NEW YORK (AP) — Reddit and Trump Media are the first notable social media companies to begin trading publicly in the last five years.
NEW YORK — Reddit and Trump Media are the first notable social media companies to begin trading publicly in the last five years. They're also, thanks to the rabid reception among investors coupled with the companies' fuzzy profit outlooks, the latest meme stocks.
Then Trump Media stole Reddit's thunder by jumping as much as 59% on its first day of trading Tuesday, before cooling off and closing with a gain of 16%. On Wednesday, the stock gained an additional 14% to close at $66.22. Former President Donald Trump holds a majority stake in Trump Media that could bring him billions.
Research firm Similarweb estimates that Truth Social had roughly 5 million monthly visits in February of this year. By comparison, Facebook had 15.2 billion visits, while Reddit had 2 billion. Granted, GameStop had the backing of Ryan Cohen, founder of the e-commerce pet food company Chewy, who investors likely thought could modernize GameStop's business. But a number of investors were individuals who belonged to the Reddit community Wall Street Bets and bought shares in order to “stick it to” to big institutions that had made bets the stock would drop. As the stock took off, even more investors seized the opportunity to buy.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Reddit IPO: A look at how other social media stocks traded post-IPOReddit (RDDT) is set to list on the New York Stock Exchange via an IPO on Thursday. Though the most recent, Reddit's IPO isn't the first social media...
Read more »
How Reddit stacks up against social media peersExplore stories from Atlantic Canada.
Read more »
Reddit is closest thing to digital asset in social media: SosnoffReddit (RDDT) made its debut on the New York Stock Exchange, soaring to an intraday high of $57 per share. tastylive Founder and CEO Tom Sosnoff joins Yahoo ...
Read more »
Reddit IPO: How the social media stock is trading on day 2Reddit (RDDT) has entered its first full day of trading since its IPO on the New York Stock Exchange on Thursday. Despite soaring 48% on its market debut...
Read more »
Reddit’s Debut Jump Delivers for New and Old Shareholders Alike(Bloomberg) -- Reddit Inc.’s first-day jump fattened the wallets of the social media platform’s users who were given the unusual opportunity to buy shares at...
Read more »
Reddit’s Debut Jump Delivers for New and Old Shareholders AlikeReddit Inc.’s first-day jump fattened the wallets of the social media platform’s users who were given the unusual opportunity to buy shares at the initial public offering price as well as longtime investors benefiting from the rebound in the company’s valuation.
Read more »