Reddit's Stock Surges Following Options Trading Launch, Doubling IPO Price

The social media platform's shares hit a new high of $74.80, signaling strong investor confidence despite historical losses.

Reddit's share price soared to $74.80 in morning trading, more than doubling its IPO price of $34.
The launch of options trading is credited with boosting investor enthusiasm, leading to a significant increase in share price.
Despite skepticism due to Reddit's history of losses and potential volatility, the stock's performance has been robust.
Early investors and Redditors who received shares before the IPO have seen substantial returns, with notable gains for figures like OpenAI CEO Sam Altman.
Analysts suggest Reddit's successful IPO could bode well for the tech sector, indicating strong market appetite for tech startups.