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Reddit Ropes In Former Snap Executive Drew Vollero As Finance Chief: Reuters

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  • Social media platform Reddit, noted for the recent retail stock trading frenzy from ‘WallStreetBets’ forum, named former Snap Inc (NYSE: SNAP) executive Drew Vollero as its first CFO, Reuters reports.
  • Vollero’s appointment is well-timed with rising expectations of Reddit’s IPO, who guided Snap’s transition to a public company as the first finance chief.
  • Reddit reported a 90% surge in advertising revenue during the fourth quarter, as the daily active users jumped over 52 million.
  • The company’s popular WallStreetBets forum has contributed to the recent rally in many shorted stocks like GameStop Corp (NYSE: GME), AMC Entertainment Holdings Inc (NYSE: AMC), and multiple other mid-sized and previously unpopular companies.
  • Reddit’s value doubled to $6 billion in February, as it raised more money to handle new subscribers.
  • Vollero, who has also represented toymaker Mattel Inc (NASDAQ: MAT), will lead Reddit’s finance team starting later this month and report to COO Jen Wong.
 

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