Reddit IPO has users worried as platform hits the stock market

A social media platform is set to hit the stock market this week and some users are worried about what will happen to the site after it goes public.

Reddit is seeking a valuation of up to $6.4 billion in an Initial Public Offering, according to regulatory filings.

The company is set to offer about 22 million shares at a range of $31 to $34 per share and will hit the public market Thursday, according to Market Insider. The company offered some shares to select users ahead of the offering

The offering will be the first from a social media platform since Pintrest in 2019. The stock traded mostly sideways for the first couple of months and found its first major rally at the end of June.