Reddit confidentially files to go public

Social media platform Reddit said on Wednesday it had confidentially filed for a proposed initial public offering with the U.S. Securities and Exchange Commission. Reddit, known for its message boards that became the go-to destination for day traders during this year's meme stock frenzy, was looking at a valuation of more than $15 billion, Reuters had reported in September. The San Francisco-based firm had retail investors flocking to its message boards for tips on trading GameStop Corp and other meme stocks. Reddit had roughly 52 million daily active users and over 100,000 communities, or "sub-reddits," as of October last year.