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Reddit IPO Oversubscribed As Bitcoin Surges And AI Deals Intensify

Reddit, the popular social media platform known for its user-moderated content and wide range of subreddits, is set to go public with an initial public offering (IPO) that is reportedly oversubscribed by four to five times.

Chris Dannen profile image
by Chris Dannen
Reddit IPO Oversubscribed As Bitcoin Surges And AI Deals Intensify

Reddit, the popular social media platform known for its user-moderated content and wide range of subreddits, is set to go public with an initial public offering (IPO) that is reportedly oversubscribed by four to five times. The company aims to raise up to $748 million, pricing its shares between $31 and $34 per share, which would value Reddit at around $6.5 billion. Despite experiencing losses since its launch in 2005, Reddit has reserved 8% of its total shares for eligible users, moderators, and certain board members.

In the world of cryptocurrency, Binance CEO Richard Teng predicts that Bitcoin's value will surpass $80,000 due to increasing investments in crypto-backed exchange-traded funds (ETFs). The recent approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission has led to a significant influx of capital from institutional investors. Despite concerns of a potential speculative bubble and periods of volatility, industry leaders generally share a positive outlook for Bitcoin's future growth.

Apple is reportedly in negotiations with Google to integrate the Gemini AI engine into iPhones, signifying a major deal within the AI industry. The company aims to license Google's generative AI models for incorporation into new iPhone software features this year. Apple has also held discussions with OpenAI and considered using its model.

Meanwhile, Elon Musk's AI company, xAI, has released the base code of their Grok AI model on GitHub as open-source. The 314 billion parameter Mixture-of-Expert model allows for commercial use cases and has attracted the attention of companies like Perplexity, which plans to fine-tune Grok for conversational search. Musk is currently involved in a legal battle with OpenAI, suing the company over what he considers a betrayal of its nonprofit AI goals.

Chris Dannen profile image
by Chris Dannen

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