Shares of social forum giant Reddit opened Thursday at $47 per share, then quickly soared to around $55, up about 60% in heavy volume from its IPO price of $34 per share. It bounced around before stabilizing at around $50 a share. The company had indicated a target range of $31 to $34 per share in the run-up to its public-market debut, eventually settling on the top-end of that interval. The peak share price as of the writing of this post was $57.80, though prices are, at the moment, a couple of dollars cooler, and a few percentage points down, from that price.
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3 comments:
Guess I'm going to get some more free time when the Orcs take over.
Really a slap in the face of their unpaid moderators, to be sold like that.
It does seem that nothing lasts.
Not social media sites, not specific technology, not civilizations.
Not even oneself!
I'd rather see a Mastodon-type decentralized replacement for reddit, but we'll see what grows.
“Every great cause begins as a movement, becomes a business, and eventually degenerates into a racket.”
Eric Hoffer
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