OpenAI’s Sam Altman makes hay from Reddit IPO (NYSE:RDDT)


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Reddit's (NYSE:RDDT) red-hot market debut on Thursday not only invigorated the initial public offering (IPO) market, but also delivered big gains for two major investors in the social media platform - OpenAI top boss Sam Altman and Condé Nast-parent's co-president Steven Newhouse. Class A shares of Reddit (RDDT) surged 48.4% in their debut on the New York Stock Exchange on Thursday, closing at $50.44 versus the IPO price of $34/share. They were last down 5.1% in Friday afternoon trade, having earlier fallen below their IPO opening price of $47/share. Following Thursday's advance in RDDT, Altman's stake in Reddit (RDDT) increased...