Reddit to go public in first major social media IPO in years

The online forum Reddit filed paperwork to go public in the stock market, making it the first major social media platform to do so in seven years.

Reddit filed an S-1 form on Thursday, the initial form that companies file to register securities with the Securities and Exchange Commission. The last major social media company to do so was Snapchat owner Snap in 2017.

The document, filed two years after the website’s initial filing for an IPO, details the company’s struggling finances and offers the platform’s power users a chance to buy early shares in Reddit. The financial paperwork arrived several months after the company entered a rivalry with its moderators over the platform charging developers for access to its internal data.

“We are going public to
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