"Reddit's IPO Soars 48% on First Day of Trading, Attracts Tens of Thousands of Users as Shareholders"
TL;DR Summary
Reddit's stock closed its first day of trading up nearly 48% from its IPO price, reaching $50.31 per share. Despite being unprofitable, the company's strong showing may be attributed to its AI strategy, with $203 million in contracts sold to AI companies for data access. The FTC has opened an inquiry into Reddit's plan to license user data for AI training. The successful IPOs of Reddit and Astera Labs may signal a shift in the tech IPO market, potentially encouraging more offerings from tech companies in 2024.
- Reddit stock closes up nearly 48% on its first day of trading TechCrunch
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- Reddit pops 48% in NYSE debut after selling shares at top of range CNBC
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- Reddit IPO: "Tens of thousands" of users bought shares, says CFO Axios
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