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Reddit hires former Snap exec Drew Vollero as first CFO - Metro US

Reddit hires former Snap exec Drew Vollero as first CFO

FILE PHOTO: Reddit logos are seen displayed in this illustration

(Reuters) – Reddit, the social media platform at the heart of a recent retail stock trading frenzy, on Friday named former Snap Inc executive Drew Vollero as its first chief financial officer.

The appointment of Vollero, who as the first finance chief of Snap guided its transition to a public company, comes amid rising expectations of Reddit’s initial public offering.

“Going public one day is something we think about but we do not have specific plans and a timetable,” a spokeswoman told Reuters.

Reddit on Friday also disclosed a 90% surge in advertising revenue during the fourth quarter, while daily active users jumped to more than 52 million.

The company’s popular WallStreetBets forum has helped trigger the recent rally in many shorted stocks, such as GameStop and AMC, and a number of other mid-sized and previously unloved companies.

Following the retail frenzy, Reddit’s value doubled to $6 billion in February, as it raised more money to handle the rush of new subscribers.

Vollero, who has also worked at toymaker Mattel Inc, will lead Reddit’s finance team starting later this month and report to Jen Wong, the company’s chief operating officer.

(Reporting by Akanksha Rana and Noor Zainab Hussain in Bengaluru; Editing by Krishna Chandra Eluri and Sriraj Kalluvila)

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