Nov 13, 2017

Reddit CEO sets sights on IPO

Reddit CEO Steve Huffman speaks with CNBC's Julia Boorstin at the Internet Association's event in San Francisco. Photo: Ina Fried / Axios

Reddit CEO Steve Huffman said the media site is planning to go public. While the timing uncertain, an IPO is the responsible course of action for a tech company to pursue, Huffman said while speaking at an Internet Association event in San Francisco.

More from Huffman:

  • Competition: When asked if Reddit's biggest competition is Facebook, Google or traditional media, Huffman said his rivals are free time and office productivity. "We probably suck more hours out of work than any other company."
  • Advertising business is doing well, with revenue increasing five-fold in last couple of years, Huffman said.
  • On political advertising: Reddit doesn't allow ads from Russia or Syria. Huffman said he's in favor of more transparency, but "the devil is in the details."
  • On hate speech: He's considered implementing a hate speech policy, but prefers to let ugly speech be "drowned out" by other speech. "It's important to let these things play out," he said. "When you outlaw it, it turns people into martyrs."

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Federal Reserve: Coronavirus poses "evolving risk" to the economy

Federal Reserve chairman Jerome Powell. Photo: Sarah Silbiger/Getty Images

Federal Reserve chairman Jerome Powell took the rare move Friday of issuing a statement meant to reassure investors, one that opened the door to a possible interest rate cut.

Why it matters: The Fed rarely issues statements like this outside of policy meetings and scheduled public appearances. It came as the stock market continues its steep decline this week. Stocks briefly pared some losses after the 2:30 p.m. EST statement came out.

Federal court temporarily halts "Remain in Mexico" program

Migrant wearing a cap with U.S. flagin front of the border between Guatemala and Mexico. Photo: Jair Cabrera Torres/picture alliance via Getty Image

The 9th Circuit Court of Appeals upheld a lower court's earlier injunction on Friday, temporarily stopping the Trump administration from enforcing the Migrant Protection Protocols (MPP) — known as the "Remain in Mexico" policy.

Why it matters: Tens of thousands of migrants seeking asylum have been forced to wait out their U.S. immigration court cases across the border in Mexico under the policy. The Trump administration has long credited this program for the decline in border crossings following record highs last summer.

Go deeperArrowUpdated 3 hours ago - Politics & Policy