San Francisco – The world’s most popular Internet message board is thinking of going public.
The social network and online bulletin Reddit said on Thursday that it had appointed its first chief financial officer, Drew Vollero, to tide over the company’s books before a final public offering of its stock.
Mr. Vollero, 55, previously ran financial operations for Mattel, Snap and Allied Universal. His work at Reddit will be to create financial, audit and accounting functions and lead the company through the process of going public.
“Is Reddit going public?” Reddit CEO Steve Huffman said in an interview. “We are thinking about it. We are working towards that moment. “
Mr Huffman said Reddit did not have a timeline, but Mr Vollero’s appointment indicated that the 15-year-old company was developing its financial operations to be similar to publicly traded peers such as Twitter and Facebook. More than 52 million people visit Reddit every day, and it is home to over 100,000 subject-based communities or sub-regions.
For years, Reddit represented a return to the Internet’s message board era, where people gathered to discuss topics such as makeup and video games. It dabbled in different models and sometimes generated controversy, such as online bullying and its role in the dissemination of hate content.
One of the co-founders of Reddit, Mr. Huffman, returned to run the site in 2015. He has changed many parts of the business, working. To curb hate speech and digital abuse And develop the company advertising And direct-to-consumer product businesses. Reddit has done Terms of Service revised To exclude non-harmful material filling some of its sub-regions in its earlier days.
Reddit has also added to its executive ranks in recent months, hiring the head of security and appointing a new member to its board of directors. In December, the The company acquired Dubsmash., Is a video-centric social app that competes with TikTok. Last month, Reddit raised $ 250 million in new capital, its largest venture round, valued at $ 6 billion to the company.
Reddit plans to use the funds to expand its business, including its financial team, Mr. Huffman said. He said he wants to make Reddit more mainstream by improving product or making other investments.
“Reddit can be hard to get at first,” Mr. Huffman said. “It takes a little time. We want to shorten that time. “