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Speaker 1: This is breaking you loose from the Bloomberg.

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Speaker 2: Hey, everybody, I just want to do a quick check

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Speaker 2: on shares of Reddit. They are open, they are trading,

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Speaker 2: and the stock is app just shy of sixty percent

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Speaker 2: at its highs today was trading above almost fifty eight

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Speaker 2: dollars this share, So a seventy percent pop on this

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Speaker 2: first day of trading.

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Speaker 3: It's settled in or it's not settling in.

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Speaker 2: We still have some ways to go, but right now

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Speaker 2: up about fifty nine percent, fifty four dollars and change

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Speaker 2: here if you will, so jumping after we know at

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Speaker 2: priced at the top of its marketed range.

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Speaker 3: And this is coming day two.

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Speaker 2: We've had two big tech IPOs that have all come

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Speaker 2: out of the gate incredibly strong.

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Speaker 3: And we know.

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Speaker 2: Astera right, the semiconductor related company. It's also trading higher

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Speaker 2: in a second day of trade.

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Speaker 1: So that brings me to Amy or who covers IPOs

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Speaker 1: here at Bloomberg. She's in our studio right now.

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Speaker 4: Amy.

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Speaker 1: If you're if you're maybe one of the bankers or

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Speaker 1: perhaps working at Reddit, and you see a sixty percent

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Speaker 1: pop on day one of trading, how are you feeling?

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Speaker 1: I mean, it's good obviously if you're a shareholder, but

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Speaker 1: are you also thinking, wait, we could have raised more

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Speaker 1: than seven hundred million dollars in.

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Speaker 5: The IPO, so I just want to go back to

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Speaker 5: the marketing bid I have to say. So eight Reddit

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Speaker 5: is not raising all the money, so the money that

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Speaker 5: it will probably gets around five hundred and fifty million

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Speaker 5: or so because it's also some of the employees are selling,

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Speaker 5: but also this is the biggest marketing event, so they

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Speaker 5: don't really have to go out. So essentially, for a

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Speaker 5: lot of people there's been concerned about like, oh, there

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Speaker 5: is a generation of redditors, and then the younger people

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Speaker 5: do not know it because the younger people already into

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Speaker 5: TikTok and other things. But this is going to introduce

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Speaker 5: a lot more people.

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Speaker 3: To because of the IPO.

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Speaker 5: Because of the IPO, but going to bankers or just

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Speaker 5: issue is in general, so normally people will feel left

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Speaker 5: out right leaving money on the table. But we're in

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Speaker 5: a totally not normal IPO environment right now. So anything

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Speaker 5: really anything up and having a pop to investors is

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Speaker 5: great for every Well that's.

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Speaker 3: What I was wondering.

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Speaker 2: How much of it is, like, oh my god, there's

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Speaker 2: another IPO. Finally, versus Wow, I really like this company.

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Speaker 5: Well it finally, it really depends on investors. And I

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Speaker 5: have to say the market is very concentrated in tech

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Speaker 5: at the moment, not on individuals like individual other sectors

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Speaker 5: like industrial healthcare, like, we haven't actually seen those rebounded

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Speaker 5: to the point where we've seen a whole slew of

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Speaker 5: IPOs in those sectors as well. So it's really up

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Speaker 5: to investors to decipher themselves whether they like it because

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Speaker 5: the momentum is there or because the fundamentals are there.

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Speaker 5: So at the end of the day, IPOs are buying

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Speaker 5: into growth, right, and growth is really about projection and

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Speaker 5: whether you actually believe in the company. So everyone has

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Speaker 5: different kind of viewpoint about that.

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Speaker 2: Right, And I have to say that you throw AI

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Speaker 2: kind of in the AI play and the data like

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Speaker 2: that certainly makes it a little bit more of an

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Speaker 2: interesting story.

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Speaker 1: Tim Hey, it certainly does. Man deep when you think

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Speaker 1: about comps for this company, what's a fair comp.

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Speaker 4: Well, Snap, Pinterest, Meta, I said, you know the fact

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Speaker 4: that Meta is trading as such a premium to the

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Speaker 4: smaller social media players. I thought that was something.

