Could Reddit Become the Next Meta Platforms?
Reddit (NYSE: RDDT) went public at $34 per share on March 21. The social news platform provider's stock opened at $47 and ended its first day at $50.44. That gave it a market cap of $8 billion -- but it's still a lot smaller than larger social media companies like Meta Platforms (NASDAQ: META), Pinterest (NYSE: PINS), and Snap (NYSE: SNAP).
Will Reddit follow Meta's growth trajectory over the next few years and generate multibagger gains for its investors? Or will it fizzle out like Snap, which still trades at a steep discount to its initial public offering (IPO) price?
Image source: Getty Images.
Source Fool.com
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