Reddit finally goes public
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Marketplace
4.5 • 1.4K Ratings
🗓️ 21 March 2024
⏱️ 10 minutes
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Summary
On Thursday, Reddit debuted on the New York Stock Exchange under the ticker symbol RDDT. The social network is valuing itself at $6.4 billion. But we wondered: Why go public now? Plus, the Congressional Budget Office says that the national debt will be smaller than previously thought, citing less government spending and more immigration. And we look at why we may end up with higher interest rates over the next few years.
Transcript
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| 0:20.0 | Reddit is finally going public. |
| 0:26.0 | From Marketplace, I'm Sabrie Benashore in for David Brancaccio. |
| 0:30.0 | Reddit goes public today. |
| 0:32.0 | The social media network debuts on the New York stock exchange |
| 0:35.1 | under the ticker symbol RDDT. |
| 0:38.4 | Reddit is valuing itself at $6.4 billion. Here for more is Eric Gordon, professor at the Ross School of |
| 0:45.2 | of Business at the University of Michigan. Eric, um, Reddit has been around for 20 |
| 0:48.9 | years. Why go public now? Reddit is going public today because it can go public today. |
| 0:56.6 | The IPO window has been closed. |
| 0:58.6 | Companies have not been able to go public. |
| 1:00.8 | The window is opening because there's a sense that the economy is getting better. |
| 1:07.0 | We had news from the Fed yesterday that interest rates are likely to go down. |
| 1:11.0 | And when interest rates go down, stocks usually go up. |
| 1:15.2 | The other wrinkle here is that Reddit has set aside almost 1.8 million shares for certain |
| 1:22.1 | users, moderators. This isn't very common, right? |
| 1:25.0 | It's not common. These moderators are not paid. This is thought to be a reward, |
| 1:31.0 | although there are some risks. The stock that goes to these folks |
| 1:35.2 | is probably going to be traded pretty quickly, because these moderators tend to be |
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