STORY: Ahead of its highly anticipated stock market debut, social media platform Reddit plans to sell a chunk of its IPO shares to its platform's most prolific users. That's according to a report on Wednesday from the Wall Street Journal, which noted the plan is unusual. The San Francisco-based company, which was valued at about $10 billion in a funding round in 2021, declined to comment. Reuters in January reported that Reddit has drawn up detailed plans for its IPO in March. Reddit would be the first major social media company to go public since Pinterest's debut in 2019.

Source: Wall Street Journal February 21, 2024 18:23 UTC