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Speaker 1: Was trading against a pinterest for example.

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Speaker 4: So pinterest trades for example, at about four times ev

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Speaker 4: doo sales. Meta is close to eight times EV two sales,

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Speaker 4: and Reddit was priced right in the middle. They're thirty

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Speaker 4: four dollars equated to six times EV two sales. So

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Speaker 4: that's why I think the pop gets now it's closer too, Yeah,

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Speaker 4: dollars a share a little higher than that, Yeah, and

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Speaker 4: which is why you pay for growth, And I think

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Speaker 4: with Reddit accelerating growth in the past six months, it

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Speaker 4: just makes a strong case that they should be at

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Speaker 4: a premium multiple.

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Speaker 2: I just want to remind everybody who's watching and listening

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Speaker 2: around the Bloomberg universe that Reddit shares they are definitely

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Speaker 2: up in trading stocks up about almost fifty five percent

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Speaker 2: here in its first day of trade, trading above fifty

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Speaker 2: two dollars this year. It is the fourth largest this year.

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Speaker 2: The biggest of those listings though, that we've seen so far,

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Speaker 2: was the amur Sports one that we had in January.

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Speaker 2: And I want to go back to you because there

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Speaker 2: you are in the heart of Silicon Valley. Reddit a

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Speaker 2: company well known in the valley around for a long time.

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Speaker 2: Has there been much buzz in conversations around this company,

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Speaker 2: like Wow, this could be like Reddit's time. I'm just

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Speaker 2: curious what the conversations, if they've even been happening.

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Speaker 6: Yes, specifically, last night, Sequoia, which is one of the

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Speaker 6: biggest bench capital firms, held a really big AI event

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Speaker 6: called ai Assent, and they were talking about Reddit.

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Speaker 4: There.

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Speaker 6: They had like one hundred CEOs and founders from the

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Speaker 6: biggest AI companies all in one room. But again they

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Speaker 6: went back to the point of the data licensing and

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Speaker 6: just like man Deep said, and man Deep, I'm paraphrasing,

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Speaker 6: but I think you would be happy that I'm quoting you.

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Speaker 6: You know, Mandeep says, I bet you that Reddit will

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Speaker 6: go to the other LM builders, big and small and

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Speaker 6: do a deal. And I think that's the conversation that

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Speaker 6: a lot of the kind of tech world is having

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Speaker 6: out here, that Wow, Reddit's kind of got its story

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Speaker 6: straight and got it right, and if they can do

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Speaker 6: two hundred million with Google, they'll probably be able to

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Speaker 6: replicate that. And then the other part of it is

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Speaker 6: I'd just go back to like, Reddit is a part

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Speaker 6: of this town. You know, it was a y combinator

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Speaker 6: startup in two thousand and five. That's a you know,

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Speaker 6: very well known incubator here in the city. It's sold

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Speaker 6: in two thousand and six to Conde Nast, and it's

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Speaker 6: kind of had this kind of strange and long journey,

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Speaker 6: but it's still been a name in the world of

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Speaker 6: technology that we talked about long. Katie Greifeld should be here,

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Speaker 6: she would back me up on this. But long before

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Speaker 6: Wall Street bets and bets and the memestock frenzy, we

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Speaker 6: did know about Reddit to some extent, right, So, while

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Speaker 6: I've been saying that the kind of global audience for

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Speaker 6: Reddit might not be there yet, it is well known

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Speaker 6: to those in the technology community at least.

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Speaker 5: Yeah.

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Speaker 1: At the same time, ed, it is on a fully

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Speaker 1: diluted basis evaluation right now, just shy of ten billion

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Speaker 1: dollars on it, Yes, just shy, just shy. But in

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Speaker 1: terms of market cap right now about eight point two

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Speaker 1: billion dollars. Talk to me a little bit about the

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Speaker 1: what happened a few years ago when they raise money

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Speaker 1: at a ten billion dollar valuation, because we're still not

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Speaker 1: you know now, we're still just around that point two

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Speaker 1: or three years later.

