First it was Facebook, then Twitter. Is Reddit about to become rubbish too? | Hussein Kesvani
GuardianMar 20
Reddit Goes Public, Lists Shares on New York Stock Exchange
The Facts
Reddit shares hit the New York Stock Exchange (NYSE) on Thursday as the social media company launched its highly anticipated initial public offering (IPO) under the ticker "RDDT."
The company set its IPO price on Wednesday at the high end of its $31 to $34 per share range, and Reddit sold 15.28M shares at its $34 price while existing shareholders sold another 6.72M.
The Spin
Narrative A
For nearly two decades, Reddit has been home to millions of people seeking open information and discussion about any and all topics imaginable. However, all of that could change as Reddit goes public and faces the threat of becoming like all other corporatized social media companies. While there's a need for some content moderation, it's easy to envision Reddit overloading on censorship to appease shareholders and regulators. If that happens, the beloved platform will become no different from its over-sanitized competitors.
Narrative B
Reddit has reached a new status as a company with its IPO, as it goes from a platform of misinformation and vulgarity to a multibillion-dollar tech giant. However, Reddit finally decided to clean up its website and purge forums of overt racism and misogyny, and the results speak for themselves. By moderating inappropriate and hateful content, Reddit was able to attract more users and — more importantly — investors. Reddit's success shows the importance of content moderation, and more companies should follow suit.