Reddit to raise nearly $750 million in an IPO and offer shares to Redditors. Here's how it will work.
CBSN
Reddit said it's aiming to raise $748 million in its initial public offering, which will also offer shares to the social media company's users and moderators as a way to allow them to participate in the stock sale.
In a regulatory filing on Monday, Reddit said it will sell about 22 million shares priced about $31 to $34 each. Based on its total number of shares outstanding, the transaction would value Reddit at $5.4 billion.
Reddit's IPO, while typical for a tech company seeking to raise more money to fuel its expansion, is unusual in that it's setting aside a significant number of shares to offer its own users. In the company's filing, CEO Steve Huffman noted that the service was built on the efforts of its community, such as moderators and users, and that Reddit wants them to be able to participate in publicly owning the business.
This story previously aired on Sept. 15, 2018. News report: Today, in a 5-1 decision, the California State Supreme Court ruled that Rodney Alcala did not receive a fair trial. Juror: We, the jury, find the defendant, Rodney James Alcala, guilty of the crime of murder in the first degree. Victim Robin C. Samsoe… "I wanna kill, I wanna kill, I wanna see blood and gore and guts and veins in my teeth. Eat dead burnt bodies. I mean, kill, kill, kill, kill." Jury member [in court]: We, the jury … determine that the penalty to be imposed upon defendant, Rodney James Alcala, to be death. D.A. Cyrus Vance to reporters: For both families, who had lost all hope that these cases would ever be solved, the pleas by Rodney Alcala, and today's sentencing brings closure to painful chapters in their lives.
A new law aims to strengthen reporting requirements for technology companies to combat online predators seeking to exploit children. One dad told CBS News that he hopes the law will save children like his son, who died by suicide after becoming ensnared in a "sextortion" scheme when he was 17 years old.