Reddit debuts on Wall Street after a successful IPO. Reddit enters a new era as a publicly traded company with a market value of $6.4 billion.
The platform's initial public offering (IPO), the largest by a social media company in years, was valued at $34 per share. Its largest shareholder is Advance Publications, the parent company of CondéNast, which owns popular magazines such as the New Yorker, Vogue and Wired. The price, announced on Wednesday, was positioned above the target range set by Reddit investment bankers.