Reddit IPO: Billionaire Investors Are Getting Rich on the New AI Stock. Should You Buy Too?
After a long wait, Reddit (NYSE: RDDT) is finally a publicly traded company.
Shares of the social media stock soared on its debut Thursday as skepticism about its lack of profits gave way to enthusiasm for its potential in artificial intelligence (AI) as Reddit has sold itself on the value of its content for training large language models like ChatGPT.
Retail investors were mostly left out of the initial public offering (IPO) bonanza as Reddit shares priced the IPO at $34 but opened for trading at $47 a share, giving a windfall to investors who were able to buy the stock in the IPO or to those who owned it beforehand.
Source Fool.com
