Reddit hasn't turned a profit in nearly 20 years, but it just filed to go public anyway

Reddit, the popular message board site, filed for its long-anticipated initial public offering (IPO) on Thursday. This move would make Reddit the first major social media company to go public since Snapchat in 2017. Reddit plans to allow some of its top users to buy shares in the IPO, based on their ‘karma,’ a measure of their contribution and reputation on the site. The filing comes at a time of a slump in the wider IPO market, but Reddit aims to grow its business through advertising, e-commerce offerings, and data licensing.