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Report: 75K loyal Redditors can snag shares before Reddit goes public (arstechnica.com)

submitted 9 months ago by Powderhorn to c/technology

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This is one of the more scathing pieces to come out on Ars about Reddit. As the site did not respond to inquiries, all that was available to report on was profoundly negative statements that Advance is unlikely to enjoy seeing.

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[–] autotldr@lemmings.world 5 points 9 months ago

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Thousands of the most dedicated Reddit users will have a chance to snag shares when the company goes public in 2024, The Wall Street Journal reported Wednesday.

Citing people familiar with the matter, The Journal reported that 75,000 of the "most prolific" Redditors will have an opportunity to buy "an as-yet-undetermined number of shares" before trading starts.

While TechCrunch reported that Snap became a "laughing stock" of the NYSE within two years—"sinking to an all-time low" in December 2018—the company eventually bounced back after finding new ways to attract users.

The company also seemed encouraged by positive trends on its platform, confirming that its decision to go public came after the WallStreetBets forum brought in millions of new users and advertisers, the WSJ reported.

And at a tech conference that year, Reddit CEO Steve Huffman directly said that the company wanted to make it easy for users to become shareholders.

By inviting users to become shareholders, Reddit saw an opportunity to help drive change, Huffman said, at a time when "the market is evolving to be more fair" and accessible to individual traders buying and selling stock through platforms like Robinhood.

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