As far as IPOs go, Reddit (NYSE: RDDT) had been enjoying a best-case scenario since debuting on March 22, 2024. Since then, the tech stock has risen more than 360%. And while shares of RDDT experienced a dramatic correction of nearly over 61% earlier this year, they bottomed along with the broad market and have rebounded around 144% since.
Shareholders certainly weren’t complaining. But last week, the social news aggregation and forum social media platform saw its stock sustain a major hit as reports circulated that OpenAI’s ChatGPT was reducing its reliance on Reddit user-generated content.
