"Reddit's IPO Oversubscribed Up to Five Times, Sources Reveal"

Reddit's upcoming IPO is reportedly four to five times oversubscribed, increasing the likelihood of reaching its targeted $6.5 billion valuation. Despite its loyal user base, the platform has struggled to turn a profit and faces challenges with content moderation and commercial success compared to its peers. The company's IPO aims to raise up to $748 million and has reserved 8% of shares for eligible users and moderators, as well as friends and family of employees and directors.