Will the Reddit revolution continue gaining momentum?
Kaltbaum Capital Management President Gary Kaltbaum, Cresset Capital CIO Jack Ablin and Chief Market Strategist of Advisor Group Phil Blancato weigh in on today’s markets, 10-year treasury yield and individual retail investors.
Online discussion forum Reddit is looking to hire investment bankers and legal advisers ahead of a likely initial public offering early next year, according to a report Thursday.
Reddit is aiming for a $15 billion valuation by the time it goes public, Reuters reported, citing sources familiar with the matter. The platform had 52 million daily active users as of last October.
The exact timing of Reddit’s IPO has yet to be determined. The sources reportedly warned that both the timing and the expected valuation were subject to change based on market conditions.
A Reddit representative declined to comment on the report.
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The company was valued at more than $10 billion after its most recent fundraising round earlier this month. Fidelity Management and Research Company LLC were among the participants.
Speculation about a potential Reddit IPO has intensified in recent months. In March, Reddit hired Drew Vollero, a former Snap executive who helped lead that company’s IPO, to serve as its chief financial officer.
Reddit CEO and co-founder Steve Huffman addressed the speculation about his company’s future plans during an interview with The New York Times in March.
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"Is Reddit going public?" Huffman said. "We’re thinking about it. We’re working toward that moment."
Reddit experienced a surge in popularity in recent months as retail traders flocked to its message boards to discuss so-called "meme stocks." Huffman told The Wall Street Journal that Reddit added millions of users during the craze.
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