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Snoo may not be smiling anymore. Reddit stock continued to drop significantly on Thursday as short-sellers made moves on the newly-public company. It closed down more than 14% on the day, capping a two-day fall of almost 25% that saw the stock end a shortened trading week at about $49 per share. That’s just below the $50 price where Reddit stock closed on its first day of trading, though still significantly higher than its $34 IPO price.
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Disney CEO Bob Iger and activist investor Nelson Peltz have been embroiled in a heated proxy battle for control of two seats on the media giant’s board. The corporate fight has attracted bold-faced names including Laurene Powell Jobs, George Lucas, Jamie Dimon, and even Walt Disney’s heirs. The final showdown is Wednesday.
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Sam Altman won big when the internet’s front page made its eye-popping debut on the stock market last week. The OpenAI CEO isn’t just a fan of the newly-public social platform (although he’s written before about how he used the site daily for nearly a decade). He’s also a major investor in it.
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It has all the makings of a crypto-criminal thriller: a global digital currency exchange, an (alleged) tax money heist, captured executives, and Nigerian feds hot on the pursuit. But today, the real-life case of Binance and the nation of Nigeria added a new twist to the alleged caper: a high-stakes escape plot.
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While everyone was talking about Reddit, Astera Labs quietly took the IPO market by a storm.
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Astera Labs is a California-based AI tech firm that provides hardware and software for AI computing. The company — which counts Nvidia, Advanced Micro Devices, and Intel among its customers — went public for $36 per share on March 20.
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