Reddit, the social media platform, has detailed plans to launch its Initial Public Offering (IPO) in March 2024. This move comes after more than three years of planning and would mark the first IPO of a major social media company since Pinterest’s debut in 2019. Reddit, which was valued at about $10 billion in a funding round in 2021, plans to sell about 10% of its shares in the IPO. The company, which generates its revenue primarily through advertising and also offers premium access for $5.99 per month, has yet to turn a profit. Reddit expected to generate slightly over $800 million in advertising revenue in 2023, up more than 20% from a year earlier. The company’s IPO plans could be pushed back, as has happened in the past.
Read more at: www.cnbc.com