• by Ray Schultz , March 24, 2024

The Reddit IPO, which reportedly showered Condé Nast's owners with $2.1 billion due to an impressive opening day, has slowed slightly. The stock price on Friday was $46 per share at closing, versus the $50.44 it closed at on Thursday. 

Still, that is higher than the $34 per share price set by the company.

Reddit’s market capitalization totaled $7.3 billion on Friday evening, a 14% decline from Thursday. Still, it was an impressive opening for the company that has not yet achieved a profit. 

The founding Newhouse family, which owns roughly a third of the outstanding shares through its Advance Publications, acquired Reddit for $11 million in 2006, and spun it off as a separate company in 2011. 

Last week, 35 Condé Union executives marched to protest layoffs at the company, and were threatened with additional firings during a labor negotiation, according to the Hollywood Reporter. 

For its part, Condé Nast filed an unfair labor practice charge against the the NewsGuild of New York, alleging “bad-faith, surface bargaining,” the reporter continues.