R / WallStreetBets founder Jaime Rogozinski discusses ‘meme stocks’, the rise of retail investors, Robinhood and its investment tips.
Reddit was in the midst of the trading frenzy that severely shortened stocks, now the social media platform itself can throw the dice.
On Friday, the company named Andrew “Drew” Vollero as its new chief financial officer, as he is believed to be making an initial public offering.
Vollero, 55, was the first chief financial officer of Snap Inc., where he helped lead the IPO of the social media business. He was previously chief financial officer of Allied Universal, the country’s largest security and facilities services firm.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| SNAP | SNAP, INC. | 57.43 | -0.28 | -0.49% |
“Drew is an industry leader, setting a record for building a global high-growth finance organization,” Steve Huffman, co-founder and CEO of Reddit, told FOX Business in a statement. He will be a tremendous addition to our executive team as Reddit continues to accelerate our business and user growth. ‘
SEC FLEXES MUSCLE AS REDDIT TRADING FRENZY CONTINUES
Reddit Head of Policy, Security and Corporate Communications Sandra Chu also told FOX Business that “if the time is right, a public enterprise is a possibility for Reddit.”
“Reddit is experiencing a lot of momentum, in terms of leasing and shipping the most products we’ve ever had,” Chu said. “Right now, the company is committed to maintaining that positive growth and ensuring that our users help create and maintain healthy communities and provide effective branding solutions.”
GAMESTOP CFO INTENTION NEXT REDDIT EQUITY TRADING MANY
Huffman, one of the co-founders, along with Alexia Ohanian, who is married to Serena Williams, told the New York Times in an interview published Friday that the company is considering going public, but not do not share a timeline.
“We’re thinking about it. We’re working on that moment,” he said.
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The announcement comes almost a month after Reddit announced that it had raised more than $ 250 million in E-financing series, bringing its total valuation to $ 6 billion.
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| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| RKT | ROCKET COMPANIES INC. | 25.10 | -1.76 | -6.55% |
| SKT | TANGER FACTORY OUTLET | 16.03 | -1.12 | -6.53% |
| GME | GAMESTOP | 137.74 | +5.39 | + 4.07% |
| AMC | AMC ENTERTAINMENT HOLDINGS INC | 8.05 | +0.02 | + 0.25% |
| BBBY | BED BATH & BEYOND, INC. | 28.09 | -0.57 | -1.99% |
A marketing would take place if the Reddit forum “WallStreetBets” continues the extreme trading in stocks with a very short circuit, which bets investors will fall. Rocket and Tanger Factory Outlets have joined GameStop, AMC Entertainment, Bed Bath & Beyond and others as short-selling targets.