Reddit’s IPO Fate Rests With Users Who Fueled Meme Stock Frenzy
- Company has set aside 8% of its IPO shares for prolific users
- Some Redditors have indicated they’d bet against the platform
When Reddit Inc. lists on the New York Stock Exchange this week, its fate will rest, in part, in familiar hands: those of its users.
The company has reserved about 8% of its long-awaited public offering for its most prolific users, including volunteer moderators who help tame the platform. Their shares won’t be subject to a lockup, meaning the owners can sell them on the opening day of trading. Some of those users have already threatened to bet against the company.