Reddit reportedly revives plans to go public, but it's likely to be worth way less than the $15 billion it once hoped for
Reddit was the incubator for the meme stock rally of early 2021, where retail traders conformed on the subreddit r/Wallstreetbets to initiate short squeezes on low-value companies like GameStop, Bed Bath & Beyond and AMC. This also drove usage and revenues to Reddit, appearing to boost plans for an IPO.
However, Reddit's markdown if and when it goes public is now likely to be considerable. Fidelity recently valued the group at $6.6 billion,The social media company's continued lack of profitability helped impede its IPO, according to The Information's sources. But at the same time, tech and social media stocks more broadly have received a battering since Reddit's December 2021 filing, with the Nasdaq falling 33.1% over the course of 2022.in particular for investors last year.
At the same time, the number of IPOs collapsed last year from record levels in 2021 as confidence ebbed,A rebound in markets this year, which has seen the Nasdaq rise more than 14% so far, sets the stage better for Reddit's ambitions to finally go public.
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