry of Reddit comes as the tech sector is seeing a big slowdown in IPOs since the US Federal Reserve started hiking interest rates.
With easy financing scarce, Silicon Valley is seeing a dearth of companies ready to make the big leap to go public, with Pinterest being the last social media company to do so in 2019.
San Francisco-based Reddit first filed for its IPO in 2021 when the market was hot thanks to a Covid-linked growth boom for tech, but the attempt stalled as the internet economy cooled.
Reddit --- unlike Facebook or former-Twitter X --- is siloed into about 100,000 subject-focused chatrooms known as subreddits, making it more specialized and a place where posts are less prone to going viral.
Even so, Reddit has 73 million average daily users and 267 million monthly users, mainly in the United States, according to its filing to US regulators.
Content in subreddits is mostly moderated independently, with the site demanding a basic standard that users must adhere to, making the site less policed or centralized than Facebook or TikTok.
In its filing earlier this month, the company said that it would issue 15.2 million shares priced between $31 and $34.
Following the lead of companies like Airbnb and Rivian, Reddit set aside about eight percent of the IPO shares for moderators and top users, known as "Redittors."
- Future profits? -
There are a lot of questions on whether Reddit will be a successful business and the company has never turned a profit in its two decades of existence.
Buoyed by faithful yet often unruly users, Reddit is not seen as fertile ground to grow advertising, which will be the main path for the company to make money.
Reddit was created in 2005 and was quickly sold to Conde Nast, the publisher of Vogue and the New Yorker magazine, in an unlikely pairing.
In 2011, Reddit was spun-off, though Conde Nast's parent company, controlled by the Newhouse family, remains the company's biggest shareholder.
OpenAI CEO Sam Altman is also a major investor after he led a fund-raising round about a decade ago.
F.Dubois--AMWN