Reddit, a social media platform founded in 2005, has experienced significant growth since its IPO in 2021. The platform allows registered users to submit content, such as links, text posts, images, and videos, which other members vote on. The platform's name recognition increased during the meme-stock madness in 2021 when retail investors bought shares of highly shorted companies like GameStop, causing hedge funds to lose billions of dollars. Reddit debuted on the New York Stock Exchange on March 21, with shares priced at $34, opening at $47, and soaring 48% by the end of the session. The company also announced a $60 million yearly deal with Google, allowing the search engine giant to train its artificial intelligence models on Reddit's content. The company has received a letter from the Federal Trade Commission stating that it is conducting a non-public inquiry focused on the sale, licensing, or sharing of user-generated content with third parties to train AI models.
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