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Speaker 6: So in twenty twenty one, in the last private round

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Speaker 6: that they did, they had a ten billion dollar valuation,

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Speaker 6: so they're not quite there yet. You know, the cat

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Speaker 6: table was probably quite complicated, and I guess that you

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Speaker 6: could ask yourself, well, are there people on that cat

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Speaker 6: table who are either in or out of the money?

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Speaker 6: But I think we talked about this a bit earlier

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Speaker 6: that if you think about the last three or four years,

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Speaker 6: there are a number of companies that are now public

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Speaker 6: that chose to do down rounds, in other words, raise

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Speaker 6: money at a lower valuation than the valuation of their

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Speaker 6: previous round, and they did that to give themselves some upside, right.

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Speaker 6: You know, imagine if Reddit had retained that value and

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Speaker 6: you know, we're now valuing it at five billion or

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Speaker 6: even higher fifteen billion. But Reddit didn't have to go

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Speaker 6: through that process. It's just the reality of the time

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Speaker 6: and place that you're in. And you know, Amy will

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Speaker 6: know the history of this, but you know, Reddit was

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Speaker 6: going to do this in twenty twenty one, and then

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Speaker 6: it was going to do it in twenty twenty two,

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Speaker 6: and we've kind of been waiting a long time. And

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Speaker 6: twenty twenty one was this like massive USIPO year, particularly

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Speaker 6: for tech, where they kind of missed the boat. So

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Speaker 6: there is a part of it that's just like confidence

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Speaker 6: in timing. But the valuation is comparable right in this

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Speaker 6: moment to where it was in that last private round.

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Speaker 5: I have to say that, actually, it's very funny ed

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Speaker 5: you mentioned the last funding round of A Funny Guy,

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Speaker 5: because in the perspectives in cr for A Series E

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Speaker 5: and Series F where ten cent Contees and Sam Oltman

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Speaker 5: actually participated, we were thinking, like, yeah, for the price

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Speaker 5: range of thirty one dollars to thirty four dollars, like

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Speaker 5: they're going to make a loss because the average price

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Speaker 5: was like thirty seven or forty two dollars, So like

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Speaker 5: at fifty dollars right now, So they're all making money,

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Speaker 5: even the people who participated in the last round at

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Speaker 5: a valuation of ten billion dollars.

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Speaker 3: Pretty remarkable, right, it really is.

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Speaker 1: Okay, Mandy, if you're if you're doing ads sales for Reddit,

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Speaker 1: how do you go out there and convince a large marketing,

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Speaker 1: a large marketer to spend money with you versus with

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Speaker 1: meta platforms which can which would tell you, hey, we

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Speaker 1: know exactly who the next buyer of your product is

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Speaker 1: going to be.

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Speaker 4: Yeah. One of the trends that we are noticing with

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Speaker 4: lllms is the ad targeting will get better and better.

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Speaker 4: And you've seen that in Meta's latest results. You said LLMS, yes,

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Speaker 4: because you know what LMS give you is more persons,

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Speaker 4: large angrid models, and that's what Meta has their own

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Speaker 4: large anglid model called LAMA. I mean, others are standardizing

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Speaker 4: on GPT and Gemini will probably show up in Apple.

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Speaker 4: But the point being that you will see an expansion

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Speaker 4: in search because of LLLMS. So not only do you

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Speaker 4: ask a query, you can ask a follow up, and

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Speaker 4: when you ask a follow up, you give more information

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Speaker 4: to the channel you're asking the query, whether it's a

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Speaker 4: chat pot or Reddit or any Google search. And with

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Speaker 4: a follow up you have the proposition of showing even

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Speaker 4: more targeted AD. So Reddit has that engagement in terms

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Speaker 4: of the user base looking for user generated content where

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Speaker 4: you know all that is original to Reddit, and if

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Speaker 4: they can build a search platform, the ad targeting can

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Speaker 4: be huge, much better than any other platform.

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Speaker 2: I'm just going to say, I'm curious as Reddit users

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Speaker 2: start to hear that, it just seems like if I

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Speaker 2: was a Reddit user, I'm not, but it seems like

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Speaker 2: it's a platform where they wouldn't love that.

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Speaker 3: I think it's kind of their own little space that

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Speaker 3: they go into.

