The disclosure follows an inquiry by the Federal Commerce Fee targeted on Reddit’s sale, licensing and sharing of user-generated content material with third events to coach synthetic intelligence fashions.
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“As we face rising competitors and change into more and more excessive profile, the potential for receiving extra mental property claims towards us grows,” Reddit warned in its assertion.
Nokia didn’t instantly reply to a request for remark.
Reddit, which has been concerned in patent infringement litigation previously, is focusing on a valuation of as much as $6.5 billion for its IPO in one of many most-anticipated share gross sales lately.
The IPO is between 4 and 5 occasions oversubscribed, Reuters reported on Sunday, making it extra more likely to attain the goal valuation. It’s anticipated to debut on the New York Inventory Alternate on March 21.
Uncover the tales of your curiosity
Reddit’s 100,000 on-line boards, dubbed “subreddits,” are identified for the “meme-stock” saga of 2021 when retail traders collaborated on its “wallstreetbets” discussion board to purchase shares of extremely shorted firms corresponding to online game retailer GameStop. To faucet into its reputation amongst retail traders, the corporate has reserved 8% of the whole shares on provide for eligible customers and moderators on its platform, sure board members and family and friends members of its workers and administrators.
