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Reddit aims for $6.4bn valuation in shares sale

The social media website is one of the most popular in the world but struggles to make a profit.

"Our users have a deep sense of ownership over the communities they create on Reddit," wrote co-founder Steve Huffman in a letter to prospective investors released a few weeks ago. The company makes most of its money through advertising on the platform, although it recently struck a deal with Google which allows the tech giant to access Reddit data to train its artificial intelligence (AI) models. The power of Reddit communities has been seen through examples such as the Gamestop saga in 2021, where users mobilised to drive up the share price of the US video game retailer.

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