Nineteen years after its debut, Reddit is now a publicly traded company. It was listed on the New York Stock Exchange as RDDT for the first time on Thursday, with mascot Snoo on hand to ring the opening bell. The company aimed to sell 15.3 million shares at $34 a pop to raise around $519.4 million. Stockholders collectively planned to sell 6.7 million shares in the IPO for a total of $228.6 million (Reddit itself wouldn't see any of that money though). The IPO price values Reddit at just under $6.5 billion. The sale’s underwriters also have the option to buy 3.3 million shares at the IPO price over the next 30 days. So if the stock soars over the next few weeks, the underwriters can pick up shares relatively cheaply. If all those sell, Reddit will pull in another $112.2 million or so. One other interesting aspect of Reddit going public is that it invited long-term users in good standing the chance to snap up shares at the IPO pricing over the last few weeks. It’s been a long road for Reddit to go public, and it’s doing so long after many of its peers (the last major social media IPO was Pinterest back in 2019). Conde Nast bought Reddit in 2006, just over a year after the platform went live, and spun it back out as an independent subsidiary in 2011. Reddit first filed for an IPO in 2021. The company has had plenty of controversies to address during its run. Last year, users protested against the company's decision to start charging for API access, effectively killing some... Continue reading at 'Engadget'
[ Engadget | 2024-03-21 14:44:55 UTC ]
A decade after New York City sustained one of the largest terrorist attacks in recent American history on September 11, 2001, Conde Nast has decided to move its head quarters, 18 magazine titles and 5,000 employees to 1 World Trade Center. Continue reading at Folio Magazine
[ Folio Magazine | 2011-05-18 00:00:00 UTC ]
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Coinciding with the recent news that Conde Nast is the latest publisher to come to an agreement with Apple to offer subscription capabilities for its magazine apps, Adobe separately revealed a little bit more about how it actually helps facilitate those subs. Continue reading at Folio Magazine
[ Folio Magazine | 2011-05-12 00:00:00 UTC ]
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Conde Nast has noted that the iPad ready issues of their titles may not be doing as well as they (and every other publisher who ran to the gold mine of digital publishing) had planned. Continue reading at Folio Magazine
[ Folio Magazine | 2011-04-26 00:00:00 UTC ]
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Looks like Conde Nast might be putting Voice of the Internet Reddit on the lot. Continue reading at Folio Magazine
[ Folio Magazine | 2011-03-22 00:00:00 UTC ]
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The American Society of Magazine editors today unveiled the winners of its second-ever Digital Ellies awards. Conde Nast's Epicurious took the award in the General Excellence category as well as top honors in the category of Interactive Tool. Continue reading at Folio Magazine
[ Folio Magazine | 2011-03-17 00:00:00 UTC ]
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Publishers are launching iPhone and iPad apps on a daily basis (unless you're Bonnier, then it seems almost hourly). Many are coming from the usual suspects with deep pockets--Hearst, Conde Nast, Time Inc. etc. Continue reading at Folio Magazine
[ Folio Magazine | 2011-01-19 00:00:00 UTC ]
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