Reddit announced earlier this week that it has started the process of taking the company public, by filing a confidential S-1 with the Securities and Exchange Commission.
“The number of shares to be offered and the price range for the proposed offering have not yet been determined,” the company wrote in its announcement. “The initial public offering is expected to occur after the SEC completes its review process, subject to market and other conditions.”
“We are in a quiet period, and for regulatory reasons, we cannot say anything further,” the company added.
Rumors had circulated that Reddit had been considering an IPO prior to the official announcement, and earlier this year, the company disclosed that it had raised a $700 million USD round of funding at a valuation of more than $10 billion USD.
In the same announcement, Reddit shared that it had made more than $100 million USD in advertising revenue in the second quarter of 2021, marking an almost 200% jump from last year’s figures. Additionally, the company in August revealed plans to double its staff by the end of this year to roughly 1,400 employees.
Stay tuned for more information.
In case you missed it, TikTok is currently testing out a streaming app for desktops.
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