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Speaker 2: So I wonder if there's pushback going forward, just to

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Speaker 2: reset everybody Reddit shares up in trading their now below

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Speaker 2: fifty dollars a share. So we've seen certainly a lot

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Speaker 2: of volume, a lot of activity. Stuck still up forty

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Speaker 2: five percent in its first day of trading. The Reddit

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Speaker 2: IPO so again forty nine and change with us at Ledlow,

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Speaker 2: co host of Bloomberg Technology on Bloomberg TV, who spoke

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Speaker 2: with the Reddit coo earlier today, Amy or in the hand,

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Speaker 2: equity capital markets reporter at Bloomberg News, and man Deep

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Speaker 2: Singh also with us in studio, senior tech industry analyst

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Speaker 2: at Bloomberg Intelligence.

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Speaker 3: Tim We want to add another name to this Roundtanel.

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Speaker 1: Yeah, because we have with us the person who wrote

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Speaker 1: the book about Reddit that came out back in twenty eighteen.

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Speaker 1: Back with us is Christine Logorio Chaffkin, Editor at Large

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Speaker 1: at INC Magazine, also the author of We Are the Nerds,

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Speaker 1: The Birth and Tumultuous Life of Reddit, the Internet's culture laboratory. Christine.

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Speaker 1: By the way, we should note if her last name

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Speaker 1: sounds familiar, it's because she's the wife of Bloomberg BusinessWeek's

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Speaker 1: Max Chafkin. She was at the New York Stock Exchange

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Speaker 1: a little earlier today. Right now, joining us from her

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Speaker 1: office in New York City. Christine, Welcome back to Bloomberg

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Speaker 1: Business Week a day like today. After writing a book

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Speaker 1: about the history of Reddit. What is Reddit today versus

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Speaker 1: Reddit in its early years?

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Speaker 7: Wow? Yeah, it's a very very different company, right.

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Speaker 8: I mean, you're talking about the viability of selling advertising

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Speaker 8: or talking about selling you know, language two large language

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Speaker 8: learning models and selling their basically AI companies being a

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Speaker 8: big customer.

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Speaker 7: That was unheard of ten years ago.

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Speaker 8: It was also unheard of for Reddit to really be

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Speaker 8: a mainstream news source ten years ago. It was really

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Speaker 8: a kind of dark corner of the Internet at that point,

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Speaker 8: with a lot of pornography, a lot of a lot

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Speaker 8: of heat speech. And it's been a remarkable journey that

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Speaker 8: it's been through to kind of clean up that make

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Speaker 8: its content modern, content moderation modern, and it's become sort

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Speaker 8: of a model for that.

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Speaker 2: Well and such. It's a long way, it sounds. Take

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Speaker 2: us to the Exchange earlier today, you were down there,

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Speaker 2: tell us about stuff SNeW and what else the activity

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Speaker 2: was at the New York Stock Exchange as it got

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Speaker 2: ready to debut.

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Speaker 8: You know, I walked into the lobby of the Stock

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Speaker 8: Exchange and there's just a stuffed SNeW which is a

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Speaker 8: little round alien that is the company's avatar or mascot.

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Speaker 8: And I saw a security guard sort of coup at it,

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Speaker 8: which was very cute. But then ringing the bell on

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Speaker 8: the floor at nine thirty am was not CEO Steve Huffman.

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Speaker 8: It was a human I assume, in a like large

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Speaker 8: stuffed snooze suit, which I think, you know, it was

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Speaker 8: sort of meant to stand for every man, not a

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Speaker 8: dark place anymore. Huh yeah, yeah, it was very cute,

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Speaker 8: you know. I mean so, I think they're trying to

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Speaker 8: appeal to their core audience as well as investors, right,

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Speaker 8: they need to keep their users happy at the same

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Speaker 8: time as they've gained a lot more shareholders.

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Speaker 1: Hey, talk to us a little bit about that balance, Christine,

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Speaker 1: because you know, it's not necessarily Reddit's not necessarily a place.

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Speaker 4: You know.

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Speaker 1: Look, there's a niche for everything on Reddit. I think

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Speaker 1: it's fair to say, but the attitude of the users

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Speaker 1: is not certainly one of one percent supportive of this

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Speaker 1: company going this route. So does how does Reddit walk

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Speaker 1: that line and keep that balance?

