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Reddit Shares Surge In IPO
Shares of Reddit surged more than 60% as the social media juggernaut went public.
Shares of message board master Reddit headed sky high Thursday as the company launched its initial public offering. It boasts 100k+ communities, or subreddits, including wallstreetbets, the home of meme stock traders who upended Wall Street in 2021, taking shares of GameStop and others to the moon. Advance Magazine Publishers, the owner of Condé Nast controlled by the Newhouse Family, is set to have a 26.5% stake in the company, while China’s Tencent will have 9.7% and OpenAI CEO Sam Altman 7.6%.
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