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Reddit, the social media company known for hosting web forums on topics from the mainstream to the extremely obscure, is targeting a valuation of close to $6.5 billion in its upcoming IPO.
Reddit is seeking a valuation of up to $6.5 billion in its upcoming IPO, according to a person familiar with the matter.
OpenAI CEO Sam Altman will be in a position to make millions after Reddit goes public, thanks to a series of bets on the online discussion board company that go back to 2014. Altman holds 9.2% of voting power ahead of Reddit's initial public offering, according to information in the company's prospectus.
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's initial public offering will include a quirk that allows some of its most active users to buy the stock. That could make the deal riskier for other investors.