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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: Reddits, Listing day it's arrived. Let's bring in Reddit's chief

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Speaker 2: operating officer, Jen Wong for more on the big day,

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Speaker 2: live from the New York Sock Exchange.

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Speaker 1: Jen, it's a day to remember.

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Speaker 2: And I'm interested as to really for you how much

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Speaker 2: you are excited about redditors having part of the process

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Speaker 2: here or worried a bit about the volatility to come.

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Speaker 1: Thanks for having me today.

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Speaker 3: It's been our dream, our dream to have our users

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Speaker 3: and our communities to be able to be shareholders in Reddit.

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Speaker 1: Everything on Reddit is built by.

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Speaker 3: Our users and communities, so having them be owners makes

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Speaker 3: a lot of sense.

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Speaker 1: We're so excited about that.

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Speaker 4: Jen, Good morning, It's ed in San Francisco. What's the

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Speaker 4: main benefit of the IPO. You know, we always talk

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Speaker 4: about the money raise, the doll evaluation, but I always

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Speaker 4: reflect the an IPO gets your name out there. Not

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Speaker 4: everyone is on Reddit, not everyone one is a reditor.

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Speaker 4: How do you weigh up the pros and cons of listing.

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Speaker 3: Well, it's certainly a lot of press on a day

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Speaker 3: like today. It is a special day, But becoming a

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Speaker 3: public company has just made us a better company. We've

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Speaker 3: actually been in this process longer than most almost two

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Speaker 3: years actually, and that process has made us more disciplined,

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Speaker 3: more operationally rigorous, and actually allowed us to get to

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Speaker 3: know investors better and tell our story.

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Speaker 1: And so this whole process.

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Speaker 3: Has made us a better company, and we're prepared to

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Speaker 3: be a public company. I think it's actually been really

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Speaker 3: good for us, and I think companies that you can

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Speaker 3: go public it's sort of a duty, it's part of

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Speaker 3: the process of maturing as a company.

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Speaker 1: And then the benefit of having.

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Speaker 3: Our sharehold our employee employees have liquidity which we promise

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Speaker 3: to them, and in addition, have our communities and users

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Speaker 3: be able to be sharehole makes a lot of sense

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Speaker 3: for Reddit.

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Speaker 4: Jen. The evolution of the story is for you moving

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Speaker 4: away from a solely advertising based business model to one

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Speaker 4: way you license your user data to the companies that

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Speaker 4: are building large language models. I just asked if you

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Speaker 4: could explain to our audience how that works in practice,

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Speaker 4: how you're going to grow that business.

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Speaker 1: Yeah, loll.

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Speaker 3: Just ahead of addressing that, I just wanted to write context.

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Speaker 3: One of the things that's so special about Reddit is

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Speaker 3: that we play in three big addressable markets.

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Speaker 1: We have this core advertising.

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Speaker 3: Business adds is a great business. It's still early. We

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Speaker 3: have great traction and momentum. That's our core business. We

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Speaker 3: have an emerging data licensing business that we built the

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Speaker 3: foundations for last year because Reddit's corpus of information is

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Speaker 3: incredibly important to the training of large language models and

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Speaker 3: also for insights for different kinds of businesses.

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Speaker 1: And the third is a user.

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Speaker 3: Economy where our communities go beyond conversation and to be able.

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Speaker 1: To transact with each other.

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Speaker 3: Now you asked about the data licensing business, which we've

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Speaker 3: built the foundations for last year.

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Speaker 1: That has two pieces to it. It is a piece

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Speaker 1: that's sort of well established.

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Speaker 3: Where there's social listening for marketing for companies who want

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Speaker 3: to understand what's happening on reddits and for marketing campaigns.

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Speaker 3: There's also financial services companies who are interested in that.

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Speaker 3: Those are well established markets. And then there's the new

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Speaker 3: emerging market of AI, where large language models need data

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Speaker 3: to train on. And when you look at Reddit's corpus

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Speaker 3: nineteen years of human experience organized by topic with well

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Speaker 3: moderation and relevance, that's incredibly important to building both a

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Speaker 3: chat capability and the freshness of information so that's an

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Speaker 3: area where you know, we see opportunity. I think what

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Speaker 3: that signals, you know, whether it shows up honestly in

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Speaker 3: our revenue or red it shows up in the value

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Speaker 3: of Reddit.

