Reddit faces new reality after cashing in on its IPO
Enlarge / Steve Huffman, u/spez on Reddit, sold 500,000 of his shares in Reddit’s IPO on Thursday (credit: AFP via Getty Images)
In an interview on the New York Stock Exchange trading floor ahead of Reddit’s market debut on Thursday, chief executive Steve Huffman acknowledged that the mischievous retail investors that congregate on the social media platform might deliberately drive down its share price.
“It’s a free market!” he said.
For Reddit, as for Huffman, the bet on a public offering for a site he described as a “fun and special, but sometimes crazy place” has appeared to pay off.