The run-up in the stock price has dramatically increased its valuation, leaving investors to question whether they are too late.
Reddit stock slid in Friday trading after a report that Advance plans to borrow against its stake. The post Reddit Slides On Report Advance Plans To Borrow Against Stake In Hot Social Media Stock appeared first on Investor's Business Daily.
Reddit (RDDT) stock sank Friday on a report Advance Magazine Publishers planned to borrow against its stake in the social media platform and regulatory filings disclosed Chinese conglomerate Tencent Holdings sold shares.
Reddit Inc (NYSE: RDDT) opened about 8.0% down on Friday after Tencent Holdings unloaded about $88.5 million shares of the forum social network. The weakness may also be related to a report that Advance Magazine Publishers is considering trimming its position on Reddit as well.
Reddit (NYSE: RDDT) has faced considerable volatility since its IPO in March 2024, fueled by its “meme stock” status. However, it has recently surged nearly 240% year-to-date, capturing significant investor attention.
The popular message board was unavailable on Wednesday and Thursday morning -- the company mentioned an update bug that could be the culprit.
The company had rolled out a fix for a software bug that prevented tens of thousands of people from accessing the social media platform on Wednesday.
Reddit struggled with a second day of usage problems, with tens of thousands of users reporting a Reddit outage on Thursday morning after the company acknowledged a bug in a recent update caused an outage Wednesday evening.
Reddit was down for thousands of users on Thursday, according to outage tracking website Downdetector.com, a day after it rolled out a fix for a software bug that prevented tens of thousands of people from accessing the social media platform.
This morning, at around 7 a.m. PT, the social media platform Reddit experienced yet another outage after experiencing one yesterday afternoon.
Social media platform Reddit experienced an outage this afternoon at around 12:20 p.m. PT (or possibly even earlier), resulting in thousands of users being unable to access its website and app.
Reddit said on Wednesday it has rolled out a fix for a software bug that prevented tens of thousands of people from accessing the social media platform in the U.S.