Reddit, the globally renowned social media platform, has made a significant leap into the public market with the finalization of its initial public offering (IPO), boasting a valuation of $6.4 billion. The company achieved this milestone by pricing its shares at the upper end of the anticipated range, successfully raising $748 million through the sale…
Renowned billionaire philanthropist MacKenzie Scott has announced a staggering donation of $640 million to support non-profit organizations in the United States, surpassing her earlier planned contributions for the year. Scott’s generous donation will benefit 361 small groups selected from over 6,000 applicants seeking funding. Originally intending to distribute 250 awards of $1 million each, Scott…
Luxury stocks across Europe recently experienced a sharp decline following a profit warning from Kering, the parent company of Gucci, signalling a notable slowdown in demand for high-end goods, particularly in China. In Paris, shares of Kering plummeted by as much as 15%, while LVMH, owner of renowned brands like Louis Vuitton and Tiffany &…
Social media giant Reddit experienced a remarkable debut on the New York Stock Exchange as its shares surged by 48% on the first day of trading, closing at $50.44. The company’s initial public offering (IPO), one of the largest by a social media platform, saw its shares priced at $34 each, near the upper end…
In a groundbreaking legal development, Uber has consented to compensate nearly 8,000 taxi and hire car drivers in Australia with a monumental sum totalling almost 272 million Australian dollars ($179 million). This settlement, acclaimed as the fifth-largest in the annals of Australian legal history, arises from a class action lawsuit initiated by Maurice Blackburn Lawyers…
Tech industry layoffs are surging in 2024, defying expectations amid substantial cash reserves accumulated by many firms. While last year’s job cuts were attributed to economic pressures from inflation and a hiring surge during the pandemic, this year’s layoffs are raising questions, especially as companies remain profitable. According to Layoffs.fyi, 209 tech companies have laid…
A D.C. couple has initiated a $60 million lawsuit against Amazon and a Maryland-based delivery service after a pedestrian accident left the woman with severe injuries, as captured in video footage obtained by the News4 I-Team. The incident, which occurred on December 30 at the intersection of Cathedral Avenue and Massachusetts Avenue in Northwest Washington,…
AApple is set to open a new store in Shanghai later this month as part of its efforts to bolster its retail footprint, even as iPhone sales in China face a downturn. The upcoming store, Apple Jing’an, is scheduled to open its doors on March 21 in Shanghai, with the grand opening featuring a live…
Reddit, the influential online forum known for its user-generated content, is gearing up for its initial public offering (IPO) with hopes of achieving a valuation of up to $6.4 billion (£5 billion) when it debuts on the New York Stock Exchange next week. Despite never turning a profit since its inception nearly two decades ago,…
In a highly anticipated move, Reddit unveiled its pricing strategy for its upcoming initial public offering (IPO), setting the stage for its entry into the stock market. The social media platform expects to price its shares between $31 and $34 each, making it the first major social media company to go public in years. The…
