As a seasoned crypto investor with a keen interest in technology stocks, I’ve kept a close eye on Reddit (RDDT) for some time now. This company has always intrigued me due to its unique business model that revolves around user-generated content and community engagement.
As an analyst, I’d express it this way: I observed a noteworthy surge of 11% in after-hours trading for Reddit (RDDT) following the announcement of a data-sharing pact between the social media giant, Reddit Internet Company, and OpenAI.
As a crypto investor, I’m excited about the recent announcement made by both companies on May 16th. They revealed plans to collaborate and integrate ChatGPT’s content directly into Reddit. This partnership means that Reddit users, like myself, can now access real-time, up-to-date information in an instant.
Following this, the bell signaled a 11.05% increase to $62.61 in extended trading, according to Google Finance. Conversely, Reddit experienced a decline of 5.45% prior to this.
Reddit has been actively working on finding new methods to boost community engagement and generate revenue beyond just offering ad spots.
In February, Reddit and Google signed a similarly priced deal, estimated to be worth around $60 million. Moreover, Reddit disclosed that they held Bitcoin as part of their liquid assets. Notably, Reddit’s users have the option to transact in Ether and Polygon for certain virtual merchandise.
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2024-05-17 11:00