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Reddit aims to raise more than $500mn in initial public offering

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Reddit aims to raise more than 0mn in initial public offering

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Reddit is aiming to raise more than $500mn in an imminent initial public offering that could value the social media company at as much as $6.4bn and set the tone for private start-ups weighing plans to list in 2024.

Reddit will kick off its roadshow on Monday, seeking to persuade investors to participate in a New York Stock Exchange listing which other private companies hope will revive the IPO market after a moribund two years.

The company plans to sell 15.3mn shares at $31-$34 apiece, in a process being run by Morgan Stanley, Goldman Sachs, JPMorgan and Bank of America, according to a public filing.

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That would give the lossmaking company a market capitalisation of $5.8bn-$6.4bn — well below the $10bn Reddit reached in its last private valuation in 2021.

If the listing goes ahead as planned, Reddit could raise as much as $519mn. 

Existing shareholders in the company will sell a further 6.7mn shares as part of the process. Reddit has earmarked almost 2mn shares to be bought by users and moderators who joined the platform prior to January 1.

The social media company’s public offering comes as the US IPO market has been depressed for more than two years. Even groups that have managed to go public recently have had to offer investors significant valuation discounts compared with listed rivals.

Reddit’s listing is seen as a potential litmus test of how aggressive or cautious banks will be in a jittery IPO market, and what balance of institutional and retail investors it attracts.

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Despite US equity markets reaching an all-time-high, investors remain extremely price sensitive when it comes to the IPO market, according to people familiar with the deal. Some investors are valuing the company at $5bn-$5.5bn, while others are using Snapchat on the low end and Pinterest on the high end to calculate Reddit’s valuation.

Reddit has built a significant advertising business, which was the main contributor to its $800mn in sales last year, but has never made an annual profit. The company recorded a $91mn loss in 2023.

There is also concern that the deal could get “memed”, a few investors said ahead of the roadshow. This is a reference to the Reddit retail traders who became notorious for buying up shares of AMC and GameStop.

These traders are preparing to bet against the company, a person familiar with the deal said. Reddit warned in its prospectus that trading in its shares could be particularly volatile.

Reddit was founded in 2005 and acquired by Condé Nast a year later. The company was spun out as an independent subsidiary by Advance Publications, Condé Nast’s parent, in 2011.

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Trump says proof of his allegations that vandals cut Reflecting Pool paint will be provided in court

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Trump says proof of his allegations that vandals cut Reflecting Pool paint will be provided in court

Washington — President Trump on Monday said proof will be provided in court of his allegations that vandals “cut” a massive slit in the Lincoln Memorial Reflecting Pool, which he claims is the reason the paint is peeling on the recently renovated but algae-plagued project. 

In an exchange with CBS News senior White House correspondent Ed O’Keefe, Mr. Trump insisted that vandals, rather than questionable craftsmanship, are responsible for the enduring problems following the $14.7 million sealant job. The president claimed vandals cut a 350-foot slit in the pool between the World War II Memorial and the Lincoln Memorial. Five people have been arrested for vandalism related to the Reflecting Pool, and five additional individuals were issued federal citations, according to the U.S. Park Police, although neither the company behind the project nor the U.S. Park Service has said a cut slit was responsible for the peeling. 

Asked if he had proof, such as photos or video, that vandals used a knife to cut a massive slit in the pool, Mr. Trump responded: “Well, let’s put it this way, when you have a 350, I think it’s 350, not 250, when you have a 350-foot slit, from one end to the other, you think that’s proof? You think that’s proof?” 

O’Keefe noted that reporters had been to the site and found no evidence of a slit.

“Well, you’d have to go see the Parks Department. They’ll show it to you, or see, see the secretary, but I saw it,” Mr. Trump said, likely referencing Interior Secretary Doug Burgum. “They cut it, they cut it very violently. The same thing with the floor, they cut it, and then they lifted it. They pulled it, and that’s what it is.”

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After defending the project, the president said, “We also have pictures.”

O’Keefe asked the president for evidence of his claims. 

“Yeah, at the right time you’ll see it,” Mr. Trump said. “You’ll see it in court. You’ll see it in court, but all you have to do is call the Parks Department, call the Department of Interior.”

