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Reddit aiming for $6.5B valuation in long-awaited IPO

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Reddit is targeting a $6.5 billion valuation in its forthcoming initial public offering (IPO), the social media platform revealed Monday.

The company said in a Securities and Exchange Commission (SEC) filing it plans to raise up to $748 million in its public debut with the sale of roughly 22 million shares priced between $31 and $34 each.

Reddit Brand

Reddit is targeting a $6.5 billion valuation in its IPO this month (Photo by Ahmet Serdar Eser/Anadolu via Getty Images / Getty Images)

Reddit is set to debut on the New York Stock Exchange this month under the ticker “RDDT,” after confidentially filing for its IPO in 2021. It was valued at about $10 billion in a funding round it completed that year.

REDDIT’S PUBLIC DEBUT COULD MEAN BIG BUCKS FOR OPENAI CEO SAM ALTMAN

Since then, reports have speculated Reddit would target its valuation anywhere from $5 billion to $15 billion.

Reddit App

In this photo illustration, the Reddit logo is displayed in the Apple App Store. (Photo Illustration by Sheldon Cooper/SOPA Images/LightRocket via Getty Images / Getty Images)

Founded in 2005 by web developer Steve Huffman and entrepreneur Alexis Ohanian, husband of tennis champion Serena Williams, Reddit has been backed by several marquee investors, from venture capital giant Andreessen Horowitz to China’s tech behemoth, Tencent Holdings.

REDDIT CEO STEVE HUFFMAN: WHAT TO KNOW

The platform has been a cornerstone of social media culture with a cult following of devoted users, but the online discussion board has lagged behind the success of contemporaries such as Facebook and X.

Ticker Security Last Change Change %
META META PLATFORMS INC. 505.95 -6.24 -1.22%

The company has never turned a profit, and said in its filing earlier that it was “in the early stages of monetizing (its) business”.

Reddit had an average of 73.1 million daily active “uniques” – users who use its platform at least once a day – in the three months ended Dec. 31, 2023, it said.

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The lead underwriters for the social media platform’s offering are Morgan Stanley, Goldman Sachs, JPMorgan and Bank of America Securities.

FOX Business’ Eric Revell and Reuters contributed to this report.



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Urgent Money Miracle – $2+ EPC! Get Instant 90% Commission Bump

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Urgent Money Miracle – + EPC! Get Instant 90% Commission Bump
Urgent Money Miracle – + EPC! Get Instant 90% Commission Bump

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NEW! Christian Wealth Manifestation – Highly Targeted For Christians!

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Product Name: NEW! Christian Wealth Manifestation – Highly Targeted For Christians!

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Predictions for Mortgage Rates in 2024: What to Expect

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As we look ahead to 2024, many homeowners and prospective buyers are wondering what to expect when it comes to mortgage rates. The landscape of the housing market is constantly changing, so it’s important to stay informed about trends and predictions. In this blog post, we will discuss some factors that could impact mortgage rates in 2024 and what homeowners and buyers can expect.

One factor that could impact mortgage rates in 2024 is the overall state of the economy. If the economy is strong and growing, we may see higher mortgage rates as the Federal Reserve looks to combat inflation. On the other hand, if the economy is stagnant or in a recession, we may see lower mortgage rates as the Fed looks to stimulate growth. It’s important to keep an eye on economic indicators such as GDP growth, unemployment rates, and inflation to get a sense of where mortgage rates may be heading.

Another factor that could impact mortgage rates in 2024 is Federal Reserve policy. The Fed plays a key role in setting interest rates, and their decisions can have a ripple effect on mortgage rates. If the Fed decides to raise interest rates in response to inflation, we may see an increase in mortgage rates. Conversely, if the Fed decides to lower interest rates to stimulate growth, we may see a decrease in mortgage rates. Keeping up with the latest news and announcements from the Fed can give homeowners and buyers a sense of where mortgage rates may be heading.

In terms of specific cities and local mortgage companies, it’s important to note that mortgage rates can vary depending on location and lender. For example, in a city like New York City, where real estate prices are high, mortgage rates may be higher compared to a city like Indianapolis, where real estate prices are lower. Additionally, local mortgage companies may offer competitive rates and terms compared to national lenders. For example, in New York City, local lenders like Quontic Bank and CrossCountry Mortgage may offer specialized products and services tailored to the needs of local buyers.

It’s important for homeowners and buyers to shop around and compare rates from multiple lenders to ensure they are getting the best deal. Websites like Bankrate and LendingTree can be helpful resources for comparing rates and terms from multiple lenders. Homeowners and buyers should also consider working with a mortgage broker who can help them navigate the lending process and find the best mortgage product for their needs.

In conclusion, predicting mortgage rates in 2024 is not an exact science, but there are several factors that could impact rates. By staying informed about economic indicators, Federal Reserve policy, and local market trends, homeowners and buyers can make informed decisions about their mortgage. Shopping around and comparing rates from multiple lenders is key to ensuring you are getting the best deal on your mortgage. Whether you’re looking to refinance your existing mortgage or buy a new home, it’s important to stay informed and be proactive in managing your mortgage.

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