Reddit (RDDT) saw an 11% growth in after-hours trading after the social media company, Reddit Internet Company, made a data-sharing agreement with OpenAI.
The two companies announced a partnership on May 16 that would allow ChatGPT’s content to be integrated with Reddit and provide Redditors with real-time, immediately available information.
After this, the bell saw it rise 11.05% to $62.61 in after-hours trading, as per Google Finance. However, after that, Reddit fell by 5.45%.
Reddit has dedicated a lot of time to figuring out how to increase community involvement and create income streams other than selling advertising space.
In February, Reddit and Google inked a comparable contract that was reportedly valued at $60 million. Additionally, Reddit revealed that it had Bitcoin in its cash reserves. Users can even use Ether and Polygon to pay for specific virtual goods.
