Reddit to join S&P 500 index on Aug. 18, shares soar

Reddit shares rose 11% in extended trading on Thursday on the social media company’s inclusion in the S&P 500. The company will join the index on Aug 18, replacing AvalonBay Communities, according to a release from S&P Dow Jones Indices. Companies often see their stocks climb when they’re added to major indexes because fund managers who trace the benchmarks have to buy shares to match the changes. Reddit, which hosts online forums on thousands of topics, becomes only the second pureplay social media company in the S&P 500. Meta, one of the world’s most valuable companies is the other. Pinterest and Snap both went public long before Reddit, but they’re smaller ... Read more... READ MORE... Disclaimer: This post is shared for discussion and critical analysis only. Submission does not equal endorsement. The content may reflect claims or opinions from the original source. Please verify information independently and review primary sources before forming conclusions. If you notice factual errors, misleading claims, or possible AI generated or edited clips, please leave a fact check comment with sources for the community.