According to a story published by Business Insider last week, Reddit plans to file for an initial public offering (IPO) in 2024 with a USD 15 billion target valuation.
To put that in perspective, X is currently valued at USD 19 billion. It has 250 million daily users (compared to Reddit’s 70 million DAU) and is expected to generate over USD 2 billion in ad revenue in 2023 (compared to Reddit’s USD 800 million). With 406 million DAU—more than five times the number of Reddit users—Snapchat is worth USD 27 billion.
Reddit tightened moderation guidelines in preparation for an IPO, which resulted in the complete shutdown of thousands of the most offensive subreddits on the site. Reddit’s total user base decreased, but it’s now much safer and cleaner, and consequently, it’s generating a lot more revenue from advertising.
Read More: Reddit Aims for 2024 IPO at $15B Valuation
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