Yesterday Reddit announced that it has started the process of taking the company public.

⠀

The 16-year-old site has filed a confidential S-1 with the Securities and Exchange Commission. Reddit has yet to determine how many shares it plans to sell or the price of the shares.

⠀

In August, the company raised $700m in new funding, valuing it at more than $10 billion. Later in the month, Reddit CFO, Drew Vollero, told The New York Times that the company was “still planning on going public”, but didn’t have a firm timeline yet, adding, “All good companies should go public when they can.”

⠀

At the time of its previous funding round, Reddit revealed it had made $100 million in ad revenue for the second quarter of 2021, a 192% increase from the previous year.

⠀

For more from us at Waivly, join our free fun-to-read and to-the-point newsletter enjoyed by hundreds of people across the internet every day of the week 👇