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Speaker 8: Yeah, no, absolutely, users are are quite skeptical. There are

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Speaker 8: you know, hundreds of thousands of posts on the site

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Speaker 8: from users expressing skepticism. What happens when Reddit needs to

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Speaker 8: make more money, does it start charging us? Does it

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Speaker 8: start you know, does the selling of the content start

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Speaker 8: to become something that inhibits more speech on the site.

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Speaker 8: You know, there's a lot of skepticism, and it is

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Speaker 8: very important for Steve Hoffman and the other executives that

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Speaker 8: read it to listen to those sentiments and keep users happy.

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Speaker 8: He did say in an almost ame earlier this week

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Speaker 8: that you know, he does listen to users and that

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Speaker 8: site revolts such as the one that happened last summer

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Speaker 8: are very valuable to him and our learning opportunity because

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Speaker 8: you know, the users are the bread and butter. They

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Speaker 8: need to keep growing those users, to keep growing those

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Speaker 8: advertising money. Advertising is still their primary and they said

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Speaker 8: in the s one they're they're really only way of

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Speaker 8: making money right now. So it is it's very very important.

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Speaker 8: He really wants to get a rebellion users, and they

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Speaker 8: need to keep the site very very friendly and growing

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Speaker 8: point those sort of user revolts in the future.

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Speaker 2: Well, that's what I was trying to get to earlier

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Speaker 2: with Ed Lulow. I want to go back to you

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Speaker 2: or listening to Christine, but this whole idea of kind

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Speaker 2: of what this this site has been like. And I

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Speaker 2: know they've cleaned up some stuff, but I do wonder, like,

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Speaker 2: what is that balance of bringing in advertisers. Mendeep earlier

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Speaker 2: talked about their already bloated cost structure that they maybe

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Speaker 2: need to work on that, but also they need to

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Speaker 2: raise their user base. I mean, there's a lot of

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Speaker 2: things that they're going to be juggling now as a

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Speaker 2: publicly held company.

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Speaker 6: The notes was published twenty eighteen. I think I'm right

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Speaker 6: in saying, but that's like a really interesting year because

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Speaker 6: that was the year that Jen Wong joined, right, And

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Speaker 6: I'm sorry to keep going back to her. It's not

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Speaker 6: just that I interviewed her earlier, but like, I think

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Speaker 6: a lot of people would credit Jen Wong with operationalizing

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Speaker 6: Reddit and making it into a proper business. And by

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Speaker 6: the way, she's like a really significant shareholder more than

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Speaker 6: two million of the shares outstanding, more than Steve Huffman

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Speaker 6: as it stands, because he has a complicated comp package.

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Speaker 6: And I just wondered if you could reflect on what

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Speaker 6: you think the tipping point was in Reddit growing up

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Speaker 6: as a company a little bit because it was so

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Speaker 6: influenced by the community, right, you know, the moderators, moderate

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Speaker 6: Christine come on in on that.

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Speaker 8: Yeah, yeah, I do, I mean, I do think that

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Speaker 8: there was this really interesting moment when do you remember

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Speaker 8: back when Ellen Power is briefly CEO.

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Speaker 6: She was interim though, right, that was on an interim basis.

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Speaker 8: She I think everyone intended for it to last, and she,

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Speaker 8: you know, literally got harassed out of the role by users.

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Speaker 8: But what she did, this very important thing, is she

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Speaker 8: basically isolated and cut off or started to cut off

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Speaker 8: five different communities that were just full of hate speech

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Speaker 8: on Reddit. And it was super controversial at the time,

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Speaker 8: and it has since over the past decade, become a

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Speaker 8: thing that Reddit does all of the time. You know,

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Speaker 8: Reddit now has a whole set of rules and a

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Speaker 8: whole different structure of moderators that was influenced by that

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Speaker 8: very first that you know, back then, researchers found that

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Speaker 8: just elimiting those five communities had a really interesting trickle

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Speaker 8: down and eliminated it slowed hate speech throughout the entire site.