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Speaker 1: Is how valuable Reddit is? You know, the more that

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Speaker 1: we move toward.

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Speaker 3: This AI world, that corpus and that knowledge and refreshment

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Speaker 3: of human experience becomes more valuable to.

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Speaker 2: Our TV and radio audience. We are speaking with REDIT

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Speaker 2: Chief operating Officer Gen Wong and to that ongoing value

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Speaker 2: of your data to AI and to the large language

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Speaker 2: models being developed. I mean those llms, the models are

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Speaker 2: being built.

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Speaker 1: In new and different ways.

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Speaker 2: This actual technology also develops. I'm interested as to really

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Speaker 2: whether this goes on in perpetuity. Do you see this

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Speaker 2: sort of licensing being steady and secure for ten years

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Speaker 2: from now?

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Speaker 3: What I'd say is this is so early in this

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Speaker 3: emergence of this technology, it's hard to see far out.

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Speaker 1: The way I think about it, the way we think

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Speaker 1: about it is the.

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Speaker 3: Ready its corpus of data is incredibly valuable, and it

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Speaker 3: gets more valuable because as there's more more content that's

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Speaker 3: generated maybe by AI or computers, original human thoughts and

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Speaker 3: ideas increase in value. Right, If you think about it,

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Speaker 3: a new car comes out, who's going to review it?

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Speaker 3: A real life family of six can actually tell you

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Speaker 3: what it's like to drive that car.

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Speaker 1: That's always going to be valuable.

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Speaker 3: And so you know, whether that shows up in data

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Speaker 3: licensing or in the products that Reddit builds.

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Speaker 1: It is valuable.

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Speaker 2: Let's talk about a community that has been very valuable

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Speaker 2: at times and extraordinary at others.

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Speaker 1: To wol Street more broadly.

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Speaker 2: Has been the reditors who are very active on Wall Street.

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Speaker 2: We go back to Wall Street bets. We just think

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Speaker 2: about what happened to GameStop, for example. There is a

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Speaker 2: double edged sword here for you involving your reditors as investors.

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Speaker 2: How secure are you that you won't become a meme

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Speaker 2: frenzy yourself to the up and to the dam.

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Speaker 3: Look, I love the ethos of that community in all

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Speaker 3: of our investing communities. And who knows, I mean it's Reddit, right,

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Speaker 3: I mean, who knows what's going to happen, So we'll see.

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Speaker 3: I mean it's hard to say, but in the end,

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Speaker 3: I think having our users in community be shareholders is

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Speaker 3: a good thing and I think ultimately will be judged

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Speaker 3: on our performance and that'll take time for people to know,

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Speaker 3: but ultimately I think that's what investors Judge Judge.

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Speaker 4: Us on Jen we're awaiting the opening trade Bloomberg reporting.

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Speaker 4: The indication is the stock will open somewhere between forty

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Speaker 4: two or forty six dollars a share. It's quite a

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Speaker 4: premium on the IPO price. You're one of the biggest

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Speaker 4: shareholders as well. Just give me your personal feeling in

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Speaker 4: this moment.

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Speaker 1: You know, it's kind of like a wedding day.

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Speaker 3: I guess lots of different emotions, joy, relief, jitters, all

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Speaker 3: of it in one I haven't even processed it, frankly,

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Speaker 3: but it is a special moment. It is one milestone

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Speaker 3: in a history of a nineteen year company that I think.

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Speaker 1: Has a lot of runway.

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Speaker 3: You know, we're nineteen years old, but we're really young

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Speaker 3: as a company, and this is sort of the start

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Speaker 3: of the next chapter.

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Speaker 4: Reddit Chief operating Officer Jem Wong live from the NYC.

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Speaker 4: We're grateful for your time on listing Day.

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Speaker 1: Thank you,