Reddit shares soar on first day of public trading

Reddit pops 48% in NYSE debut after selling shares at top of range

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The Commerce Report Team
March 22nd, 2024

Reddit soars in Wall Street debut, opening at $34 a share.

You can finally own stock in Reddit, the only social media platform where you can stage a Wall Street coup and join a community for people who love stapling bread to trees.

The 19-year-old company, listed on the New York Stock Exchange as RDDT as of March 21, 2024, is selling 22 million shares priced at $34 each valuing Reddit at $6.4 billion. Now that it has a fiduciary duty to make its shareholders richer, Reddit has to figure out how to turn a profit without enraging users.

The debut of Reddit's stock (RDDT) on its first day of trading saw an impressive surge, culminating in a closing price of $50.44 on Thursday. This marked a substantial increase of 48% from its initial public offering (IPO) price of $34 per share, elevating the company's market capitalization to slightly over $8 billion.

The anticipation surrounding Reddit's entrance into the New York Stock Exchange was palpable, especially considering the relative scarcity of public listings in recent years. Notably, Reddit's milestone makes it the first significant social media entity to undergo public offering since Pinterest (PINS) in 2019.

Source: Yahoo Finance

How Reddit Compares To Its Social Media Tech Competitors

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