Blue coating is seen among algae in the Lincoln Memorial Reflecting Pool Sunday, June 21, 2026, on the National Mall in Washington. (AP Photo/Jon Elswick

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Jon Elswick


The president also suggested someone may have placed fertilizer in the water to create the algae that teams have been attempting to clear. 

“If you put fertilizer in the water, you get algae, but somebody said they might have put fertilizer, they did something to create the algae,” the president said, again without providing evidence for his claims.

CBS News has reached out to the National Park Service and the Department of the Interior. So far, there’s been no response.  

Atlantic Industrial Coatings, which received a no-bid contract to install the sealant on the floor of the Reflecting Pool, told CBS News there are “some areas” that “require repairs.” 

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“These areas are a very small part of the massive 7-acre project, and do not indicate a failure of the liner,” the company said. “These repairs can not be made until the pool is drained. As soon as it’s feasible for the park, the pool will be drained and AIC will be back to make those needed repairs as part of the warranty.”

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Video: The Rise of Deadly Trucks and S.U.V.s

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Video: The Rise of Deadly Trucks and S.U.V.s

new video loaded: The Rise of Deadly Trucks and S.U.V.s

A once-steady decline in pedestrian deaths in the United States has reversed, even as other countries have grown safer. Michael Keller, a New York Times investigative reporter, used crash test results, 3-D visibility scans and real-world reconstructions to explore how the boom in taller, heavier trucks and S.U.V.s has changed what happens when a person is struck.

By Michael H. Keller, Danielle Ivory, Irineo Cabreros, Eli Murray, Gabriel Blanco and Joey Sendaydiego

June 22, 2026

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Supreme Court allows a ruling that ends a tool to protect minority voters in 7 states

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Supreme Court allows a ruling that ends a tool to protect minority voters in 7 states

Demonstrators hold a sign saying “PROTECT MINORITY VOTING RIGHTS” outside the U.S. Supreme Court in Washington, D.C., in 2025.

Jemal Countess/Getty Images for Legal Defense Fund


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Jemal Countess/Getty Images for Legal Defense Fund

By declining to take up a lower court ruling, the U.S. Supreme Court has dealt another blow to the Voting Rights Act.

The court announced Monday that it will not review an Arkansas-based lawsuit, leaving in place a 2025 appeals panel ruling that ends a long-used tool for protecting minority voters from discrimination under the landmark law in seven mainly Midwestern states.

That ruling found that in the states covered by the 8th U.S. Circuit Court of Appeals — Arkansas, Iowa, Minnesota, Missouri, Nebraska, North Dakota and South Dakota — private individuals and groups do not have the right to sue to enforce what’s known as Section 208 of the Voting Rights Act, which generally allows voters with a disability or inability to read or write to get help with voting from a person of their choice.

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The Supreme Court’s move comes almost two months after its conservative supermajority issued a major ruling that further weakened the Voting Rights Act, setting off a groundswell in redistricting across the country.

In May, shortly after that undermining of Section 2 protections against racial discrimination in redistricting, the high court decided not to weigh in on what the legal world calls a “private right of action,” sending back to lower courts two cases brought by Black voters in Mississippi and Native American voters in North Dakota.

For decades, enforcement of these sections of the Voting Rights Act has mainly been driven by lawsuits by private individuals and groups.

But after conservative Justice Neil Gorsuch issued a single-paragraph opinion in 2021 questioning a private right of action, Republican officials in multiple states have raised a novel legal argument: Only the U.S. attorney general, they contend, has the right to bring lawsuits under these parts of the Voting Rights Act.

Such an interpretation of the law is likely to lead to a dramatic decline in voting rights lawsuits because of the Justice Department’s limited resources and shifting priorities under different presidential administrations.

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The case that the justices decided not to take up was brought by the immigrant advocacy group Arkansas United, which has provided Spanish-language interpreters at polling sites to assist voters with limited English proficiency. The group challenged an Arkansas law that bans a person who is not a poll worker from helping more than six voters cast ballots. In 2022, a federal judge ruled that the state law violates Section 208 of the Voting Rights Act. But after GOP state officials appealed, an 8th Circuit panel found last year that private groups, like Arkansas United, do not have the right to bring this kind of lawsuit.

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