Reddit’s and Nextdoor’s Twisting Paths

Ah, how things look so fresh and clean for social media executives before they have to roll around in the mud of the public markets. 

Reddit dropped its IPO prospectus Thursday, laying out what we already reported: decent sales growth (21%) and narrowing losses in 2023, with still a solid cash burn ($84 million last year). It also showed Reddit’s hopes and dreams, in the form of a $193 million stock grant package for CEO Steve Huffman. That’s chunky—a larger estimated grant size than Airbnb’s Brian Chesky, Coinbase’s Brian Armstrong or Dropbox’s Drew Houston got at IPO, even though their companies were bigger.