Cryptocurrency

Social network Reddit revealed its plans to go public

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Late on Wednesday night, the popular social platform Reddit announced that it had begun listing the company. The company submitted a confidential S-1 to the U.S. Securities and Exchange Commission (SEC), informing them of their intention to go public.

According to the regulations of the US Securities and Exchange Commission, they cannot provide any detailed information about stocks or prices, and they cannot protect trade secrets from being leaked until the end of the quiet period before the IPO date is set. The U.S. Securities and Exchange Commission documents confirmed long-standing rumors about Reddit’s public offering plan.

Back in August, Reddit raised $700 million in new funding, Making it worth more than 10 billion U.S. dollars. In a recent update, Reddit stated that its advertising revenue in the second quarter of 2021 was $100 million, an increase of nearly 200% over the previous year.

“The initial public offering is expected to take place after the SEC completes the review process, depending on the market and other conditions,” Reddit said in a statement Archive With the US Securities and Exchange Commission.

Reddit competes with ad-supported social media platforms such as Meta and Twitter.According to Hoffman, the company is Facebook, now Meta, And Google, every dollar they make is a struggle.On the other hand, Reddit has established its own cryptocurrency in the following form Reddit community points, Or RCP.

related: According to reports, Reddit will mark karma points and add 500 million new users

As of August, Reddit has approximately 52 million daily users and more than 100,000 active subreddit. Reddit is a forum where experienced traders gather to share their expertise and a popular gathering place for notorious meme stocks r/wallstreetbets, It has had a great impact on the stock market and the cryptocurrency market this year Retail trading and margin strategyThe popularity of the organization prompted the creation of the cryptocurrency peer r/SatoshiStreetB, which now has 509,000 members.