Trading under ‘RDDT’ shares opened at $47 and settled at $50.44|@NYSE|X
Reddit’s stock had an incredible first day on the market Thursday, as shares shot up by an impressive 48% from its IPO price marking a triumphant debut for the social media platform after over a decade of anticipation.
Trading under the symbol “RDDT,” shares opened at $47 and quickly surged to $57.80, a staggering increase from the IPO price of $34.
As the closing bell rang at the New York Stock Exchange, Reddit’s shares settled at $50.44, propelling the company’s market valuation to an impressive $9.5 billion.
This success, a milestone for Reddit, could set a precedent for other social media companies eyeing public listings.
But here’s a thing
Despite its widespread popularity, Reddit has yet to turn a profit, raising concerns about its future earnings.
Nonetheless, the message board site boasts over 73 million daily users and revenue exceeding $800 million.
Also, influential figures like OpenAI CEO Sam Altman and tech giant Tencent Holdings are among its major shareholders.