"Reddit's IPO Soars, CEO's Wealth Skyrockets: A Bullish Start for the Social Media Giant"
TL;DR Summary
The launch of options on Reddit drew a surge of bullish bets, leading to a 30% surge in Reddit shares on Monday. The options trading leaned towards bullish bets, with calls conveying the right to buy shares at a fixed price in the future being the most actively traded contracts. Analysts suggested that the bullish options activity may have contributed to the stock rally, as dealers who sold the calls hedged their risk by buying the stock as it advanced. This surge in options activity is reminiscent of the trading seen in meme stocks like GameStop, but experts believe a direct connection is unlikely.
- Reddit options launch draws bulls, as shares soar Yahoo Finance
- Reddit shares rise 30% to start week after social media company's IPO CNBC
- Reddit share value 86% up on IPO price; could be good for tech 9to5Mac
- Reddit's lost money from the start, making a profit will be tricky Business Insider
- Reddit’s CEO gets $900 million richer from stock’s pop. Here’s who else made bank. MarketWatch
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