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Reddit has never turned a profit in nearly 20 years, but filed to go public anyway (www.cnn.com)

submitted 9 months ago by L4s@lemmy.world to c/technology@lemmy.world

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Reddit has never turned a profit in nearly 20 years, but filed to go public anyway::Reddit, the message board site known for its chronically online userbase and for originating much internet discourse, filed for its long-anticipated initial public offering on Thursday.

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[-] butterflyattack@lemmy.world 3 points 9 months ago

They've had investors who were willing to pay into a loss-making company. Could be that they sold investors on the idea that it will be profitable at some point in the future but it needs to be funded while it grows. Could also be that the value they see in it is not just financial - the ability to influence opinion, harvest data, stuff like that.

this post was submitted on 24 Feb 2024

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