Investing.com -- Reddit shares rose more than 11% in pre-open trading Friday following S&P Dow Jones Indices’ announcement that the company will be added to the S&P 500 index.

“We’re proud to be added to the S&P 500, recognizing the growth, momentum, and consistency we’ve established as a public company,” said Drew Vollero, Reddit’s Chief Financial Officer. “Reddit’s raw materials are special, and there is so much potential to continue building great products and scaling profitably. Our focus remains on executing against the many opportunities ahead.”

The social media platform will enter the benchmark index before the market opens on Aug. 18. Reddit will take the place of AvalonBay Communities, which Equity Residential is acquiring.

Capitalist corruption in action. They don't care about the blind and disabled; they don't care about independent developers, and don't care about anything but their luxury yachts when people are in hardship!

Lemmy may be small but at least it isn't mostly bots like reddit!

When the phony shitberg starts to tank, dump it on the public.

Yep, that seems like the primary IPO strategy these days.

Hate to disappoint you, but their EBITDA looks fucking solid.

Unfortunately being an asshole and a Tintin-looking snake has worked wonders for Spez and his bank account.