Shares of message board master Reddit headed sky high Thursday as the company launched its initial public offering. The stock was up nearly 60% from its midday at about $54, giving it a market cap of $8..8 billion.
It’s a great showing for the biggest tech offering in some time since Reddit had set the IPO price at $34 a share. The company filed for its IPO late last month.
It trades on the NYSE under the symbol RDDT. The move had been anticipated for years by the company, which was founded in 2005 by Steve Huffman, Alexis Ohanian and Aaron Swartz.
It boasts 100k+ communities, or subreddits, including wallstreetbets, the home of meme stock traders who upended Wall Street in 2021, taking shares of GameStop and others to the moon.
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