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Reddit Plans IPO On New AI Revenue

Reddit, a social media platform and forum for discussions, has entered into a licensing agreement with Alphabet-owned Google, allowing them to use the popular site's content for training their artificial intelligence models. The deal is worth approximately $60 million per year and covers the length of the contract.

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by Chris Dannen
Reddit Plans IPO On New AI Revenue

Reddit, a social media platform and forum for discussions, has entered into a licensing agreement with Alphabet-owned Google, allowing them to use the popular site's content for training their artificial intelligence models. The deal is worth approximately $60 million per year and covers the length of the contract. No specific details about which content will be used have been disclosed. Meanwhile, America's largest investment banks including JP Morgan Chase, BlackRock, and State Street Advisors withdrew from the Climate Action 100+ network, a United Nations-backed coalition of some of the world's largest asset managers. This move comes as several Republican attorneys general are preparing to file an antitrust lawsuit against the left-wing climate network and its investment bank members this spring. Reddit filed for an initial public offering (IPO), confirming its revenue growth and contributing to the resurgence of US listings. The company confirmed its average daily active unique visitors count reached 73.1 million in Q4 2023.

Chris Dannen profile image
by Chris Dannen

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