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Speaker 8: I mean that was I think this turning point. I

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Speaker 8: think hiring a more advanced salesforce, hiring chen were also

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Speaker 8: very important, you know, steps for the company. But it's

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Speaker 8: it's still you know, it's still a work in progress.

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Speaker 8: And any site that relies on a community of unpaid moderators,

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Speaker 8: you know, like Reddit does is it's going to always

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Speaker 8: be a battle, right redd it only has what some

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Speaker 8: thousand employees.

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Speaker 2: Hey, listen, everybody, just a quick check. Our roundtable discussion

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Speaker 2: will continue in a moment. But Reddit share is still

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Speaker 2: up about forty six percent here in the session. At

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Speaker 2: their highs there were almost fifty eight dollars a share,

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Speaker 2: that was a seventy percent gain on its first day

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Speaker 2: of trading. Still up, as I said, forty six percent

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Speaker 2: the stock closing, I mean stock trading forgive me just

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Speaker 2: under fifty dollars a share, So still quite a pop.

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Speaker 2: Amy or is still with us here at Bloomberg News

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Speaker 2: watches the IPO market. I mean safe to say we

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Speaker 2: still have what a couple of hours to go before

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Speaker 2: we wrap up this trading day. But right now it

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Speaker 2: looks like a pretty successful ipo.

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Speaker 5: Looks like it, and I'm sure that a lot of

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Speaker 5: bankers are really happy about it because given that over

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Speaker 5: the weekend it was the message was kind of like

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Speaker 5: confusing because it was four to five times book. When

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Speaker 5: people were seeing like four to five times book, it

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Speaker 5: was not a good book just generally, and there was

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Speaker 5: talk about like now coming into the beginning of the

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Speaker 5: week and then especially just before prizing, the book cover

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Speaker 5: was more than thirteen times covers. So essentially there's a

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Speaker 5: great ramp up and especially from long only funds, and

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Speaker 5: that's why, Yeah, it's been holding up pretty well.

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Speaker 2: You see the momentum, all right. As we said, we're

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Speaker 2: talking with Christine Lagorio. Chafkin wrote a book about Reddit,

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Speaker 2: We Are the Nerds, The Birth and tumultuous life of Reddit,

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Speaker 2: the Internet's culture laboratory. Also still with us is our

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Speaker 2: own ed La Low, co host of Bloomberg Technology, and

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Speaker 2: Amy Or who watches the IPO market here at Bloomberg. Christine,

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Speaker 2: I want to go back to you as you think

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Speaker 2: about this company, you know what it's in a you know,

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Speaker 2: they're coming public in a market where there's some really

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Speaker 2: big players out there, and I get the AI data play,

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Speaker 2: and that could be a lot of potential for them,

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Speaker 2: But what do you see is their biggest challenges going forward?

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Speaker 2: Having done this deep dive in your book into the

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Speaker 2: company and into its history, yeah.

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Speaker 8: I think this transition into into AI is going to

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Speaker 8: be challenging, both as a perception and in reality in

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Speaker 8: a sales reality. But let me just say that Steve

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Speaker 8: told me so. I did speak to Steve earlier today

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Speaker 8: as well, and he told me something really interesting, which

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Speaker 8: was that, you know, this long road that they've had

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Speaker 8: to IPO, they filed first and talking.

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Speaker 3: About Steve have been the CEO of the company.

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Speaker 8: Yeah, it's got to Steve Hoffan earlier this morning, and

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Speaker 8: you know, he said, basically, they've been doing earnings calls

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Speaker 8: since then. They did five different rounds of meetings with

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Speaker 8: investors before they even did their roadshow. So by the

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Speaker 8: time they got to the road show, he said, like

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Speaker 8: everyone sort of knew the business so well and didn't

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Speaker 8: have as many questions as he expected, which you know,

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Speaker 8: if you know ready, you know Reddit requires some explanations.

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Speaker 8: So I thought that was a kind of interesting detail.

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Speaker 8: But I think the AI thing is very interesting and

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Speaker 8: it's a challenge, but it's also I mean, as AI

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Speaker 8: starts to shift to the Internet and the way we

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Speaker 8: interact with search, I have been noticing more of my

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Speaker 8: peers are searching, say Google, with the word reddit dot

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Speaker 8: com in it, so that they get a real human

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Speaker 8: response to their querry instead of getting an AI generated response.

