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Reddit guides IPO may price at top of range or above, source says
(finance.yahoo.com)
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this post was submitted on 20 Mar 2024
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They are essentially selling that percentage of the company to the public at large. Not enough for any shareholder to have any power over it, but enough for the company to get some spending money.
Which would be good considering they can’t make a profit. Although, I wonder how that makes them worth anything. The intricacies of legalized gambling and money laundering escapes me.
They're making money. It's just not a really high amount.
Source? All the ones I can find say they're still losing money. 800M in revenue but 940M in expenses for 2023. https://www.marketwatch.com/amp/story/reddits-ipo-raises-questions-about-profitability-heres-how-it-makes-money-01f73f04
To be fair that means they'd be making money without spez's 193 million salary. https://fortune.com/2024/03/19/reddit-ceo-steve-huffman-defends-193-million-compensation-following-backlash-unpaid-moderators/
According to that link, his salary was "only" half a million. Or does he get 193 million in stock each year?