GameStop’s interstellar rise has seemingly been fueled by bullish posts on Reddit as opposed to any fundamental changes in the company's finances or prospects.
The saga has sparked calls for regulatory scrutiny, Megan Revell reports.
Reddit Prices Shares , at $34 in IPO.
Reddit will go public on March 21 and has priced
its IPO at $34 a share, Yahoo Finance reports.
That is about a $6.4 billion valuation.
A social media company hasn't gone
public since Pinterest in 2019.
Reddit gained increased recognition
amid the meme stock craze of 2021.
Reddit had 500 million site visitors in 2023.
Its revenue increased 20%
from 2022 to $804 million.
According to an S-1 filing, Reddit said that its "content is particularly important" for the world of artificial intelligence.
We are exploring business
opportunities in licensing data
for purposes including machine
learning, business analysis, display
and training generative AI models, Reddit, via S-1 filing.
1.76 million shares have been set aside for eligible Reddit users and moderators. .
Headline venture partner Kamran Ansar
said the decision lends itself to volatility. .
You may see a big run up in
the stock price and a drop, Headline venture partner Kamran Ansar, via statement.
Because this has such a rabid
community around it, the Reddit
users, you could see Reddit itself
ironically become a meme stock
the way that you saw happen
with like AMC and GameStop, Headline venture partner Kamran Ansar, via statement
Credit: Wibbitz Top Stories Duration: 01:30Published
Fossil to Stop , Making Smartwatches.
Fossil Group has decided to redirect its resources to goods outside of the "smart" category, The Verge reports. .
Jeff Boyer, executive vice president and COO of Fossil, shared the news on Jan. 26.
As the smartwatch landscape has
evolved significantly over the past few
years, we have made the strategic decision
to exit the smartwatch business, Jeff Boyer, executive vice president and COO of Fossil, to The Verge.
Fossil Group is redirecting resources to
support our core strength and the core
segments of our business that continue to
provide strong growth opportunities for us: , Jeff Boyer, executive vice president and COO of Fossil, to The Verge.
... designing and distributing
exciting traditional watches, jewelry,
and leather goods under our own as
well as licensed brand names, Jeff Boyer, executive vice president and COO of Fossil, to The Verge.
The Gen 6 smartwatch will be Fossil's last. .
It first launched in 2021. .
Current Wear OS watches will remain updated "for the next few years," according to Boyer.
The company's exit from smartwatches doesn't come as a complete surprise.
Reddit users previously shared "insider"
knowledge about the change, and Fossil's
expected 2023 Gen 7 announcement never came.
Fossil's absence from the market will leave a big gap
as it's been a significant maker of Wear OS smartwatches throughout the years, The Verge reports.
Credit: Wibbitz Top Stories Duration: 01:31Published
Some of Wall Street’s biggest players are crying foul after amateur investors rallied behind GameStop, losing hedge funds billions of dollars. Others say they’ve just been beaten at their own game.
Credit: HuffPost NOW News Duration: 01:44Published
Shares in American Airlines Group surged more than 30% in opening trading after the carrier was mentioned on Reddit’s WallStreetBets forum, broadening a battle between small-time traders and major..