Reddit stock climbs sharply in first day of trading

Reddit's IPO was a hit, with the stock popping on the first day of trading.

The social media company, which priced its offering at $34 a share, rocketed 48% on its first day, closing above $50 in an impressive public debut for the 20-year-old message board platform.

It's quite a return on an investment for Advance, which acquired the "front page of the internet" for a mere $10 million in 2006, before spinning it off in 2011 and allowing others to invest in the digital forum.

Reddit, for all its faults, is the web's last major seam of authentic human-provided content that hasn't been ground to atoms by tech and reprocessed into chum. It even comes with an army of obsessed, addicted, unpaid moderators doing all the real work. This glistening content quarry has just been sold to shareholders who expect the mining to happen and the expectation is that it will happen quickly. OpenAI CEO Sam Altman is already $600m richer on the prospect.

Previously: Subreddits planning to go dark over Reddit IPO