Reddit‘s (NYSE:RDDT) co-founder Alexis Ohanian and early investors are embroiled in a public dispute on the company’s IPO day.
What Happened: Despite the norm of IPO days being celebratory, Ohanian took to social media platform X, formerly known as Twitter, to express his displeasure with Initialized Capital, an investor in Reddit. The VC firm, co-founded by Ohanian and Garry Tan, did not congratulate Ohanian by name in their post about Reddit’s IPO.
Wow, this is petty, @GarryTan @brettdg @jenhwolf — even for y'all. https://t.co/03tHswY93J — Alexis Ohanian 🇦🇲 (@alexisohanian) March 21, 2024
Initialized Capital’s post read, “Great to see our portfolio company @reddit debut on the NYSE! congrats to Steve Huffman, and the team.” Ohanian tagged Tan and the Initialized managing partners, calling their actions “petty.”
Initialized Capital was an early investor in Reddit and has also invested in other successful startups like Instacart, Rippling, and Coinbase. Ohanian left Initialized in 2020 to launch the VC firm 776, which primarily invests in early-stage crypto startups,