Reddit shares climbed as much as 15% in after-hours trading after the discussion platform confirmed it had struck a deal with start-up OpenAI. The agreement will allow ChatGPT, OpenAI’s chatbot, to access content on Reddit’s website that can be used to create text from human prompts. As part of the deal, Reddit will also be able to add more AI-powered features to its website. "If you’re going to become best pals with someone in the artificial intelligence space, putting your arm around the daddy of them all – OpenAI – is certainly a way to get the market excited," said Russ Mould, investment d...
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Reddit shares began trading on the New York Stock Exchange on Thursday, ushering in a new era for the social discussion site as a public company. The site, which had originally priced shares at $34 (€31) each, saw this figure rise to $47 (€43) as the market opened. Later in the day, eager investors then pushed up the shares to $57.80, although the closing price dipped slightly to $50.44. The demand surrounding Thursday’s offering is a welcome sign for the IPO market after two lacklustre years of trading. According to S&P Global, there were just 370 IPOs launched globally in the last three mont...
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Reddit shares will be listed on the New York Stock Exchange on Thursday, ushering in a new era for the social discussion site as it becomes a public company. The IPO has raised $229 million for existing shareholders and $519 million for Reddit, a total of $748 million (€685 million). The social platform will still have to pay commissions and other costs associated with the listing, meaning it won't receive all of the $519 million. Twenty-two million shares are being offered for $34 (€31) each, and bankers have a 30-day window to sell 3.3 million extra shares that would raise an additional $112...
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Days before the social media platform debuts on the New York Stock Exchange, the interest for Reddit's stocks is between four and five times oversubscribed, according to Reuters. Reddit is going to be publicly traded after its Initial Public Offering (IPO) on Wednesday, where the San Francisco-based company is seeking a $6.5 billion (€5.96 billion) valuation, equalling a price range of between $31 and $34 per share. The company wants to raise as much as $748 million (€686 million), selling 22 million shares, some of which are to be offered to its contributors, in what is seen to be an unusual ...
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