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Reddit

GameStop says CEO Sherman to resign; starts search for successor
Business & Finance

GameStop says CEO Sherman to resign; starts search for successor

  • 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.
Published 19 Apr, 2021 04:37pm
GameStop plans to elect activist investor Cohen as chairman
Business & Finance

GameStop plans to elect activist investor Cohen as chairman

  • 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.
Published 08 Apr, 2021 06:50pm
Reddit hires former Snap exec Drew Vollero as first CFO
Business & Finance

Reddit hires former Snap exec Drew Vollero as first CFO

  • "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.
Published 05 Mar, 2021 08:55pm
Ads, GameStop raise Reddit price tag to $6bn in latest fundraising
Business & Finance

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

  • 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.
Updated 09 Feb, 2021 10:02pm
Just after GameStop frenzy, Reddit raises over $250mn in funding
Technology

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

  • “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.
Published 09 Feb, 2021 12:16pm
Reddit is coming for silver. A short squeeze? Unlikely
Business & Finance

Reddit is coming for silver. A short squeeze? Unlikely

  • 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.
Published 01 Feb, 2021 08:49pm
Robinhood and Reddit protected from lawsuits by user agreement, Congress
Business & Finance

Robinhood and Reddit protected from lawsuits by user agreement, Congress

  • 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.
Published 30 Jan, 2021 04:56pm