They can evaluate these nuts. That seems high.
Reddit is seeking a valuation of up to $6.5 billion in its upcoming IPO, according to a person familiar with the matter.
The company plans to price its IPO between $31 to $34 a share, the person said. The Wall Street Journal was first to report on the expected range and valuation.
Reddit filed to go public in February and plans to trade on the New York Stock Exchange under ticker symbol RDDT.
Employees will be allowed to sell Reddit stock during the offering, the source added. Reddit had a private market valuation of $10 billion when it last raised a funding round of $1.3 billion in 2021, according to PitchBook.
At the top of the range, Sam Altman’s shares in the company would be worth over $400 million. The OpenAI CEO led a $50 million funding round into Reddit in 2014, and said in a blog post at the time that he’d been daily Reddit user for 9 years and that the company was “an example of something that started out looking like a silly toy for wasting time and has become something very interesting.” Altman was on Reddit’s board from 2015 until 2022.
www.cnbc.com/2024/03/01/reddit-seeking-a-valuation-of-up-to-6point5-billion-in-ipo.html