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The Guardian - US
The Guardian - US
Technology
Kari Paul and agencies

Reddit shares soar on first day of public trading

Reddit Steve Huffman Condé Nast IPO Julian Klymochko Sam Altman Y Combinator
Steve Huffman, CEO of Reddit, stands next to Snoo, the mascot of Reddit, at the NYSE in New York City.
Steve Huffman, CEO of Reddit, stands next to Snoo, the mascot of Reddit, at the New York Stock Exchange. Photograph: Brendan McDermid/Reuters

Social media platform Reddit’s (RDDT.N) shares ended their first day of trading in New York up 48%, signaling that investor appetite for initial public offerings of promising yet loss-making companies could be returning.

Reddit shares closed 48% above initial offer prices in the company’s trading debut on Thursday, valuing the social media platform at more than $9bn in a closely watched opening. The stock peaked at $57.80 a share, up 70%, before dropping to $50.44 to close the day.

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