Reddit has submitted its IPO prospectus to the US Securities and Exchange Commission (SEC), aiming to trade on the New York Stock Exchange under the ticker symbol "RDDT." The social media company recorded $804 million in annual sales for 2023, a 20% increase from the previous year, primarily relying on revenue from online advertising. The filing also revealed that Altman is one of the biggest shareholders in Reddit.
Key takeaways:
- Sam Altman, CEO of OpenAI, is in a promising position as Reddit unveiled its IPO filing, due to his continued investment in the company since leading its $50 million Series B funding round in 2014.
- Altman's investment strategy extends beyond Reddit, with stakes in various startups, and his tenure as the president of Y Combinator provided him with valuable insights into emerging companies.
- Reddit is going public under the ticker symbol 'RDDT' on the New York Stock Exchange, marking the first major tech IPO in 2024 and the first social media IPO since Pinterest in 2019.
- According to the regulatory filing, Reddit recorded $804 million in annual sales for 2023, a 20% increase from the previous year, and Altman is one of the biggest shareholders in Reddit.