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Reddit

GameStop says CEO Sherman to resign; starts search for successor

GameStop says CEO Sherman to resign; starts search for successor

Published 19 Apr, 2021 04:37pm
  • The latest development comes as Ryan Cohen, co-founder and former chief executive of online pet food company Chewy Inc , tries to tighten his grip on GameStop after joining its board in January.
  • GameStop has been in the process of transforming itself into an e-commerce firm that can compete with large-scale retailers such as Walmart Inc, as well as technology companies Microsoft Corp and Sony Corp.
GameStop plans to elect activist investor Cohen as chairman

GameStop plans to elect activist investor Cohen as chairman

Published 08 Apr, 2021 06:50pm
  • The company also said on Thursday it was nominating six people, including Cohen, to stand for election to its board at the annual meeting of stockholders on June 9.
  • The announcement comes after GameStop on Monday increased the value of the new stock it may sell to $1 billion from $100 million, as it seeks to capitalize on a surge in its shares from the Reddit-driven rally.
Reddit forums get behind Roblox ahead of stock launch

Reddit forums get behind Roblox ahead of stock launch

Updated 11 Mar, 2021 12:48am
  • The company's stock was indicated to open between $60 and $65 per share, far above the reference price of $45 set by the New York Stock Exchange on Tuesday.
  • At the top end of the indicative range, Roblox would have a market value of around $36 billion.
Reddit hires former Snap exec Drew Vollero as first CFO

Reddit hires former Snap exec Drew Vollero as first CFO

Published 05 Mar, 2021 08:55pm
  • "Going public one day is something we think about but we do not have specific plans and a timetable," a spokeswoman told Reuters.
  • Reddit on Friday also disclosed a 90% surge in advertising revenue during the fourth quarter, while daily active users jumped to more than 52 million.
How GameStop missed out on capitalizing on the Reddit rally

How GameStop missed out on capitalizing on the Reddit rally

Published 11 Feb, 2021 08:48pm
  • The Grapevine, Texas-based company found itself at the epicenter of an unprecedented trading frenzy last month.
  • GameStop's market value soared from $1.4 billion on Jan. 11 to a peak of $33.7 billion on Jan. 28.
Betting on Biden? Reddit fuels fresh surge in cannabis stocks

Betting on Biden? Reddit fuels fresh surge in cannabis stocks

Published 11 Feb, 2021 07:39pm
  • US-listed Tilray, Sundial highly touted on Reddit.
  • Reddit-fuelled trading had squeezed GameStop 'shorts'.
  • European retail traders pile into US-led trading rally.
  • Harris flagged Biden push to decriminalise marijuana.
Ads, GameStop raise Reddit price tag to $6bn in latest fundraising

Ads, GameStop raise Reddit price tag to $6bn in latest fundraising

Updated 09 Feb, 2021 10:02pm
  • Reddit was valued at $3 billion in its last round in February 2019, and the surge in its value follows a 90% jump in advertising revenue from a year ago.
  • We decided that now was the right opportunity to make strategic investments in Reddit including video, advertising, consumer products, and expanding into international markets.
Just after GameStop frenzy, Reddit raises over $250mn in funding

Just after GameStop frenzy, Reddit raises over $250mn in funding

Published 09 Feb, 2021 12:16pm
  • “We have raised more than $250 million in Series E funding from existing and new investors. We decided that now was the right opportunity to make strategic investments in Reddit including video, advertising, consumer products, and expanding into international markets,” the company announced in a blog post.
Reddit is coming for silver. A short squeeze? Unlikely

Reddit is coming for silver. A short squeeze? Unlikely

Published 01 Feb, 2021 08:49pm
  • Spot silver vaulted as high as $30.03 an ounce on Monday from $25 on Thursday morning.
  • An early post, which quickly spread across social media, encouraged buying of iShares Silver Trust, an exchange traded fund (ETF) whose shares represent ounces of silver sitting in vaults.
A tulip by another name? 'Gamestonk' and the case for investor caution

A tulip by another name? 'Gamestonk' and the case for investor caution

Published 30 Jan, 2021 05:12pm
  • Now, almost exactly 385 years and another pandemic later, Wall Street waits to see how long it will take for history to repeat itself.
  • The stock price rally to above $300 per share has emboldened some small investors to pour even more money into a company.
Robinhood and Reddit protected from lawsuits by user agreement, Congress

Robinhood and Reddit protected from lawsuits by user agreement, Congress

Published 30 Jan, 2021 04:56pm
  • The owners of internet platforms where much of the discussion took place are likewise shielded from liability for users' activity under a 25-year-old law known as Section 230.
  • The lawsuits, brought in federal court, allege that the Menlo Park, California-based company breached its contractual obligation as a regulated broker to execute orders promptly and effectively.
Reddit to buy TikTok rival Dubsmash

Reddit to buy TikTok rival Dubsmash

Published 14 Dec, 2020 08:39pm
  • The financial terms of the deal were not disclosed, but a spokeswoman for Reddit said the acquisition was based on a combination of cash and stock.
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