Social media network Reddit has launched many a meme stock - and as it goes public, could it become one itself?
The 19-year-old platform's gone public on the New York Stock Exchange today, opening 38% above the offer price at US$47 per share. Reddit is seeking to raise nearly US$750m through the stock listing - putting its valuation at nearly US$6.5 billion. It's the latest social media giant to hit Wall Street - and it's known to have a particularly passionate user base.
In 2021 Reddit helped fuel interest in GameStop shares, managing to create a short squeeze against traditional investors - and giving rise to so-called meme-stocks. So what can we expect from this listing? Matt Leibowitz, Founder of online broker Stake, shares his view.
Photo: Reddit
