Social media company Reddit started trading on the New York Stock Exchange on Thursday at a starting price of $47 per share with the RDDT ticker.
The stock opened 38% above the initial public offering (IPO) price of $34 per share. Reddit raised $6.4 billion in the IPO and after starting to trade its market capitalization reached as much as $10.9 billion.
The company was founded in 2005, and it has over 2,000 employees and 73.1 million active users according to data on December 2023. During an interview on CNBC, CEO Steve Huffman stressed the company "grew revenue three times as fast as posted last year," leaving them in an optimal place in terms of gross margin expectations.
