Reddit IPO Success To Fuel Company’s AI Exploration: Report
Highlights
- Reddit CEO Steve Huffman revealed that the company will now be focusing on AI projects.
- Reddit's stock began trading at $47 a share after it was listed on the New York Stock Exchange.
- Reddit NFTs became well-known and surprised the cryptocurrency world during the 2021 bull run.
After a successful Reddit IPO, the company is now embarking upon AI and advertisement opportunities. According to Yahoo Finance, Reddit CEO Steve Huffman revealed that the company will now be focusing on AI projects and more for future growth plans.
Reddit to Keep AI Growth on Cards
Huffman claims that Reddit is actively seeking new partnerships that feed its data to large language models (LLMs), but the company’s primary goal is to increase its share of the advertising market. The claim comes at a time when other tech giants like Google and Microsoft are also trying to mint AI revenue in the future.
Reedit IPO Sees Good Success
Reddit’s stock began trading at $47 a share after it was listed on the New York Stock Exchange today. The company’s shares debuted in trading above and beyond its anticipations. Reddit’s trading adventure got off to a good start as the stock increased shortly after trading began. They surged past 30% just minutes after the trade began.
Read Also: Apple and Google To Face EU Investigation Under New Law
Reddit IPO to Also Keep NFT and Crypto Afloat
By delving into cryptocurrencies and NFTs, Reddit has expanded its social media following. Reddit NFTs became well-known and surprised the cryptocurrency world during the 2021 bull run. The cryptocurrency community took notice after the millions of dollars that were auctioned off for the non-fungible tokens (NFTs). Prominent people and companies swiftly acquired these unique digital tokens for a range of purposes.
Investors are also accumulating virtual currencies through the social media platform as a result of its rise in the cryptocurrency field. Moons was one such cryptocurrency that had a Reddit connection.
Compared to all other traditional websites, Reddit’s NFTs and digital tokens quickly gained popularity by drawing platform users and enthusiasts. Despite this, customers were dubious about the platform’s profitability since investors were uneasy about the postponed IPO. Several “meme” stock explosions over the past three years have been caused by posts made by different investors on the platform. In the case of a strong market turnaround, the company’s initial public offering (IPO) can help rebuild investor confidence. The value of the company’s NFTs and cryptocurrency tokens might skyrocket as a result.
Read Also: Dogecoin Millionaire Tips Reddit-Themed Memecoin To Outperform IPO
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