Reddit joins S&P 500 August 18 replacing AvalonBay Communities
Business
Big news for Reddit fans: the platform is officially joining the S&P 500 on August 18, replacing AvalonBay Communities.
After the announcement, Reddit's stock jumped over 10%, turning around a tough year where shares had dropped by 31%.
Reddit now meets the index's strict requirements, which should bring even more attention and investors.
Reddit reports over 60% revenue growth
Reddit has been on a roll since its IPO in March: eight straight quarters of over 60% revenue growth, with ramped-up ad tech competing with giants like Meta and Google.
They've also made big moves in AI by striking deals worth hundreds of millions of dollars with OpenAI and Google, showing they're serious about staying ahead.