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Reddit Stock Surges on Its First Day of Trading
The home of memestocks is now publicly traded on the New York Stock Exchange as RDDT, in the first major social media IPO in five years.
The decentralized structure affords mods incredible power, and they’ve wielded that to temporarily shutter their communities when they disagree with strategies of Reddit’s executives—including a bitter battle last year. Veteran users and employees have long wanted Reddit to improve the reliability of its platform and focus on core features, which the company has prioritized over the past year. In addition to the feature upgrades, Reddit is having to focus on ensuring its forums aren’t overrun by ChatGPT-generated spam that detracts from the genuine conversation users crave.
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