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Reddit’s IPO filing reveals major stake by OpenAI CEO Sam Altman
Reddit files for NYSE IPO under the ticker "RDDT", showcasing growth, community share offers, and OpenAI CEO Sam Altman's significant stake.
The platform, known for its vast array of over 100,000 communities and significant daily and weekly active users, has faced challenges in building an online advertising business to compete with giants like Facebook’s Meta and Google’s Alphabet. Reddit’s IPO filing reveals ambitious plans to leverage AI to enhance its advertising capabilities and develop a data-licensing business, with a notable $203 million data licensing agreement reportedly with Google. The company’s vision to harness its vast data for AI development, as well as its intention to introduce more features to create a user economy, indicates a broader trend of social media platforms exploring innovative ways to leverage technology for growth.
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