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Reddit made its long-awaited debut on the New York Stock Exchange in March, and its initial public offering filed this week stands to open AI CEO Sam Altman to make a fortune by taking the social media platform public. It shows that there is.
According to Reddit’s prospectus, Altman is the company’s third-largest shareholder, owning 4.5% of its Class A shares and 9.3% of its Class B shares, giving him 9.2% of its voting power before the IPO.
Sam Altman pauses during the New Work Summit on February 25, 2019 in Half Moon Bay, California. (David Paul Morris/Bloomberg via Getty Images/Getty Images)
Altman has a long history with Reddit. He invested in the company when he was president of tech startup accelerator Y Combinator, and briefly served as Reddit’s CEO in 2014.
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Altman became CEO of OpenAI in 2020, and the Microsoft-backed artificial intelligence lab gained global notoriety after ChatGPT was released in November 2022.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| MSFT | Microsoft Corporation | 410.34 | -1.31 | -0.32% |
Reddit was valued at $10 billion in a 2021 funding round, but it’s unclear what valuation the company will aim for with a stock sale in the coming weeks. Reuters previously reported that the company is expected to seek to sell nearly 10% of its shares in the IPO.
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Reddit is scheduled to open to the public in March, nearly 20 years after its creation. (Photo illustration: Sheldon Cooper/SOPA Images/LightRocket, Getty Images / Getty Images)
According to CNBC, Altman has invested at least $60 million in Reddit over the years, with net profits in the millions of dollars if the company goes public.
According to the IPO filing, CEO Stephen Huffman holds Class B common stock that is available upon vesting conditions, and Reddit has a market capitalization valuation of $5 billion after the offering. It is said that it will reach .
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The social media platform is reportedly expected to hit its valuation target from the outset.
Alexis Ohanian, chairman and co-founder of Reddit Inc., right, listens to Steve Huffman, CEO and co-founder of Reddit Inc., during a television interview in San Francisco, August 23, 2016. ) speaks. (David Paul Morris/Bloomberg via Getty Images/Getty Images)
It was founded in 2005 by web developer Steve Huffman and his tennis champion husband, entrepreneur Alexis Ohanian. serena williamsReddit is backed by several big-name investors, from venture capital giant Andreessen Horowitz to Chinese tech giant Tencent Holdings.
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With 11.6% of voting rights, Tencent is the second-largest shareholder after the Newhouse family’s Advance Magazine Publishers, which has a 34% control.
FOX News’ Emma Colton and Reuters contributed to this report.
