Reddit shares rise 30% to start week after social media company’s IPO

Reddit shares were up 30% to $59.80 at the market’s close on Monday.

The social media company’s stock has been rising ever since it went public last week and raised roughly $750 million from the IPO, of which the company brought in about $519 million.

Reddit shares soared 48% when it began trading on the New York Stock Exchange under the stock ticker “RDDT,” resulting in a number of moderators and users, known as Redditors, earning millions of dollars as a group. Those Redditers, along with corporate insiders and their friends and family members, were able to partake in Reddit’s IPO via a directed-share program, akin to similar offerings by tech companies like Airbnb, Rivian and Doximity.