On Thursday, the business formally filed for an initial public offering (IPO) with US financial regulators.
The amount of money the company hopes to raise by listing on the New York Stock Exchange is not stated in the paper.
However, it offers an insight into the company’s workings, especially its challenges in monetizing its internet following.
The website functions as a forum where users can discuss and post questions about subjects that interest them. It has gained notoriety for its jokes, open dialogues, and members’ capacity to band together to boost the stock prices of improbable businesses.
Attracted by features like its regular “ask me anything” forums, where users ranging from anonymous nobodies to former US president Barack Obama field inquiries, more than 76 million people accessed the platform on average every day in December 2023.
In 2021, it was appraised at roughly $10 billion during a private funding round.
However, since its founding, the business has lost money every year—more than $90 million this past year.
