OpenAI CEO Sam Altman says he has no equity in the $80 billion artificial intelligence startup he co-founded in 2015. His Reddit ownership is another matter altogether. Following Reddit’s stock market debut on Thursday, Altman’s stake in the social media site ballooned by $200 million to over $613 million. Shares of the 19-year-old company jumped … Read more
Reddit shares jumped as much as 70% in their debut on Thursday in the first initial public offering for a major social media company since Pinterest hit the market in 2019. The 19-year-old website that hosts millions of online forums priced its IPO on Wednesday at $34 a share, the top of the expected range. … Read more
In this photo illustration a Reddit logo is seen displayed on a smartphone. Mateusz Slodkowski | Sopa Images | Lightrocket | Getty Images Reddit, the 19-year-old website that hosts millions of online forums, priced its IPO on Wednesday at $34 a share, the top of the expected range. The offering brought in $519 million, according … Read more
Reddit said on Friday that the Federal Trade Commission sent a letter to the company about its data-licensing business related to the training of artificial intelligence systems. “On March 14, 2024, we received a letter from the FTC advising us that the FTC’s staff is conducting a non-public inquiry focused on our sale, licensing, or … Read more
OpenAI CEO Sam Altman speaks at the World Economic Forum in Davos, Switzerland, on Jan. 18, 2024. Stefan Wermuth | Bloomberg | Getty Images OpenAI CEO Sam Altman will be in a position to make millions after Reddit goes public, thanks to a series of bets on the online discussion board company that go back … Read more
The Nasdaq MarketSite in the Times Square neighborhood of New York, on Tuesday, May 31, 2022. Michael Nagle | Bloomberg | Getty Images Tech stocks rebounded from a disastrous 2022 and lifted the Nasdaq to one of its strongest years in the past two decades. After last year’s 33% plunge, the tech-heavy Nasdaq finished 2023 … Read more
Scooters take over SXSW in Austin, TX As the last decade came to an end, it was easy for a young engineer to hop on a Bird scooter and ride it to a nearby WeWork office, home to the hottest new crypto startup. Then came Covid. Electric scooters and coworking spaces were no longer important, … Read more
CNBC is now accepting nominations for the 2024 Disruptor 50 list — our annual look at the most innovative venture-backed companies using breakthrough technology to meet increasing economic and consumer challenges. The deadline for submissions is Friday, Feb. 16 at 11:59 pm EST. All independent, privately-owned companies founded after Jan. 1, 2009, are eligible, and … Read more
McDonald’s french fries being prepared. Daniel Acker | Bloomberg | Getty Images Check out the companies making headlines in midday trading. Rivian Automotive — Rivian Automotive shares tanked 19% after the electric vehicle maker announced plans to raise $1.5 billion in convertible notes and offered preliminary third-quarter revenue guidance roughly in line with Wall Street’s … Read more
Instacart celebrates their IPO at the Nasdaq on Sept. 19th, 2023. Courtesy: Nasdaq After a 21-month tech IPO freeze, the market has cracked opened in the past week. But the early results can’t be encouraging to any late-stage startups lingering on the sidelines. Chip designer Arm debuted last Thursday, followed by grocery-delivery company Instacart this … Read more