Reddit Prices I.P.O. at $34 a Share - eviltoast
Reddit Prices I.P.O. at $34 a Share, in a Positive Sign for Tech
www.nytimes.com
The social media company raised $748 million in the offering. Its shares begin trading on the New York Stock Exchange on Thursday.
  • AutoTL;DR@lemmings.worldBEnglish
    2·
    8 months ago

    This is the best summary I could come up with:

    Reddit on Wednesday priced its shares at $34 for its initial public offering, at the high end of expectations, in a sign of investor demand for growing tech companies.

    The pricing was a favorable signal for start-ups and venture capitalists, who have been closely watching Reddit’s offering as a test for private tech companies angling to brave the public markets.

    But Reddit’s pricing, alongside a successful first day of trading on Wednesday for Astera Labs, an artificial intelligence company, was a “good sign for the rest of the pipeline,” he added.

    Reddit relied on old-school-style message boards, which were largely text-based, divided by topics and browsed by pseudonymous commenters.

    More recently, Reddit has tapped into its vast troves of conversation data to market itself as a repository for training large language models, which help artificially intelligent computers learn speech abilities that are more human.

    Some have resisted the idea of Reddit’s being a public company, concerned that market forces and the quarterly demands of shareholders will corrode some of the features that made the site so attractive to them.

    The original article contains 750 words, the summary contains 179 words. Saved 76%. I’m a bot and I’m open source!