Reddit (RDDT) Shares Surge as Stock Begins Trading at $47 Each
Mar 22, 2024 - bloomberg.com
Reddit Inc. shares surged 48% above their initial public offering price, indicating investors' strong interest in the social media company's potential to profit from the growth of artificial intelligence. The San Francisco-based company and some of its shareholders raised $748 million in an offering priced at the top of a marketed range, with the stock closing at $50.44 each on its first day of trading in New York.
Much of the investors' enthusiasm is attributed to Reddit's AI business. The company's successful debut on the stock market and the warm reception of its AI pitch suggest a positive outlook for its future endeavors in the field of artificial intelligence.
Key takeaways:
Reddit's shares soared 48% above their initial public offering price.
The company's vision of profiting from the growth of artificial intelligence has been warmly received by investors.
The San Francisco-based company's stock closed at $50.44 each on Thursday in New York.
Reddit and some of its shareholders raised $748 million in an offering priced at the top of a marketed range.
