Steve Hafman, Kofounder and CEO of Reddit. Through Greg Dosti/Variety Getty Image
Reddit yesterday (22 February) filed its long -awaited initial public offering (IPO). According to the New York Times, the community-focused discussion platform will host the New York Stock Exchange under the Tick RDDT for some time in March.
Although the target of Reddit is the IPO assessment of only half, which was worth in the private financing phase of 2021, many early founders and investors are expected to achieve millions of people from public onset.
Established in 2005, Reddit has been supported by institutional investors including institutional investors including Advance Magazine Publishers, FMR LLC, Catet Capital, Tacit Capital, Vy Capital and Chinatic Tech Tech Tech TECAINT TENCENT. Cofounder and CEO Steve Hafman, OpenAII CEO Sam Altman (who is an early investor) and several senior officials have also placed large parts of the company’s shares.
Last year, Reditt, according to its prospectus, damaged $ 90.8 million at a revenue of $ 804 million. Currently the platform has more than 73 million daily users and 100,000 communities, filing shows.
Here are the top individual shareholders of Reddit who stand to benefit from the company’s public debut:
- Former CEO Sam Altmanowns 8.7 percent Reddit $ 435 million
- Cofounder and CEO Steven Hafman has 3.3 percent of Reddit worth $ 165 million
- COO Jennifer Wong owns 1.5 percent of a price of $ 75 million
- CFO Andrew Volo holds 1.7 percent of the Redit Class A shares
- Reddit has six non-employees board directors who collectively are a large part of the company
- Select Loyal “Redditor” get quick access to Reddit shares
Former CEO Sam Altman $ 435 million is 8.7 percent of Reddit
Altman is the third largest shareholder of Reddit. He was a board member between 2015 and 2022 and even served as CEOs temporarily in 2014. The same year, he led Reddit’s $ 50 million series B funding round when he was the chairman of the Startup Incubator Y Combinator.
Altman is also one of the first users of Reddit, signing up in 2005. “It always bothers me that users build so much value of sites like Reddit, but it has no person,” he wrote in a blog post in 2014.
Cofounder and CEO Steven Hafman himselfS $ 165 million price of 3.3 percent redit
In 2006, Hafman and her co-founder, Alexis Ohanian sold Redit to Konde Nast for $ 10 million and abandoned most of their equity before leaving the company in 2009. Hafman has since removed a large part of the shares, while Ohanian has said that it is only one. Some shares left From his tenure as the executive chairman of Reddit in 2014.
Hafman returned as CEO in 2015, replacing Altman. In 2020, Ohanians allegedly left the Redit board on the stage on disgrace with Hafman on disgusting materials.
COO Jennifer Wong owns 1.5 percent of a price of $ 75 million
Wong is the Chief Operating Officer of Redit. She joined the company from Time Inc. in 2018, where she was the chairman of Digital. Wong is credited with the company to score more than $ 100 million to the advertising revenue of Redit within three years in the company.
CFO Andrew Volo holds 1.7 percent of the Redit Class A shares
Vollero is the Chief Financial Officer of Reddit. He joined the company in 2021 from Snapchat’s original company Snap. He was the first CFO of SNAP and played an important role in making the social media company public in 2017.
Reddit has six non-employees board directors who collectively are a large part of the company
- Michael Sebel has 120,000 class A shares and 31,697 class B shares
- Porter Gayle has 111,331 class A shares
- Petricia Phili-Crusale has 7,990 class A shares
- David Habigar has 5,147 class A shares
- Robert Sareyberg has 47,087 class B shares
- Steven Newhouse has 30.1 percent of the outstanding shares of Reddit through the largest shareholder of Advance Magazine Publishers, Reddit. Newhouse is the co-chairman of advance.
Select Loyal “Redditor” get quick access to Reddit shares
In an unusual step, Reddit will allow its 75,000 users to buy shares at their initial price, using a tier system at their initial value, which rewards those who have contributed to the prospectus “according to the prospectus” contributed meaningfully to the Reddit community programs “. CEO Hafman said in a statement yesterday, “We hope that our community will also get meaningful benefits in public.”