Reddit users have helped fuel dozens of ¡°meme¡± stock rallies this year, from retailer GameStop Corp. to movie operator AMC Entertainment Holdings Inc. Some analysts are skeptical this will be the social media platform¡¯s saving grace as it prepares to sell its own shares in the stock market.
The San Francisco-based company filed confidentially last week with U.S. regulators for an initial public offering (IPO). It is aiming for a valuation of at least $15 billion, it was reported in September.
Reddit co-founder and Chief Executive Steve Huffman is hoping that retail investors will play a big role in the stock market debut. ¡°I want our users to be shareholders and I want our shareholders to be users,¡± he told an audience at the Wall Street Journal¡¯s Tech Live conference in October.
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