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Feb 24, 2024 • 4 min read

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Reddit IPO:

Reddit, the online social forum, recently filed an S-1 form with the Securities and Exchange Commission, signaling its upcoming Initial Public Offering (IPO). This filing disclosed the ownership stakes within the company, revealing that Sam Altman, CEO of OpenAI, holds an 8.7% stake. The disclosure of Altman's stake is a new piece of information, as the specifics of his investment had not been shared publicly before this filing, necessitated by the IPO process. He is listed as the third-largest shareholder.
Additionally, Reddit has announced a data licensing agreement with Google, which will pay the social platform $60 million annually for access to its content, indicating a strategic approach to generating revenue. Advance, owned by the Newhouse family, is the largest shareholder with a 30% stake, followed by Tencent, a Chinese corporation, which owns 11%, according to The Hollywood Reporter.
Altman's association with Reddit includes serving on its board for seven years, up until 2022. Reddit's filing marks the company's step towards going public, the first such move by a social media company since Pinterest in 2019, and it represents the first major tech IPO of 2024. Although the company reported a 20% increase in revenue from the previous year, it has not yet achieved profitability.

American Vision Partners Data Breach:

American Vision Partners, a company that manages eye care practices, is facing a lawsuit due to a data breach affecting over two million patients. The breach was announced in early February, following the discovery of unauthorized network access on November 14, 2023. This firm supports 120 eye care practices across Arizona, Texas, New Mexico, and Nevada, providing them with various administrative services.
Investigators found that on December 6, hackers had accessed patient data, including names, contact details, birthdates, medical records, Social Security numbers, and insurance information. The breach reportedly affected about 2.35 million people, according to the company's report to the Department of Health and Human Services.
American Vision Partners has been alerting those impacted and is offering free services for credit monitoring and identity protection. Despite these efforts, Console & Associates, a law firm focusing on data breach cases, is considering a class action lawsuit and is calling on affected patients to come forward, suggesting they might be entitled to more than just the company's offer of free monitoring services.

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