Reddit files to go public, karma to vest at $0

Reddit, the last social media site that isn't entirely given over to an algorithmic hell of engagement metrics (so long as you stay away from whatever it feeds logged-out visitors), is to go public with a traditional IPO.

The social media company did not make the filing publicly available. The company also did not say how many shares would be offered nor the price range for the proposed offering.

Although Reddit was created in 2005, it has taken a unique road toward going public.

Conde Nast Publications acquired Reddit in 2006. The social media services remained a part of the publication company until it was made an independent subsidiary in 2011. Since then, it raised a series of funding rounds from venture capital firms.

Reddit was always famous for two problems: its low advertising revenues given the enormous volume of traffic, and the brokenness of the website itself ("something went wrong!"). One of these problems has finally been solved.