Reddit has taken a huge toll on the community. Mu a Press release, company revealed that it has secretly submitted a registration form to the US Securities and Exchange Commission stating “the first steps it takes to sell its common assets.” The announcement provides a brief overview of the proposed IPO, which is expected to take place after approval by the SEC.
Social networking sites also say that they do not know how many shares they have. It will reveal the initial census as soon as it is preparing for the IPO, but it is worth noting that was exalted $ 700 million in funding in August at a cost of more than $ 10 billion.
According to Reuters, Reddit wanted to hire banks and lawyers in September as consultants for the IPO organized in New York. While the duration of the IPO will depend on market trends, Reddit appears to be expecting the company to raise $ 15 billion by next year. In March, the company hired Drew Vollero, who led Snap’s IPO back in 2017, as their chief financial officer.
Reddit was launched in 2005 and has become very popular as a newsletter, messaging board and website since then. In the second quarter of this year, that products $ 100 million in advertising – 192 percent more than it did in the same period of 2020 – for the first time. Going forward, it seeks to find more ways to integrate videos and words into its pages, which can bring even greater value to advertising.
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