Reddit files paperwork to go public

Reddit has filed a paper work to take the company public. The filing, which was confidential did not reveal the number of shares to be made public or the price range for its share. 

Reddit allows individuals to follow content based on topics known as communities or subreddits. The site is credited for popularizing the term “meme stocks” after several Reddit users bet against big Wall Street firms that had shorted the stock of GameStop and AMC. 

Founded by Alexis Ohanian, Steve Huffman, and Aaron Swartz, Reddit is far behind its peers in revenue and number of active users. Reddit host more than 100,000 communities, which collectively draw more than 52 million daily users, which is dwarfed by the Facebook’s 2 billion daily active users and Twitters more than 200 million daily active users

Backed by investors such as Sequoia Capital, Andreessen Horowitz, and Tencent Holdings, Reddit has raised more than $1 billion, putting the company valuation at more than $10 billion.