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Reddit Hasn’t Turned A Profit In Nearly 20 Years, But It Just Filed To Go Public Anyway

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Reddit, the discussion board site noted for its constantly online user base and for sparking much internet debate, filed for its long-awaited initial public offering on Thursday.

This would make Reddit the first social media business to go public since Snapchat in 2017. The offering will include a twist that may allow some of the most ardent of its more than 70 million daily users to purchase shares in the IPO — something generally reserved for institutional investors.

reddit

Reddit Hasn’t Turned A Profit In Nearly 20 Years, But It Just Filed To Go Public Anyway

The company  claimed that top users can buy shares based on their “karma,” a term the network uses to describe its users’ contributions and reputation on the website.

“Our users feel a strong feeling of ownership over the communities they form on Reddit. We want this sense of ownership to translate into real ownership — for our users to be our owners’, co-founder and CEO Steve Huffman wrote in a Thursday filing letter. “Becoming a public company makes this possible.”

The company’s registration comes amid a dip in the overall IPO market, with Wall Street hoping that a blockbuster offering will help revitalise dealmaking.

According to a Securities and Exchange Commission filing, the San Francisco-based company plans to list on the New York Stock Exchange under the “RDDT.” The filing comes nearly three years after Reddit recruited its first CFO, and officials, including co-founder and CEO Steve Huffman, began publicly discussing the potential of an IPO to raise the company’s visibility.

Reddit, which has not been profitable, plans to expand its revenue through advertising, offering more e-commerce options, and licensing its data to other companies to train their artificial intelligence models.

“Our work to make Reddit faster, easier to use, easier to moderate and govern, and simpler to navigate and find relevant communities is driving growth today and will continue to be our focus into the future,” Ms. Huffman said.

The company was sold to media giant Condé Nast in 2006 by its co-founders Alexis Ohanian, who left the company in 2020, and Huffman, who now owns 3.3%. According to the IPO filing, the company’s top shareholders are currently Advance Publications (30.1%), which owns Condé Nast, Tencent (11%) from China, and OpenAI CEO Sam Altman (8.7%).

History of the ‘Front Page of the Internet’
The company, dubbed the “front page of the internet,” is a social media veteran; the firm was founded in 2005, the year college buddies Huffman and Ohanian graduated from the University of Virginia. It was the same year that Facebook became Facebook, YouTube released its first video, and Twitter (now known as X) launched.

Reddit’s 18-year history as an online social hub has witnessed tremendous growth, occasional controversy, and sometimes market-shifting pranks.

The network is well-known for its “subreddits,” which are distinct, user-generated discussion boards where users establish communities around various topics ranging from sports to politics to religion and everything in between. the company  users frequently post anonymously in these areas, debating topics ranging from memes to big news events.

reddit

Reddit Hasn’t Turned A Profit In Nearly 20 Years, But It Just Filed To Go Public Anyway

In 2021, Reddit created widespread market disruption when a community of day traders on the WallStreetBets platform began buying up GameStop shares in an attempt to harm hedge funds that bet against it. Many Redditors who joined the craze late suffered big losses.

Still, the episode highlighted the power of the company communities. Following the WallStreetBets incident, Reddit announced a fresh $250 million investment round, valuing the firm at $6 billion. It also declared plans to grow its workforce and enter overseas markets.

A significant user outcry earlier this year over a proposal to charge some third-party apps millions of dollars in fees to continue using the network brought the company back into the public eye. As a result, hundreds of the platform’s most popular subreddits were offline for weeks. The protest ended after Reddit threatened to expel forum moderators if the blackout continued.

Thursday’s filing provides the most extensive look yet at Reddit’s business, which aims to expand beyond the traditional ad-supported model on which other social networks still rely heavily.

The company  says it had more than 73 million daily active users in the latter three months of 2023, up from 52 million in 2021. In its filing, the company stated that the platform would have over 100,000 active communities by December 2023.

The company’s revenues in 2023 were $804 million, up 21% from $666.7 million in 2022. Reddit recorded a net loss of $90.8 million in 2023, less than the $158.6 million loss it experienced in 2022.

reddit

Reddit Hasn’t Turned A Profit In Nearly 20 Years, But It Just Filed To Go Public Anyway

While the company estimates its total addressable market in advertising to reach $1.4 trillion by 2027, it also stated in the filing’s risk factors statement that it has “a history of net losses and we may not be able to achieve or maintain profitability in the future.”

