SAN FRANCISCO – The world’s most popular internet newsletter is thinking of public release.
Reddit, the social network and online newsletter, said on Thursday that it had appointed its first CFO, Drew Vollero, in a move to clear the company’s books before a stock release. votes to the public.
Mr. Vollero, 55, previously ran financial operations for Mattel, Snap and Allied Universal. His mission at Reddit will be to build financial, auditing and accounting functions, and lead the company through the transfer of ownership.
“Is Reddit public?” Steve Huffman, the CEO of Reddit, said in an interview. “We are thinking about it. We are working towards that moment. “
Mr. Huffman said Reddit has no timeline, but Vollero’s appointment indicates that the 15-year-old company is developing its financial operations to resemble public business operations like Twitter and Facebook. Over 52 million people visit Reddit every day, and it’s home to over 100,000 topic-based communities or subgroups.
For many years, Reddit represented a return to the internet message board era, where people gathered to discuss topics as diverse as makeup and video games. It has many different and sometimes controversial models, such as its role in facilitating online bullying and the spread of hostile content.
Mr. Huffman, one of the co-founders of Reddit, returned to running the site in 2015. He changed many parts of the business, trying to curb hate speech and digital abuse. and at the same time develop advertising and product sales directly to the company’s consumers. . Reddit has revamped its terms of service to remove the malicious content that had filled some of its inserts in earlier days.
Reddit has also added to its executive ranks in recent months, hiring a head of security and appointing a new member to the board of directors. In December, the company acquired Dubsmash, a video-focused social app that competes with TikTok. Last month, Reddit raised $ 250 million in new capital, its biggest venture capital round, valuing the company at $ 6 billion.
Mr. Huffman said Reddit plans to use this capital to expand its business, including the finance team. He also wants to make Reddit even more popular by improving the product or making other investments, he said.
“Reddit can be difficult at first,” said Mr. Huffman. “It takes a bit of time. We want to shorten that time ”.