IPO = Initial Public Offering, where shareholders offer to sell their shares to the public, shifting a company from a “private company” (it belongs to me, you, and that guy) to a “public company” (it belongs to anyone who pays enough for the shares).
The userbase has been always touchy when it comes to IPO, and rightfully so; they know that the new owners will only care about squeezing the platform dry. As such, I predict a new flood of Redditfugees to Lemmy and Kbin.
This is the best summary I could come up with:
Bloomberg reported on Monday that Reddit “is holding talks with potential investors for an initial public offering.”
The San Francisco-based company, co-founded by Steve Huffman, Aaron Swartz and Alexis Ohanian in 2005, is considering going public as early as the first quarter, sources told Bloomberg.
In December of 2021, Reddit confidentially submitted a draft registration statement with the Securities and Exchange Commission to go public.
That move took place just months after Reddit had raked in a hefty $410 million financing led by Fidelity, valuing it at $10 billion.
Then, in January of 2022, Reddit had even gone as far as to tap Morgan Stanley and Goldman Sachs to work on the listing.
When contacted, a Reddit spokesperson told TechCrunch via email that the company is in a quiet period and cannot comment.
The original article contains 213 words, the summary contains 133 words. Saved 38%. I’m a bot and I’m open source!
What, like… the company has taken a vow of silence? The company has a sore throat from screaming all night at a Nickelback concert? The company partied way too hard last night and just wants a morning of 90s cartoons and an isotonic drink? What?
It’s an actual legal IPO thing:
https://www.investopedia.com/terms/q/quietperiod.asp
But I like your imagery better. Heh.