In today’s big story, Reddit shares soared during its public-trading debut. Users who scoffed at the IPO might be wishing they hadn’t.

• Markets: The looming office-real-estate crash could be worse than 2008.
• Tech: The DOJ has launched an antitrust assault on Apple.
• Business: A recruiting manager shares three things never to lie about in a job application.

Reddit stock surged yesterday in its highly anticipated public-trading debut. Shortly after trading began, the stock climbed as much as 70% to $57.80 — more than $20 than it was originally priced in its Wednesday IPO. It closed the day up roughly 50%.

And the rally may have some would-be investors kicking themselves.

Ahead of Reddit’s IPO, the company announced it would allocate 8% of shares to a group of retail investors, including top users and moderators on the platform.

The problem? Lots of Redditors weren’t interested, with some dismissing the opportunity outright, Business Insider’s Phil Rosen writes.

The Wall Street Journal initially reported that 75,000 users were invited to partake. But some questioned why the company would even consider going public, as it lost $90.8 million last year. (To be fair, Reddit did see revenue climb 20% compared to the prior year.)

The first-day pop saw some investors become very, very rich. Advance Magazine Publishers, which owns Condé Nast, looks to have about $2 billion in shares. Sam Altman and his various affiliates are looking at a $571.5 million payday, according to BI’s Samantha Stokes, Rebecca Torrence, and Vishal Persaud.

Now, some Redditors are feeling regretful.

“Those of you that got in and sold at the open, wish I was there with you,” one user wrote.

Here’s Joe’s take:

While the meta nature of the day-trader narrative is enticing, Reddit’s first-day stock pop can be largely traced to a familiar market force: AI.

In January, the company said it had inked nine figures worth of deals allowing content on its platform to be used for training AI models. Then, in February, it announced a deal to let Google’s AI products use its data. As a company hungry to juice revenue, AI partnerships seem to be its main focus. And for one day at least, that affiliation is serving as rocket fuel for the stock.

In addition, other companies looking to test the IPO market are surely watching Reddit and feeling emboldened by the stock pop. Is it a sign of a thawing market, or a short-term, AI-driven sugar high? That remains to be seen.

🔔 Before the opening bell: US stock futures climb again in early-morning trading as the hope of Fed rate cuts continues to boost the market.

2. The “Oracle of Wall Street” has a theory about why unemployment isn’t going up. Widespread layoffs haven’t led to a spike in the unemployment rate because companies are exacting revenge on remote workers who’ve secretly had a second job, veteran researcher Meredith Whitney said.

3. Traders have invested $55 million using an app that lets them copy congressional stock portfolios. Autopilot allows its users to copy trades by leading investors, as well as politicians including Nancy Pelosi and Dan Crenshaw. Cofounder Chris Josephs told BI that he hopes the app holds legislators’ “feet to the fire” and eventually leads to a ban on congressional stock trading.

2. Nvidia’s Stanley cup could be the year’s hottest collab. Earlier this week, Nvidia was selling $50 Stanley tumblers at its GTC conference. The cups, which have grown a cult-like following, appear to have sold out.

3. Women working in direct-to-consumer say they often feel excluded at networking events. Women in the industry told BI that it’s a struggle to fit into a community that promotes hustle culture. “For a long time, I tried to be one of the guys,” one said.

2. Student-athlete marketing is leveling up for March Madness. TV is still king, but you can expect to see more student-athlete ads during this year’s tournament. Influencer marketers have done more forward planning as student-athlete marketing matures — but brands will need to be nimble if they want it to succeed.

3. Joe Rogan has a huge audience. Spotify has started testing a feature that shows podcasts’ follower counts, per Bloomberg. “The Joe Rogan Experience” doesn’t just come out on top — it’s nearly three times the size of its closest competitor.

• Billionaires are cozying up to Trump.
• Russian troops are increasingly using Starlink, costing Ukraine a key advantage.
• Tim Cook’s China trip is about more than just opening a new Apple store.
• I got laid off from Google so I started my own business. I make $100,000 less but I love it.
• When it might actually be a good idea to ask to be ‘layered’ under a new manager.
• Russia’s recruited so many inmates to fight in Ukraine that it’s shuttering some of its prisons.
• There’s one benefit that would entice people to sacrifice remote work, a survey found.
• 10 hilarious unseen photos from the Comedy Wildlife Photography Awards.

• The Federal Reserve Board is hosting a “Fed Listens” event.

Jordan Parker Erb, editor, in New York. Joe Ciolli, executive editor, in Chicago. Hallam Bullock, editor, in London. George Glover, reporter, in London. Grace Lett, associate editor, in Chicago. Lisa Ryan, executive editor, in New York.

Get in touch. Email us at insidertoday@insider.com

Get more Business Insider

Subscribe for unlimited articles.

Never miss a story when you download our app.