A literal meme stock may soon be on the way.
Reddit, the popular social sharing platform, has plans to go public later this year, according to a report(Opens in a new tab) in The Information.
Back in late 2021, Reddit first started making moves to file for an IPO at a $15 billion valuation. However, many factors — among them the fluctuating markets, inflation, high interest rates, and a downturn specifically among tech stocks — put Reddit’s aspirations to go public on hold in 2022.
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However, according to this latest report, Reddit now has its sights set on going public in the second half of 2023, albeit at a much lower valuation. The company was recently valued at $6.6 billion by Fidelity.
If and when Reddit does hit the stock market, it will be interesting to see what its users do. The meme stock trend of 2021 kicked off on Reddit with the subreddit r/WallStreetBets encouraging its members to invest in companies like GameStop and AMC. (and, of course, it should be noted that while some people(Opens in a new tab) did make out with a lot of money investing in stocks based on what other social media users are buying up, it didn’t work out(Opens in a new tab) for the vast majority of people.)
The meme stock craze didn’t end in 2021 either…at least not on Reddit. For example, Reddit users were still pumping stocks like Bed Bath & Beyond just last summer.
Will Redditors turn Reddit, the meme stock creation platform, into a meme stock itself? It looks like we’ll find out later this year.