The company  also announced intentions to increase revenue by selling data to AI startups and focusing on the “user economy.” The filing outlines a future goal to enhance e-commerce on the site and increase user incomes through the Reddit Contributor Programme and Reddit Collectible Avatars Creators Programme. According to the filing, these systems allow users to earn monetary gifts and prizes, from which the corporation may receive a share.

On Thursday, the company also announced an expanded cooperation with Google, which includes access to Reddit data to train Google’s AI models and improve the display of Reddit content across Google platforms.

SOURCE – (CNN)

Entertainment

Lalisa Manobal, of BLACKPINK, Makes History by Winning the 2024 MTV VMAs.

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Lalisa Manobal

(VOR News) – At the 2024 MTV Video Music Awards, Lalisa Manobal, better known by her stage name Lalisa Manobal, made history by becoming the first solo artist to win the award not once, but twice.

This accomplishment put her in the category of historical firsts. With this accomplishment, a feat that had never been accomplished before was finally accomplished. The achievement of this milestone was made possible by the fact that the prize was won by the artist in his or her solo capacity.

She was awarded the second-best accolade that has ever been bestowed onto a K-pop artist, which was one of the many honours that were delivered this evening.

The accolade was presented to BLACKPINK, the sensation, at a ceremony that took place on September 11 at the UBS Arena in New York City. The ceremony was conducted in New York City. She was awarded this honour as a token of appreciation for her comeback single, which was selected to be named Rockstar.

My return to Rockstar was a wonderful and significant time for me because I had previously worked with Lalisa Manobal. This was due to the fact that I had collaborated with me in the past.

My return to Rockstar was a significant one because this was the situation that I found myself in. Following her expression of thanks for the victory and her congrats, she continued to give a shout out to BLINKS and Lillies all around the world during her acceptance speech.

Following her thanks for the win, Lalisa Manobal did this.

It was after she had already conveyed her appreciation for the victory that she made this statement. Following that, she went on to offer her congrats to the individual in question.

Following her remark that “this is something that is exceptional,” she then proceeded to make the statement.

Furthermore, the founder of LLOUD discussed her freshly established agency as well as RCA Records, complimenting both of them for their contributions to the success that was made possible as a result of their respective responsibilities. RCA Records was also mentioned in the conversation.

In addition, Lalisa Manobal conveyed her gratitude to RCA Records for their contribution to the achievement of those goals.

Being the first soloist in the history of the Video Music Awards to win Best K-pop twice, the Thai-Korean rapper and performer, who is 27 years old, made history by earning the most current Moonman trophy. He also created history by being the first soloist to win the award twice.

This achievement was attained by simultaneously winning the award for Best K-pop on two separate occasions.

Despite the fact that there was no previous example to follow, this challenge was successfully Lalisa Manobal accomplished. After the Moonman figurine was presented to the audience, this goal was successfully accomplished in the immediate aftermath of the presentation.

Taking into account the fact that she is the very first and only solo artist to attain success in this particular sector of the music industry is something that is essential to take into consideration.

Remembering this is of the utmost importance and should not be overlooked. At the 2022 MTV Video Music Awards, the single song “Lalisa Manobal” by Lalisa Manobal was selected as the winner of the award for Best K-pop Album. This was announced in the announcement that was made.

Lalisa Manobal gave a performance that was a mix of her two most recent hits, which were Rockstar and New Women. Both of these songs were exceptionally successful. She sang this song in addition to the others that she sang.

Lisa was the one who sang this song, and she was also the one who produced it, working in collaboration with Rosalia, a Spanish vocalist. Not only that, but Lisa was the one who sang it. Not only did Lisa emerge a winner, but she also provided a performance in the tournament that she won. Lisa gave a performance.

SOURCE: ITN

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Shannon Sharpe Posts Instagram Live Sex Session, Later Claims Account Was Hacked

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Shannon Sharpe

(VOR News) – It is common knowledge that Shannon Sharpe is notorious for his habit of spying on famous people while he is filming his podcast, which is known as Club Shay Shay.

