Reddit users have helped fuel dozens of "meme" stock rallies this year, from retailer GameStop Corp. to movie operator AMC Entertainment Holdings Inc. Some analysts are skeptical this will be the social media platform's saving grace as it prepares to sell its own shares in the stock market.
The San Francisco-based company filed confidentially last week with U.S. regulators for an initial public offering (IPO). It is aiming for a valuation of at least $15 billion, it was reported in September.
Reddit co-founder and Chief Executive Steve Huffman is hoping that retail investors will play a big role in the stock market debut. "I want our users to be shareholders and I want our shareholders to be users," he told an audience at the Wall Street Journal's Tech Live conference in October.