Reddit files for IPO

Online forum platform Reddit, famous for coordinating armchair investors' attacks on Wall Street and the phenomenon of "meme" stocks, has filed a confidential application with the SEC for an IPO, writes The Wall Street Journal.

It has been known since September that Reddit is preparing for its initial public offering. The IPO promises to be large: during the latest investment round of $700 million, the company was valued at $10 billion.

No details have been revealed yet. The company itself limited itself to an official statement that the parameters of the placement have not yet been determined, and the placement will take place after the approval of the SEC, depending on market conditions.

Reddit was founded in 2005, acquired by Conde Nast Publications the following year, and became an independent division again in 2011 and began attracting venture capital investment. The company does not disclose full reporting, but said it sold $100 million in advertising in the second quarter of 2021, nearly triple what it sold a year ago.

Users fear that after the IPO, Reddit will become “another portal overloaded with advertising” and will ban third-party applications for viewing content.