Reddit to raise nearly $750 million in an IPO and offer shares to Redditors. Here's how it will work.
CBSN
Reddit said it's aiming to raise $748 million in its initial public offering, which will also offer shares to the social media company's users and moderators as a way to allow them to participate in the stock sale.
In a regulatory filing on Monday, Reddit said it will sell about 22 million shares priced about $31 to $34 each. Based on its total number of shares outstanding, the transaction would value Reddit at $5.4 billion.
Reddit's IPO, while typical for a tech company seeking to raise more money to fuel its expansion, is unusual in that it's setting aside a significant number of shares to offer its own users. In the company's filing, CEO Steve Huffman noted that the service was built on the efforts of its community, such as moderators and users, and that Reddit wants them to be able to participate in publicly owning the business.
Run 3 Space | Play Space Running Game
Traffic Jam 3D | Online Racing Game
Duck Hunt | Play Old Classic Game
A Washington state woman was ordered held without bail Thursday in connection with the death of a U.S. Border Patrol agent in a case that has grown to encompass killings in multiple states.
A Michigan priest had his license revoked by the Anglican Catholic Church after he mimicked a straight-arm gesture performed by Elon Musk during a speech earlier this month that some have interpreted as a Nazi salute.
Washington — Transportation Secretary Sean Duffy had been sworn in for only a few hours when the first major commercial plane crash in the U.S. in more than a decade shocked the nation late Wednesday.
Washington — President Trump is addressing the public Thursday morning in the aftermath of the plane crash in the Potomac River in Washington, D.C. The collision of a regional jet and a U.S. Army helicopter late Wednesday was the first major commercial plane crash in the U.S. in more than a decade.
The American economy ended 2024 on a solid note with consumer spending continuing to drive growth.
A Texas man released from prison under President Donald Trump's sweeping pardons over the Jan. 6 attack on the U.S. Capitol is wanted by authorities on a 2016 charge of soliciting a minor online, prosecutors say.
An American Airlines jet with 60 passengers and four crew members aboard collided with an Army helicopter Wednesday night while coming in for a landing at Ronald Reagan National Airport near Washington. The Black Hawk helicopter was carrying a crew of three. Officials said early Thursday that everyone on board both aircraft is believed dead, which would make it the deadliest U.S. air crash in nearly a quarter century.
Top figure skaters from the United States and Russia were on board the American Airlines flight that crashed late Wednesday night into the Potomac River in Washington, D.C., after colliding with a military helicopter.
The FireAid benefit concert, the one-night-only event that will bring together 27 musicians, will take place Thursday to help fund efforts to rebuild communities impacted by the Los Angeles wildfires.
The mystery of what happened to a U.S. woman who was tried in three killings before disappearing from a Mexican prison more than 50 years ago is about to be solved.
A former U.S. Postal Service worker admitted to stealing over $100,000 worth of sports memorabilia when he worked as a mail sorting clerk, federal prosecutors said Wednesday.
At least one aircraft crashed Wednesday evening over the Potomac River near Ronald Reagan International Airport outside Washington, D.C., officials said, grounding all flights at the airport.
Abortion opponents praised Robert F. Kennedy Jr. on Wednesday, after he vowed at a Senate hearing to implement "whatever" position President Trump takes on regulating abortion pills, if confirmed as the next secretary of health and human services.
President Trump on Wednesday announced he's signing an executive order instructing the Pentagon and Department of Homeland Security to prep Guantanamo Bay for use as a migrant detention facility for "the worst criminal illegal aliens threatening the American people."
NEW YORK - Senior Justice Department officials have held discussions with federal prosecutors in Manhattan about the possibility of dropping corruption charges against New York City Mayor Eric Adams, a source familiar with the discussions confirmed to CBS News.
A South Florida tree trimmer has died after getting caught in a wood chipper, according to officials.