Reddit Hires First Chief Monetary Officer as It Prepares for I.P.O.
SAN FRANCISCO — The world’s hottest web message board is considering going public.
Reddit, the social community and on-line bulletin, mentioned on Thursday that it had appointed its first chief monetary officer, Drew Vollero, in a transfer towards tidying up the corporate’s books earlier than an eventual public providing of its inventory.
Mr. Vollero, 55, beforehand ran monetary operations for Mattel, Snap and Allied Common. His job at Reddit will probably be constructing out the monetary, audit and accounting features and main the corporate by means of the method of going public.
“Is Reddit going public?” Steve Huffman, Reddit’s chief government, mentioned in an interview. “We’re fascinated by it. We’re working towards that second.”
Mr. Huffman mentioned Reddit didn’t have a timeline, however Mr. Vollero’s appointment indicated that the 15-year-old firm was growing its monetary operations to be extra much like these of publicly traded friends like Twitter and Fb. Greater than 52 million folks go to Reddit each day, and it’s dwelling to greater than 100,000 topic-based communities, or subforums.
For years, Reddit represented a form of return to the message board period of the web, the place folks gathered to debate subjects as various as make-up and video video games. It dabbled in several fashions and infrequently generated controversy, comparable to over its position in facilitating on-line bullying and the unfold of hateful content material.
Mr. Huffman, considered one of Reddit’s co-founders, returned to run the location in 2015. He has modified many components of the enterprise, working to rein in hate speech and digital abuse and growing the corporate’s promoting and direct-to-consumer product enterprise. Reddit has revamped its phrases of service to outlaw the noxious content material that stuffed a few of its subforums in its earlier days.
Reddit has additionally added to its government ranks in latest months, hiring a head of safety and appointing a brand new member to its board of administrators. In December, the corporate acquired Dubsmash, a video-focused social app that competes with TikTok. Final month, Reddit raised $250 million in new capital, its largest enterprise spherical, valuing the corporate at $6 billion.
Reddit plans to make use of the funding to broaden its enterprise, together with its monetary staff, Mr. Huffman mentioned. He additionally needs to make Reddit extra mainstream by enhancing the product or making different investments, he mentioned.
“Reddit could be laborious to get at first,” Mr. Huffman mentioned. “It takes slightly time. We need to shorten that point.”
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