comment Reddit says it “discreetly” submitted a Form S-1 to the Securities and Exchange Commission (SEC) as part of the public listing process.
The company, which has an online community of 52 million daily users (up 44 percent year-over-year from previously published stats), has not announced the number of shares to be offered or the price range.
Reddit, which showcases the somewhat ambitious slogan “Internet Front Page”, said:
Reddit has been giving hints about the IPO for a while. In March, CEO and co-founder Steve Hoffman told the New York Times, “We’re thinking about it. We’re working toward that moment,” adding the warning that there is no set timetable for an IPO.
Then, in August of this year, Series F funding brought in $700 million, valuing the company at more than $10 billion.
According to Reuters, the search for the right individuals to take the step began in September. And one of the people Reddit has reached to lead the IPO as head of investor relations appears to be Michael Guido, the former World Wrestling Entertainment (WWE) vice president.
Until last month, Guido was the primary analyst and investor contact for the company responsible for such famous physical theater artists as John Cena, The Rock, Stone Cold Steve Austin and of course OG – Hulk Hogan. WWE is known for its own jargon and language, as well as having a group of dedicated users who often display intense enthusiasm.
Some may even find themselves drawing parallels with the culture of Reddit users, who typically show their loyalty through jogging, devotion to single tasks, or dangerous over-engagement.
Of course, one should use both WWE and Reddit in moderation, enjoy the wrestlers show, and maybe even enjoy a dad joke on the internet forum.
Another strange common denominator between WWE and Reddit is the Florida man.
The former US president has befriended WWE owners Vince and Linda McMahon since the late 1980s, even making appearances at WrestleMania live and in story events. He was inducted into the celebrity wing of the WWE Hall of Fame in 2013 and appointed Linda McMahon to his cabinet in 2016. She was a major supporter of Trump during his presidential campaign, at one point donating $6 million to the pro-Trump superstar PAC Association.
– Linda McMahon (@Linda_McMahon) December 7, 2016
Reddit also arguably played its part in the Florida man’s election through the now-banned subreddit r/The_Donald, as well as other subreddits like r/pizzagate that helped spread conspiracy theories and other misinformation that worked for him. The social media platform is credited with having acted decisively in banning the subreddit after the man’s supporters launched an attack on the US Capitol in January of this year – that same week, Twitter permanently suspended Orange One from its service “due to the risk of further incitement to violence.”
p/The_Donald at one point grew to over 790,000 subscribers. It ranks as one of the forum’s most active communities, although it was far from being the largest, with the top 400 subreddits having over a million subscribers. When Reddit shut down r/The_Donald nearly five years after it debuted, it said it was because its contributors were harassing people, harassing people, and generally violating the site’s policies (specifically rules 1, 2 and 8).
All this proves that humans may have made the internet in our own image, and the front page of it sometimes is the best and worst of us.
And now it is being released to the public. ®