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- Reddit files for IPO, showing -$91M in net income for 2023
Reddit files for IPO, showing -$91M in net income for 2023
Bay Area Times
February 23, 2024
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Top stories today:
- Reddit files for IPO, showing -$91M in net income for 2023
- NVIDIA beats Meta’s record, adding $277B in market cap in 1 day
- U.S. lands 1st spacecraft on moon since 1972
- Chrome introduces Gemini-powered “Help Me Write” tool
- Stable Diffusion 3 announced in early preview
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
1. Reddit files for IPO, showing -$91M in net income for 2023
$1.85B raised since inception.
$10B valuation in its last (2021) round.
$5B+ expected valuation.
1st social media IPO since Pinterest's in 2019.
Reddit's most active users will be given the chance to invest in the IPO.
Sam Altman controls 8.7% of the company’s stock
Sam Altman is the 3rd largest shareholder, behind Advance and Tencent.
2. NVIDIA beats Meta’s record, adding $277B in market cap in 1 day
Nvidia shares closed +16% after strongly beating market expectations in its Q4 earnings.
Nvidia’s competitors were also up: AMD +11%, Arm +4%, and TSM +3%.
NVIDIA closed at $1.96T market cap, making it the world’s #4 most valuable company
NVIDIA co-founder and CEO Jensen Huang is now the world's 21st richest
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