Reddit Tops Market as Most Traded Stock Upon Debut, Beating Nvidia and Tesla

Reddit's IPO has shaken up the market, achieving the impossible. Forget Nvidia and Tesla; Reddit is the new talk of Wall Street! Shares of the San Francisco-based company opened at $47 on the New York Stock Exchange on Thursday after pricing at $34 in the IPO, the top of the company's price range, signaling immense investor interest from the get-go.

NEW YORK (AP)Reddit's stock soared in its Wall Street debut as investors pushed the value of the company close to $9 billion seconds after it began trading. The surge continued, making Reddit the most traded stock on the market upon its debut.

On Monday, Reddit was among the top gainers on the New York Stock Exchange, with the stock last up 15% at $53.01 in early afternoon trading. Some 39,000 options traded by 1:10 p.m. Reddit’s exceptional debut has left Nvidia and Tesla stocks to bite the dust.

Per CNBC, the CEO of the investing app Public, Jannick Malling, shared how Reddit’s first-day surge was unprecedented. Reddit shares surged 48% in its much-anticipated public debut. Investing app Public shared that Reddit was the most purchased stock on the platform Thursday, solidifying its position as the market leader in traded volume.

Shares in Reddit made their market debut earlier after a sale valuing the social media platform at $6.4bn (£5bn). In the first few minutes of US trading, shares jumped significantly, demonstrating strong investor confidence. Reddit will enter a new era as a publicly traded company with a market value of $6.4 billion after the social media platform's initial public offering was priced at $34 per share.

Is Reddit's reign here to stay? Only time will tell, but its explosive debut has certainly made a statement, surpassing trading volume of giants like Nvidia and Tesla. Stay tuned for further updates on Reddit's market performance.