Reddit Rises 48% in First Day of Trading

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Reddit shares rose 48 percent on Thursday in their first day of trading, in a sign of investor eagerness that set the stage for more tech companies to reach the stock market this year. Shares of the social media company began trading on the New York Stock Exchange at $47 after pricing at $34 on Wednesday in its initial public offering. The stock continued to rise before closing at $50.44. The pop put Reddit’s market capitalization at about $9.5 billion, slightly below the $10 billion it was valued at in the private markets three years ago. The listing is a milestone on a long road for Reddit, which was founded in 2005 in San Francisco. The site is best known for its message boards, where users can congregate on forums known as subreddits to research and discuss everything from parenting to power washing to Labrador retrievers. Over the years, the company struggled through many of the issues facing the largest social media firms, such as how to moderate speech and make money.