1y ago

Reddit files to list IPO on NYSE under the ticker RDDT

www.cnbc.com

Social media company Reddit filed its IPO prospectus with the Securities and Exchange Commission on Thursday after a yearslong run-up. The company plans to trade on the New York Stock Exchange under the ticker symbol “RDDT.”

Reddit said it had $804 million in annual sales for 2023, up 20% from the $666.7 million it brought in the previous year, according to the filing.

The company said it has incurred net losses since its inception. It reported a net loss of $90.8 million for the year ended Dec. 31, 2023, compared to a net loss of $158.6 million the year prior.

Its market debut, expected in March, will mark the first major tech initial public offering of the year. It’s the first social media IPO since Pinterest went public in 2019.

Reddit first filed a confidential draft of its public offering prospectus with the Securities and Exchange Commission in December 2021.

80 comments

I will short the ever-loving shit out of that stock. This is a no brainer.
It’s a TERRIBLE investment. The business model is completely flawed and dependent upon assumptions that there will be only positive growth in the user base.
Google is going to use Reddit to train its AI. That software is going to immediately become a smug, whiny, racist, pedophile femboy.
I look forward to capitalizing on this completely predictable sunbaked diaper.
- Except the stock market (and all the cultists who worship it) don't inhabit the same reality as the rest of us.
  It doesn't matter if Reddit is a good investment or not- what matters is if Reddit feels like a good investment to those assholes. The market can remain irrational a lot longer than you can remain solvent.
- It’s a TERRIBLE investment.
  "We are not profitable"
  -Spez, certified jailbait aficionado
- I've never shorted stock before, but I'm really tempted to start now. RDDT will become the inverse meme stock.
  
  read up carefully. It is a strategy that can lose you more than you put in.
  
  Shorting an IPO isn't really available to most investors. Liquidity is super low and most brokerages won't be able to offer it for a while.
  
  I also should learn how to short a stock.
  
  On top of what others have said keep in mind shorting isn't just you saying the stock will go down, it's you saying the stock will go down more than others think it will. Tbh I wouldn't even touch anything to do with shorting or options if I were you. It's incredibly risky and should only be done by people with more experience than you and I.
- PUTS on RDDT! LFG!
- pedophile femboy
  you don't need to continue this bigoted line against queer people, intentional or not.
  
  Are you actually serious?
  If you read the whole thing, it's clearly supposed to be a mashup of different aspects of reddit.
The big question, of course, is what can we do to help make sure it tanks?
- I don't think we have to make sure.
  Spez doesn't care. He's made his money. Reddit can just die as far as he is concerned.
  And neither he nor anyone else there seems to be interested in improving the user experience.
  
  Yeah this is the rugpull.
- Make sure what tanks? The IPO for reddit? The website whose CEO was a moderator on r/jailbait, the community for sexualizing minors?
  
  The website whose CEO was a moderator on r/jailbait, the community for sexualizing minors?
  I thoroughly dislike spez, and I think there are a lot of reasons to be critical of him, but this isn't one of them. He was made a moderator of /r/jailbait at a time when people could be added as moderators without being notified or needing to accept any kind of invitation.
  I'd rather see him criticised for the many awful things he's said and done over the years than for some non-reason like that.
- I'm pretty sure they won't need any help with that.
- It probably will. An IPO in a post ZIRP world for a company that isn't profitable and isn't a new high growth company isn't likely to be a popular stock.
- If you think it’ll tank, you’re just as deluded as the people that came here in the Exodus (myself included) who think Reddit is dying.
  The vast majority of people still use it and it will make money.
  Edit: Just look at how pretty much all the largest corporations can treat their customers and still make money. Reddit will force ads down everyone’s throats and sure some will leave, but the vast majority done care. Also, you have to factor in selling data for AI and and targeted ads etc.
  
  You post that take on myspace too?
  
  Reddit has never been profitable and I don't see a reason why it would change now all of a sudden.
  
  As sad as it is I think you're right. The same was said about facebook and even though they had a bumpy road it's bigger than ever before. Nothing being sold at the stock market follows any logical rules, it's so much emotion that sells stuff. And as long as it makes money, nobody cares about racism or pedophilia or any other bad thing. I thought that's why we hate capitalism that much.
Interesting. Today Reddit sent a new TOS letter to an old email address (I don't have any Reddit accounts because fuck u/spez). The username it referenced was created today. I've never used this address with Reddit and don't have any confirmation emails in my box or spam indicating someone else tried to create this account. I changed the password and deleted the account, but I have to wonder if they might be trying to boost their subscriber numbers for an IPO.
- Yeah, I just had an email inviting me to participate in the IPO. I'm not a US resident though so that won't be happening.
  
  Why not? Think of all of the Reddit gold you would get! ;-)
Welp. That'll be the final nail in the enshittification coffin.
Good for them. They can get fucked.
Don’t you usually get to black before the IPO? We’re not really in growth stock rates these days.
- There was another article today about them getting a contract from Google to train their AI on their content for millions a month. This should close the gap and lead to a possibly positive year for the first time ever this year.
  They saw a 20% increase in revenue, likely due to consolidating people on their app, getting them the ad revenue boost. That impact is only a little over 6 months old. I'm curious what a year looks like.
  
  The article I read said that Google will be paying 60 million dollars per year, so that still leaves them 30 million in the red considering the 90 million net loss of 2023.
- The vast majority of companies arent profitable with their IPO. This is a relatively recent phenomenon.
  The total IPO/year has tanked too.
  All I'm getting at is that overall trends no longer apply as business and how stocks are approached has changed a lot
I got the “do you want to hold the bag” email.
I will laugh like a hyena if they Facebook their IPO.
The last DDT went pretty well right?
- Are you referring to the chemical or the wrestling move?
  
  The chemical... Unless the wrestling move was also terrible for the environment?
Interesting that they're offering to let me buy shares at the IPO price...
- Spez is straight up luring the userbase into a rug pull scam.
  Plenty of rubes will fall for it and the stock will be overvalued for a short period of time, then the institutional investors will pull out, then the rubes will panic sell, then institutional investors will slowly buy back in a little bit and it'll eventually reach some kind of baseline but never get back to where the redditors bought in at.
  I just hope I can get some good puts in before the rug pull happens.
- “You have to be in our exclusive club to buy our stock at the same IPO price you can get through Robinhood.”
- I'd wait this one out 🤣
- IIRC Vonage tried that too, because the folks in charge knew the IPO was going to fail spectacularly and wanted more rubes to put in some money.
4chan IPO when
Short on open?
- I think it will go the way of coinbase. Two companies are eerly similar

80 comments