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Photo: Lionel Bonaventure / AFP via Getty Images

It's official: Reddit wants to go public, and has filed its IPO prospectus with the SEC.

Why it matters: The company was bought by publishing giant Condé Nast for $10 million in 2006. After well over $1 billion in subsequent new investment, it's hoping for a $15 billion valuation when it goes public, per Reuters.

The big picture: Nearly all of Reddit's social networking competitors are already public.

  • While a $15 billion valuation for Reddit would be more than 1,000 times more than the last time the company was sold, it would still be the smallest social networking company. Pinterest is worth $23 billion and Twitter is worth $35 billion, while the $74 billion valuation of Snap is itself just a tiny fraction of the $950 billion boasted by Meta, the parent company of Facebook and Instagram.
  • The last big private social-networking company is ByteDance, shares of which have reportedly been changing hands at valuations between $300 billion and $450 billion in recent months.

Go deeper

Jan. 6 committee subpoenas tech giants

A mob of Trump supporters breaches the U.S. Capitol on Jan. 6, 2021, in Washington, D.C. Photo: Michael Robinson Chavez/The Washington Post via Getty Images

The Jan. 6 select committee on Thursday subpoenaed Alphabet, Meta, Reddit and Twitter for records as part of its investigation of the Capitol insurrection.

Why it matters: The four social media companies have key information related to the spread of misinformation, efforts to overturn the 2020 election and domestic violent extremism, the panel said.

30 mins ago - World

Pentagon: 8,500 troops on high alert for possible deployment to eastern Europe

Photo: Anna Moneymaker/Getty Images

Defense Secretary Lloyd Austin has placed 8,500 U.S. troops on "heightened preparedness to deploy" to eastern Europe in case NATO activates its rapid-response force over tensions with Russia, the Pentagon announced Monday.

Why it matters: No decisions have been made to actually deploy U.S. forces, but the heightened alert level will allow the military to rapidly shore up NATO's eastern flank in the event that Russia invades Ukraine. The Pentagon warned that Russia has shown "no signs of de-escalating," and continues to amass troops on Ukraine's borders.

Updated 1 hour ago - Economy & Business

S&P 500 on track for worst-ever start to year

Data: FactSet; Chart: Axios Visuals

Stocks suffered their steepest drop of the year early Monday, putting the S&P 500 on course for its worst-ever start to a year.

Driving the news: The benchmark S&P 500 dropped for its fifth straight day, with losses nearing 3% in early trading, momentarily putting it on track to fall into a "correction." Some of the steepest losses were recovered in early afternoon trading.