Reddit: No profit, but big bets

The good news for devotees of free money is that rumours of the extinction of the IPO market appear to have been exaggerated — Reddit bounced up by a healthy 48% on its first day of trading, a couple of days after Astera Labs had surged by 72% on its Nasdaq debut. Reddit has never made an annual profit in its 19 years of existence, but this minor detail didn’t stop the punters from placing orders for more than 10 times the shares on offer...

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