REDDIT INC-CL A (RDDT)
US75734B1008 - Common Stock
Why Reddit (RDDT) Stock Is Down Today
Shares of online community and discussion platform Reddit (NYSE:RDDT) fell 8.9% in the afternoon session after Bloomberg reported that shareholder Advance Magazine Publishers (the parent company of Conde Nast, which owns brands like GQ and Vanity Fair) is planning to sell up to 7.8 million of its Redditt shares at a discounted price. The sale is expected to fetch Advance Magazine Publishers roughly $ 1.2 billion, which translates to a high single-digit discount relative to the stock's closing price on November 21, 2024 (a day before news of the sale was reported). Separately, the company plans to buy derivatives to offset the sale and enable it to maintain its stake in Redditt as part of a credit facility. The stock's reaction suggests markets expect the sale to depress Redditt's share price at least in the short term.
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EQNX::TICKER_START (NASDAQ:TZUP),(NASDAQ:META),(NYSE:RDDT),(NASDAQ:IZEA),(NASDAQ:TTD) EQNX::TICKER_END
Why Social Media Platforms Have Become a Powerful Space for Content & Advertising Opportunities
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