Reddit made its stunning stock market debut on Thursday, embracing incredible momentum and vigor. Reddit’s share price traded at a staggering $47 per share, with investors flocking in line to purchase the stock in bulk.
The firm’s shares surged as high as 48% in anticipation of its share debut, leading the stock to rally past usual metrics.
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Reddit’s Trailblazing Stock Debut
Reddit, one of the leading social news aggregator platforms, marked its trading debut on Thursday. The strong market momentum embraced Reddit’s powerful launch, giving its shares a soaring price threshold. Reddit shares closed 48% above their initial price, taking the firm’s valuation to a whopping $9 billion.
Dubbed the most anticipated launch of the year, Reddit was planning to go public early on and was working on crafting a strategic launch two years ago. The firm initially filed for an IPO in December 2021 but could not launch the idea due to volatile market conditions.
Per The Guardian, Reddit’s stocks have actively been explored and bought by leading market giants in the corporate sector. The firm’s major shareholders include Tencent, Fidelity, and OpenAI. These three corporate behemoths own 11%, 9.5%, and 8% of the firm’s stock respectively.
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Reddit Becomes the Most Traded Stock on the Public App, Leaving Nvidia and Tesla Behind
Reddit’s exceptional debut has left Nvidia and Tesla stocks to bite the dust. Per CNBC, the CEO of the investing app Public, Jannick Malling, shared how Reddit’s first-day share proceedings have outpaced Nvidia and Tesla’s market momentum.
“Despite only trading for less than half a day, it was the most bought stock of the day,” as shared by Public.com CEO Jannick Malling. “You’ve also seen anticipation build in the past few weeks. You can see it in the search volume.”
Malling further shared details on how Nasdaq has lately been mulling over listing Reddit for public trading. If listed on the domain, Reddit can gain further market momentum and impetus.