Reddit Share Sales Rise Up To $ 368 Million!

Reddit Share Sales Rise Up To $ 368 Million! Reddit Inc. announced two weeks ago that it had raised more than $ 250 million from the sale of private shares. It looks like there's a lot more to it than that. The social media platform said it collected $ 368 million from the sale of shares and aims to generate up to $ 500 million in revenue, according to data released in a regulatory file on Tuesday.

Reddit's valuation hovers over $ 6 billion in the days when the stock trading frenzy became the focus.

The frenzy, which started last month when members on their forums got organized and increased the stock prices of GameStop Corp, aimed to collapse the hedge funds using (shorting) GameStop, achieving its purpose and shaking the stock market, Reddit also ignited the wick of an American Congress hearing. The San Francisco-based company announced that it plans to use its revenues in various areas, including video, advertising and overseas expansion. Founded in 2005, Reddit is a social platform that allows users to share posts or articles as links. Gradually entering the mainstream, Reddit is currently one of the most visited sites in the US.   Source: https://finance.yahoo.com/ You may also be interested in this:

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