Reddit is moving ahead with its IPO and plans to raise between $682 million and $748 million on a fully diluted valuation of between $5.8 billion and $6.4 billion. Although no date has been announced, the IPO is expected to take place sometime this month. According to a Securities and Exchange Commission filing Monday, Reddit says it will offer 22 million 15.3 million Class A common shares and 6.7 million insider shares from investors including CEO Steve Huffman and COO Jen Wong. Pricing will be between $31 and $34 per share. The proposed market cap is $4.9 billion to $5.4 billion. Continue reading Reddit Hopes to Raise $748M in IPO Aimed at $6.4B Valuation

Reddit is introducing changes designed to make it easier for users to browse and navigate its communities. Currently testing is a concept that separates text and video into separate streams, dubbed “Read” and “Watch.” Users can toggle between the split-view feeds. In the current format, both “Read” and “Watch” will include recommendations as well as posts that users subscribe to. “In 2023, the product and design improvements you’ll see from us will simplify and streamline how people discover, join, and contribute (post, vote, comment) to communities and bring new ways to engage in conversations and content,” Reddit explains. Continue reading Reddit Tests Split-View Text and Video Feeds, Other Updates

In the wake of Ellen Pao’s resignation as Reddit’s interim chief executive, co-founder Steve Huffman was brought in by the company’s board to take her place. Pao left after eight months in the wake of a mishandled firing of a popular employee, which triggered protests by hundreds of thousands of the site’s 160 million monthly visitors. Since Huffman left the day-to-day operations of Reddit in 2009, three years after its sale to Advance Publications, he founded online travel site Hipmunk where he will remain as CTO. Continue reading New Reddit CEO Faces Angry Site Users and Low Staff Morale