Online forum Reddit’s share price has nearly doubled in the week after it first listed on the New York Stock Exchange.
Anyone can now own a piece of the company by purchasing ‘shares’.
Reddit joins other publicly listed tech companies including Meta, Apple, Match Group (which owns Tinder and Hinge) and Snap Inc (Snapchat).
One of the world’s most popular websites, Reddit gets around 267 million visits a week.
About Reddit
Founded in the U.S. in 2005, Reddit is best known for its communities of ‘subreddits’ — forums based on specific interests, where users share opinions and give advice.
In a statement to the U.S. stock monitoring authority, co-founder and CEO Steve Huffman described Reddit as an “evolving place where anyone, anywhere, can connect with like-minded people”.
Going public
When a business goes public, it invites people to purchase a ‘stake’ or ‘share’ in that company. A person who buys shares becomes a part-owner of that company, also known as an investor or a stakeholder.
Reddit confirmed its plans to go public on the NYSE earlier this year.
Hoffman said ‘going public’ would allow users to own part of Reddit, raise money to sustain its workforce and grow Reddit into a “stronger company”.
Last week Reddit launched an initial share price of $US34 ($AU52) — aka its Initial Public Offering (IPO).
Reddit’s share price has already nearly doubled to about $US60, or $AU92.
That’s almost double its IPO, taking Reddit’s total value to almost $US9.5 billion.
Last year, the company recorded a loss of nearly $US91 million.
