Reddit says it has filed for an IPO
Reddit has filed for an initial public offering through a confidential draft registration statement with the U.S. Securities and Exchange Commission. While the timing of the IPO is unclear, the filing comes after a strong year of public offerings for technology companies.
It also comes after Reddit's own WallStreetBets group drew the attention of regulators and market experts for the so-called meme stock explosion earlier this year. Meme stocks are publicly traded companies such as GameStop and AMC that generate buzz via social media networks like Reddit despite often losing money.
Users on WallStreetBets greeted Reddit's IPO announcement with both glee and concern, with some members expressing worries that it could mark the end of the social-media company's freewheeling culture. Others chatted about buying the stock — or potentially losing money on it.
Reddit, which announced its plan to go public on Wednesday on its corporate blog, didn't share any details about its IPO. Since the registration was confidential, its details aren't available to the public.
Reddit has attracted more than $1 billion in funding, with an August investment from mutual-fund giant Fidelity, according to Crunchbase. The social media company is valued at about $10 billion.