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Speaker 8: I think you can stand to benefit from the growth

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Speaker 8: of AI, not just from a salesforce.

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Speaker 1: Aingle, because you're arguing, Christine, that we could be desiring

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Speaker 1: something that is more human in a world that is

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Speaker 1: dominated increasingly by answers generated by AI.

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Speaker 7: Yeah.

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Speaker 3: Absolutely, Okay, so let's talk.

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Speaker 1: A little more because Ed Ludlow spoke earlier to Gen Wong,

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Speaker 1: the COO of Reddit, all about the way that Reddit

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Speaker 1: could use AI as a business model in terms of

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Speaker 1: training using its content to train AI models. Christine was

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Speaker 1: even in the research that you did for your book,

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Speaker 1: which again was published in twenty eighteen, was that even

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Speaker 1: on the radar of folks that read it back then?

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Speaker 8: Hey, I gosh, I do not think it's nothing that

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Speaker 8: I talked with them about. I do have to say,

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Speaker 8: I mean, at that time, Sammon was still on the

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Speaker 8: board of Reddit, but he was and he had founded

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Speaker 8: chat GBT, but he was not like you know, in

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Speaker 8: the press about it yet and it was not working

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Speaker 8: on it full full time yet.

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Speaker 7: So no, it's something we really discussed.

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Speaker 2: All right, guys, just got about a minute and a

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Speaker 2: half left here. I want to go round Robin as

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Speaker 2: we get ready to just wrap up this hour here,

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Speaker 2: Amy or watching this IPO thirty seconds here on what

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Speaker 2: you're thinking?

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Speaker 5: I think read it went public at the right time

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Speaker 5: for the company. It might talk it might have took

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Speaker 5: it eighteen years for it, but then it became profitable

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Speaker 5: in the fourth quarter, and that gave investors a lot

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Speaker 5: of confidence.

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Speaker 3: What do they always say?

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Speaker 2: It's always bad timing, right place, right time, And Ludlow,

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Speaker 2: what are you thinking? We're going to continue obviously the

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Speaker 2: coverage here on Reddit and broaden out here, but what

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Speaker 2: are you thinking here?

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Speaker 3: You've been following this one.

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Speaker 6: Very yeah, for the last six months to two years.

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Speaker 6: Everyone has an AI story, and I just feel like

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Speaker 6: Reddit got their AI story right and at the right time,

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Speaker 6: and it answered a lot of questions and concerns that

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Speaker 6: people had about the legacy advertising of call it. Legacy

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Speaker 6: is pretty much brand new for advertising business. And so

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Speaker 6: let's see where they trade any year's time. That's the

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Speaker 6: fun of the market page.

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Speaker 1: Christine, just thirty second, last thirty seconds to you. The

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Speaker 1: book is called We Are the Nerds, The Birth and

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Speaker 1: tumultuous life of Reddit, the Internet's culture laboratory. Where are

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Speaker 1: we in reddits life now?

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Speaker 7: Yeah, we are entering a new chapter of reddits Lives.

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Speaker 7: You've have been this morning called me.

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Speaker 8: He's very excited to and an honored to be a

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Speaker 8: public company now. He said that, you know, looking back

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Speaker 8: to other great public companies, you don't even remember their

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Speaker 8: time as a private company. The iPhone was not made

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Speaker 8: by a private company. And so he's he's excited for

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Speaker 8: the next chapter. I think that there's a lot to

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Speaker 8: watch in terms of this stock to watch to see

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Speaker 8: if anyone takes out money, watch to see who you know,

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Speaker 8: who is you know who's who's buying their AI message

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Speaker 8: was at the right time and it is going to

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Speaker 8: be an interesting component toad to wrap.

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Speaker 2: Thank you so much, Amy or Ed Ludlow and Christine

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Speaker 2: Lagorio Chafkin, thank you so much. Here's a Reddit folks

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Speaker 2: at fifty percent dot closing above fifty dollars a share.

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Speaker 2: Carol Master Tim Stenevic.

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Speaker 3: This is Bloomberg,