In the mainstream, Reddit is known for two things: meme stocks and protests against changes to the platform. Now the social media company is reportedly going public. Did someone say stonks?

The lowdown

• 💰 JPMorgan raises Jamie Dimon’s pay to $36 million.

• 🦾 Sam Altman says AI will be ‘fine’ no matter who wins the White House.

• 🗞️ LA Times plans layoffs that could impact 20% of its newsroom.

Featured story

Reddit seeks to launch IPO in March

Reddit has drawn up detailed plans to launch its IPO in March, according to Reuters which cites people familiar with the matter. The social media platform was valued at about $10 billion in a 2021 funding round, and is looking to sell about 10% of its shares.

Reddit has been considering going public for more than three years. It initially filed for an IPO in December 2021. Reddit is planning to make a public filing in late February, launch its roadshow in early March, and complete the listing by the end of that month.

The listing would be the first social media IPO since Pinterest in 2019, and comes at a time when Reddit is facing stiff competition for advertising dollars from giants including TikTok and Meta’s suite of apps.

The content we're consuming today

• BBC: The spectacular failure of self-checkout technology

• Business Financing: The world’s most indebted companies

• Insider: Meet the families preparing for the downfall of America

Off-balance sheet items

• Want to boss your next salary negotiation? Of course you do.

The bottom line