SAN FRANCISCO - Social media platform Reddit is advancing towards an initial public offering (IPO) expected to take place in late March. The company, under the guidance of Chief Executive Steve Huffman, is looking to file publicly by late February and initiate its roadshow in early March. With a strategy to sell approximately 10% of its equity, Reddit is aiming to leverage its $10 billion valuation from 2021.
Founded in 2005 by Alexis Ohanian, Reddit has become a staple in the online community landscape, known for its organic user-created communities, viral content, and influential discussions. The platform has consistently ranked as one of the most-visited websites worldwide, despite the rise of competing social media giants such as TikTok and Facebook (NASDAQ:META).
Currently boasting over 425 million users, Reddit is focusing on growing its platform while maintaining the unique culture that fosters specialized communities and passionate debates. As part of its growth strategy, Reddit is investing in improving technology and content moderation tools, essential for the platform's health and user experience.
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