On the other hand, it seems that he is the subject of controversy today, September 11, due to the fact that the former National Football League star appeared to publish a picture of himself engaging in sexual activity on Instagram, only to then claim that his account had been hacked.

This is the reason why he is the subject of controversy. The reason that he is the focus of criticism is for this very reason.

Shannon Sharpe is my name, and I am twenty-four years old. I would like to introduce myself. His Instagram Stories were updated with a statement on Wednesday, in which he stated, “Instagram was hacked this morning.” He shared the remark on his Instagram Stories.

The members of my team and I are exerting a great deal of work in order to gain an understanding of the response to this inquiry. After a period of time had passed, the post was taken down from the website.

On Wednesday, shortly following the activation of Shannon Sharpe’s account, the athlete offered some comment regarding the circumstances surrounding the event.

A woman can be heard groaning and yelling, “It’s yours, Shannon Sharpe,” over and over again while the camera is focusing on a wooden floor or bedpost. This can be heard at the time when the camera is concentrating on the floor or bedpost.

However, she was not being filmed in front of the camera at that precise instant in time. There are also sounds of slapping that can be heard in the video, and a lot of people have remarked that the man sounds exactly like Shannon Sharpe, and that there is no other person who could possibly be that person.

In addition, the video has sounds of smacking. Additionally, an updated version of the video has been uploaded to the X/Twitter account, which has been updated with the information.

As soon as the tape was made accessible to the general public, the viewers of the sports talk show host couldn’t help but react to what they saw. One of these admirers, Sexy Red, tweeted a meme that portrayed Shannon Sharpe making light of the incident.

The meme showed Shannon Sharpe laughing at what was going on.

When the meme was uploaded, Sexy Red was the one who did it. There were other statements made regarding the matter that included the opinions of a number of witnesses who were not convinced that his account had been hijacked.

After utilising an artificial intelligence version of Shannon Sharpe’s voice, crushing another woman, and hacking his Instagram live, which of the following would someone have gained if they did all of these things? By engaging in all of these activities, what would they stand to gain out of it?

A separate critic made the observation that “Shannon Sharpe was on YouTube getting on Chad Ochocinco for not being professional just to be on Instagram live during the day getting it in with some 25 year old.”

Another critic who shared the same attitude and was of the same opinion stated, “His old a** doesn’t know how to work with technology and thought he was making a movie.” “He thought he was making a movie.”

The direct responsibility for the action that has been taken can be traced back to the successful interview that Marlon Wayans had on Club Shay Radio. Because of the issue that took place between Wayans and DJ Vlad of Vlad TV on social media, Wayans felt obligated to brag to DJ Vlad about the vast number of people who watch his videos on YouTube.

This was because of the fact that the incident had occurred.

SOURCE: YN

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The Last Showgirl With Pamela Anderson Wows Toronto Film Festival

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The Last Showgirl With Pamela Anderson Toronto Film Festival
The Last Showgirl - Getty Images

The Toronto International Film Festival increased the razzle dazzle factor on the second day of its 49th edition with the world premiere of “The Last Showgirl,” a Vegas-set drama in which star Pamela Anderson enters the awards season conversation for the first time in her illustrious career.

Gia Coppola’s (“Palo Alto”) film follows a 30-year professional dancer who works in sequins in the last remaining classic floor show in Sin City, a gambling paradise. Dave Bautista plays the show’s stage manager, who must inform the dancers that their act will close permanently in two weeks.

Kiernan Shipka from “Mad Men” and Brenda Song are the next-generation dancers who perform alongside Anderson, while Billie Lourd plays her estranged daughter.

Jamie Lee Curtis, a recent Oscar winner with a perma-tan and frosted lipstick, provides comic relief as a Vegas cocktail waitress who must deal with rude clients while working for tips at a casino.

Anderson garnered loud ovation when she arrived for a post-credits Q&A. Wearing black trousers, a black top and dark sunglasses, the singer discussed her transition from ’90s sex symbol to playing Shelley, a dreamer who is overlooked in the Vegas whirl due to her age.

“I’ve spent my entire life preparing for this film,” she deadpanned, eliciting raucous laughs. “I’ve never felt so strongly about anything [as this picture]. It was do it or be it, and I did it.”

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