Sam AltmanThe status of Reddit's third largest shareholder Are you ready to achieve great results? Social media site is published Later this month. Reddit and its shareholders seek to sell approximately $748 million worth of stock in an IPOwhich could result in a valuation of $6.5 billion. New regulatory filings Show the company's intentions Offering 15 million shares at $31 to $34 per shareexisting shareholders will sell an additional 7 million shares.
At that stock price, Altman's Reddit stock Business Insider estimates that Altman owns about 1.66 million shares in the company, which could be worth between $51.4 million and $56.4 million.
The announcement was made in an IPO prospectus filed with the U.S. Securities and Exchange Commission (SEC) last month. Altman owns 8.7% of the social media platform, voting rights are 9.2%.but Mr. Altman also stated in the filing. “He disclaims any beneficial ownership of these shares except to the extent of his respective financial interest.” This means that he does not exactly own all the stocks associated with him. They could belong to one of his funds, including Hydrazine Capital II and Apollo Projects. Both names are listed in the file notes.
read more: What you need to know about the Reddit IPO
Despite Mr. Altman's large stake and investment in Reddit, He served on Reddit's board of directors from 2015 to 2022 and served as CEO for eight days in 2014.recently social media platforms Signed a deal with OpenAI's rival Google. The deal will allow the search giant to use Reddit's user-generated content to train its AI models.
Reddit debuts on the New York Stock Exchange with the ticker symbol “RDDT.” First major US social media company to go public since Pinterest In 2019.