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Reddit files publicly for IPO, trumpeting AI deals as revenue source and listing OpenAI’s Altman as major shareholder
- Artificial intelligence will become an important part of Reddit’s business, the company says in its filing to go public in New York
- Reddit could be 2024’s first major test of the US stock market for a technology start-up backed by venture capital
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OpenAI chief executive officer Sam Altman is one of the biggest shareholders in Reddit, according to the regulatory filing hailing the social media company’s plans for an initial public offering (IPO).
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Entities affiliated with Altman hold 8.7 per cent of Reddit’s outstanding shares, according to the S-1, which was made public Thursday. That includes 789,456 Class A shares and 11.4 million Class B shares.
Altman has long-standing ties with the San Francisco-based social media company. Altman and Reddit co-founders Steve Huffman and Alexis Ohanian were part of the inaugural class at the accelerator Y Combinator in 2005. And Altman was even briefly the company’s interim chief executive officer after former CEO Yishan Wong resigned.
“Although my 8 days as the CEO of Reddit have been sort of fun, I am happy they are coming to a close,” he wrote, announcing the hiring of interim CEO Ellen Pao.
Reddit submitted its IPO plans publicly two years after first filing confidentially with the US Securities and Exchange Commission.
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