YouSaid · the spoken record

Steve Huffman

lines on the record: 74
first: 2024-03-21
most recent: 2024-03-21
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Oh, certainly I considered it. But I think that's the case of any CEO selling at any time. But for I and for all of our employees, we've been at this a long time. And I think some diversification is wise. And what we tried to do with our employees is that. You can sell in the IPO at the IPO price. So this would be before any movement on Trading Day, which has trade-offs, right? It's a predictable price.”
2024-03-21 · On with Kara Swisher · Reddit CEO Steve Huffman on the IPO · IDENTIFIED FROM THE TRANSCRIPT
“Well, look, I can tell you this. I love Reddit the Company. I'm very proud of the work we've done. I think it's a great business. I think we'll, we are profitable in the second half of last year on an adjusted EBITDA basis, which for us is basically cash flow. And so I think there's some qualities of Reddit that are important to understand.”
2024-03-21 · On with Kara Swisher · Reddit CEO Steve Huffman on the IPO · IDENTIFIED FROM THE TRANSCRIPT
“I mean, I can see it. I think, do I understand them? Look, I know Reddit. There's nothing I know as well on Earth, I think, than Reddit, the business. It's kind of all I think about. So look, it's a free market I think I'm excited to be a public company, but we'll see how all this plays out.”
2024-03-21 · On with Kara Swisher · Reddit CEO Steve Huffman on the IPO · IDENTIFIED FROM THE TRANSCRIPT
“I think I have very little intuition because the situation is so unprecedented for Reddit itself to be going through this.”
2024-03-21 · On with Kara Swisher · Reddit CEO Steve Huffman on the IPO · IDENTIFIED FROM THE TRANSCRIPT
“Anyone would say that. I think that being a meme stock is a double-edged sword. If that, it's probably not a good thing overall. Again, I always try to separate Reddit the business from Reddit the platform. And look, the platform is a fun, vibrant, sometimes wild place. The business we want to be consistent and predictable. And so in this moment, the two might be married.”
2024-03-21 · On with Kara Swisher · Reddit CEO Steve Huffman on the IPO · IDENTIFIED FROM THE TRANSCRIPT
“To participate in Reddit's growth. Now we are a Company new to the public markets, so we have to prove ourselves We have to prove ourselves by running the business well.”
2024-03-21 · On with Kara Swisher · Reddit CEO Steve Huffman on the IPO · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I think it kind of depends where you look. But look, the IPO is one day. One of the reasons for being a public company is I would like our users, whether it's today, tomorrow, a year from now, Whenever to have the opportunities to be owners of Red”
2024-03-21 · On with Kara Swisher · Reddit CEO Steve Huffman on the IPO · IDENTIFIED FROM THE TRANSCRIPT
“I don't know if I'd say it surprised me at this point. It's hard for me to be surprised, but I've observed the same thing on Reddit. I certainly wouldn't describe them as excited. Mixed”
2024-03-21 · On with Kara Swisher · Reddit CEO Steve Huffman on the IPO · IDENTIFIED FROM THE TRANSCRIPT
“Exactly. So now look, the fancy people have a role here. That actually, so as I've been learning about this process myself, The role of the fancy people, they're a little more stable So actually, I think it's important to have a balance So, the retail investors, the users who participate, or the retail investors through e-trade and SoFi and Robinhood, because they'll also get an opportunity as well. We want as many as them as we can get, but we also want the professional investors who will... Put some stability on the price. So hopefully it's a good experience.”
2024-03-21 · On with Kara Swisher · Reddit CEO Steve Huffman on the IPO · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so we set aside a portion of the IPO for retail. So, in other words, non-professional investors. And so within retail, itself, there are a couple of buckets. And so for us, one of those big buckets is the directed share program or the DSP. And so this is where we've invited specific users. To participate in the IPO. So this will allow them to buy Reddit stock at the IPO price. So before we actually start trading. And usually this is only available to Professional or institutional investors”
2024-03-21 · On with Kara Swisher · Reddit CEO Steve Huffman on the IPO · IDENTIFIED FROM THE TRANSCRIPT
“Find a clearing price, and that's how the process works. So it's like kind of a little needy. And then it's out to the watch.”
2024-03-21 · On with Kara Swisher · Reddit CEO Steve Huffman on the IPO · IDENTIFIED FROM THE TRANSCRIPT
“I truly, honestly, have no expectations. Okay. The roadshell process, right? We pitch investors effectively make bids. And then we'll look at it, we'll look at it and kind of basically.”
2024-03-21 · On with Kara Swisher · Reddit CEO Steve Huffman on the IPO · IDENTIFIED FROM THE TRANSCRIPT
“Well, you know, I think one of the exciting things from my point of view about being a public company is we will actually finally after years. Our last financing was in 2021. Have a price So we just effectively finished the roadshow yesterday. I'm truly, honestly, excited as anybody to see where we land in the market. We can't control it. All we can do is control. What we built, how we.”
