Reddit (RDDT) saw a significant increase in its stock value on Monday, surpassing the gains of other major social media platforms to start the week. As of 1 p.m. ET, Reddit’s shares were trading at $68.50, marking a nearly 6% rise. This performance outstripped that of other social media giants: Meta Platforms (META), the parent company of Facebook and Instagram, saw a 2.3% increase; Pinterest (PINS) rose by nearly 1.5%; and Snap (SNAP), the parent company of Snapchat, experienced a 1.9% gain.
In contrast, Trump Media & Technology (DJT), which owns Truth Social, experienced a decline of approximately 1.2%. This drop followed President Joe Biden’s announcement on Sunday that he would withdraw from the U.S. presidential race, leading investors to reassess their expectations for the political landscape.
Reddit Expands with Major Sports Leagues
On Monday, Reddit also unveiled new partnerships with the NBA, NFL, and other prominent U.S. sports leagues. These agreements will grant Reddit users access to official highlights and exclusive content from these leagues.
This announcement comes ahead of the upcoming quarterly earnings reports for major U.S. social media companies, with Pinterest scheduled to release its results on July 30 and Reddit on August 6.
Since its initial public offering (IPO) in March, Reddit’s stock has generally trended upward, although it remains slightly below the peak levels achieved earlier this month.
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