Get the latest gossip
Reddit Shares Explode Again As Options Gain Traction With Bulls
Shares in Reddit, which surged last Thursday in their blockbuster IPO, exploded again Monday as bullish investors bought into options on the social media firm.
Publishing giant Condé Nast acquired Reddit for $10 million in 2006 before spinning it out into a separate company five years later, has booked several billion dollars in paper gains since the IPO. Reddit has about 73 million daily users spread across its 100,000 “subreddits.” While it has grown steadily it remains a fraction of the size of Meta-owned Facebook or even smaller rivals like Snap or Twitter/X. In a rare opportunity for retail investors, Reddit offered tens of thousands of moderators and users the chance to invest in the IPO, which is usually reserved for a small class of insiders and institutional holders.
Or read this on Deadline