2024-03-21 · On with Kara Swisher · Reddit CEO Steve Huffman on the IPO · IDENTIFIED FROM THE TRANSCRIPT
“You know, there's the path of growing up for any company. And so it's like we got the pressure of being public without the spotlight. And so look, if I could do it again, I would do it this way again. And if there's some young company thinking about going public, I'd say, hey, give me a call. We learned how to answer your question from before why now versus then. Markets are still a little choppy, though there's some optimism returning. The world is. Still unpredictable. But one of the biggest differences, I think we've learned how to run and grow this company in choppy conditions.”
2024-03-21 · On with Kara Swisher · Reddit CEO Steve Huffman on the IPO · IDENTIFIED FROM THE TRANSCRIPT
“Because we've been running the company as close as we can to being a public compan So, closing the books, doing the audits, doing earnings, really the whole kind of public company routine every quarter”
2024-03-21 · On with Kara Swisher · Reddit CEO Steve Huffman on the IPO · IDENTIFIED FROM THE TRANSCRIPT
“Well, I'll start with the feeling that's our own, which is the two years of not IPOing. Been, I think, one of the best things that ever happened to us.”
2024-03-21 · On with Kara Swisher · Reddit CEO Steve Huffman on the IPO · IDENTIFIED FROM THE TRANSCRIPT
“Really, like reading the room with investors. All these public company investors all say they're long term. That week they were like white as goat.”
2024-03-21 · On with Kara Swisher · Reddit CEO Steve Huffman on the IPO · IDENTIFIED FROM THE TRANSCRIPT
“Is too much. And it was like, this is too much even for us. Our mentality was look, it's Reddit, it'll be hard to predict either way. And so we're okay, I think, with maybe more uncertainty.”
2024-03-21 · On with Kara Swisher · Reddit CEO Steve Huffman on the IPO · IDENTIFIED FROM THE TRANSCRIPT
“Probably about six months at that point And so we thought we were going to be one of the first to go out two years ago. And then I want to say we were doing like a little bit of a pre roacho road show. I just wanted to meet some of these investors in person. So we were flying around the country, we were meeting people because we hadn't seen anybody in person because we're still coming out of the pandemic. It's like, I just want to say hello, shake some hands. And I want to say in the same week, the stock market took a real turn. Russia invaded Ukraine. And I think interest rates went up. Like, it was really going sideways fast. And so that's when he said, hey,”
2024-03-21 · On with Kara Swisher · Reddit CEO Steve Huffman on the IPO · IDENTIFIED FROM THE TRANSCRIPT
“Sure. Well, technically, this is still the same process. We got on file with the SEC back in December of 2021. And we thought we were going to go out as late as, I want to say, February or March of 2022. And then, and even then, if you recall, the IPO markets had been shut down.”
2024-03-21 · On with Kara Swisher · Reddit CEO Steve Huffman on the IPO · IDENTIFIED FROM THE TRANSCRIPT
“In control of our destiny. Better or for worse, well, I mean, for better, though I think sometimes we've been better or worse. Being in control of our destiny.”
2024-03-21 · On with Kara Swisher · Reddit CEO Steve Huffman on the IPO · IDENTIFIED FROM THE TRANSCRIPT
“You know, I think in this moment, I'm very much, I think in the moment. This is one of those moments, I think, where maybe I have more anxiety than usual because it's just hard to see how things play out even over the next 24 hours. And so I think I just kind of have that. Nervous excitement around that. But big picture, you know, my answer when somebody asked me what keeps me up at night. My answer has been the same for a long time, which is one, just practically, I actually sleep very well at night. And then two, you know, I think for Reddit, we've been around 20 years. So we've seen the rise of social media, we've seen the internet totally evolve. And by and large, these things haven't affected. What affects Reddit is how we work are we executing effectively? Are we shipping the right stuff? And so it's always kind of felt like we're”
2024-03-21 · On with Kara Swisher · Reddit CEO Steve Huffman on the IPO · IDENTIFIED FROM THE TRANSCRIPT
“In the end, it all comes down to the dreaded E word electability. But in Michigan, one candidate is trying to turn the electability concept on its head. If we think that voters walk around asking, where do I sit on some theoretical left-right spectrum? Then in theory, the bulk of the voters are somewhere in the middle. The problem, though, is that that model hasn't really accurately predicted our politics for a very long time. If Michiganders wanted moderate, why would they have elected Donald Trump twice? Dr. Abdul El-Sayed is making the progressive case for America first, and he's trying to settle the Democrats' ideological battle in the process. This is about the many versus the money. I must tell her, and this is America actually. Catch us every Saturday on YouTube or we're wherever you get your podcast.”
2024-03-21 · On with Kara Swisher · Reddit CEO Steve Huffman on the IPO · IDENTIFIED FROM THE TRANSCRIPT
“There's a civil war happening in the Democratic Party, and if there's one place that that's playing out most clearly, it's in Michigan. A crucial Senate primary battle in Michigan.”
2024-03-21 · On with Kara Swisher · Reddit CEO Steve Huffman on the IPO · IDENTIFIED FROM THE TRANSCRIPT