R / WallStreetBets founder Jaime Rogozinski discusses ‘meme stocks’, the rise of retail investors, Robinhood and his investment tips.
Reddit has been in the midst of the commercial frenzy that is shaking up heavily shorted stocks, now the social media platform can launch the data into the financial markets themselves.
On Friday, the company named Andrew “Drew” Vollero as its new chief financial officer, as it would be measuring an initial public offering.
Vollero, 55, was Snap Inc’s first CFO, where he helped lead the social media company’s IPO. Previously, he served as CFO of Allied Universal, the largest security and facilities services company in the country.
| Ticker | Safety | Last | Change | Change % |
|---|---|---|---|---|
| PHOTOGRAPH | SNAP, INC. | 57.43 | -0.28 | -0.49% |
“Drew is an industry leader who brings a history of building a global financial organization for high growth companies,” said Steve Huffman, co-founder and CEO of Reddit, in a statement to FOX Business. “He will be a tremendous addition to our executive team, as Reddit continues to accelerate our business and user growth.”
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Reddit’s director of corporate policy, security and communications, Sandra Chu, also told FOX Business that “when the time is right, becoming a public company will be a possibility for Reddit.”
“Reddit is experiencing a great moment, both in terms of hiring and shipping most of the products we already have,” said Chu. “At the moment, the company is focused on maintaining this positive growth and ensuring that we help our users create and maintain healthy communities and provide effective advertising solutions for brands.”
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Huffman, one of the co-founders along with Alexia Ohanian, who is married to Serena Williams, told the New York Times in an interview published on Friday that the company is considering going public, but has not shared a timetable.
“We are thinking about it. We are working on this moment,” he told the outlet.
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The announcement came almost a month after Reddit announced it had raised more than $ 250 million in Series E financing, bringing its total valuation to $ 6 billion.
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| Ticker | Safety | Last | Change | Change % |
|---|---|---|---|---|
| RKT | ROCKET COMPANIES INC. | 25.10 | -1.76 | -6.55% |
| SKT | TANGER FACTORY OUTLET | 16.03 | -1.12 | -6.53% |
| GME | GAMESTOP | 137.74 | +5.39 | + 4.07% |
| AMC | AMC ENTERTAINMENT HOLDINGS INC | 8.05 | +0.02 | + 0.25% |
| BBBY | BED BATH & BEYOND, INC. | 28.09 | -0.57 | -1.99% |
An IPO would take place at a time when the Reddit forum “WallStreetBets” continues to foster extreme trades with heavily shorted stocks, which investors are betting will fall. Rocket and Tanger Factory Outlets have joined GameStop, AMC Entertainment, Bed Bath & Beyond and others as short selling targets.